Experienced Homebuyer

You have completed the home buying process a few times and you consider yourself an experienced homebuyer but you still might have some questions! We're here to help. For more information on these questions, and more, please contact one of our mortgage specialists mortgages@firstflightfcu.org and we'll walk you through choosing a mortgage and present other options that will make your home-buying experience a breeze!

Should I choose a fixed or adjustable rate mortgage?

What are your future plans? Are you planning on living in the house for years to come or are you planning on selling in the near future? The answer to this question will help you determine which type of loan is best for you. Fixed rate loans have a stated interest rate that does not change over the life of the loan. Therefore, if you are planning to live in the home for years to come, a fixed rate mortgage will be the most beneficial to you.

Adjustable rate loans however, are linked to an index and change as the index rate changes. Because you are assuming some of the risk, the interest rate will generally be lower. This loan is best for the borrowers who do not plan on keeping the loan for the full term.

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Should I pay points?

Points are defined as an up-front mortgage interest fee paid on a loan to reduce the initial interest rate. Generally, you should only pay points if you plan on keeping the loan for a few years. You need to be sure you will keep the loan long enough to regain these costs through lower monthly mortgage payments. Paying points is a trade-off between paying money now versus paying money later.

Should I consider an interest-only loan?

With an interest-only loan, the minimum payment required covers the interest only and you can decide how little or how much of the principal to repay each month. Interest-only loans can increase your home purchasing power and allow for more flexibility with your cash flow.

Can I still get a loan if I do not have a down payment

Yes, it's possible! First Flight has combination loan programs that allow you to finance up to 100% of the purchase price, or appraised value. The first mortgage is based on 80% of the purchase price, or appraised value, and the second mortgage for the additional 20%, 15%, 10%, or 5%.

How can I be sure my mortgage choice will be the best financial option?

First Flight's mortgage specialists will help you make a wise decision that will take you where you want to go!

Contact a mortgage specialist

• Apply Online
• Visit one of our our conveniently located financial centers.
• Call us today at 800-807-0766

Additional Resources:

Today's Rates
Mortgage Calculators
Mortgage Terms You Need To Know
The Mortgage Process