Think of the Heights when you are thinking about buying or refinancing a home. We offer 5 year balloon mortgages, amortized over 15, 20 and 30 years. The rate is fixed for the term of the loan. (Click here for current rates.) No points and no application fees. We'll finance up to 80% of appraised value. $200 appraisal fee. Title insurance required on home purchases, but not on refinancing.
How Does a Balloon Mortgage Work?
Your interest rate and monthly payments are fixed for five years. The payments are based on an amortization of up to 30 years. In other words, for five years, the loan acts like a fixed-rate mortgage. At the end of five years, you must refinance by either paying off the loan or refinancing the outstanding balance at the rates and terms available at that time. If you refinance with the Heights Community FCU there will be minimal paperwork and no costs.
For More Information
Please call our loan department at 610-868-8211.
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