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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.


In addition to the information about First Liberty Financial Mortgage a Division of ETFCU is proud to offer the specific loan programs below.  This list is not inclusive so please contact your local Loan Officer for more information:

  • VA purchase and refinance:  100% financing options
  • USDA purchase and refinance:  100% financing options in selected areas
  • FHA purchase and refinance:  3.5% down payment needed for purchase, 2.25% equity needed for refinance
  • THDA purchase:  100% financing option due to down payment assistance
  • Conventional loans with only 5% down payment
  • A  2nd mortgage lender where you can do a piggy back 2nd and you can keep the first in-house? This is a great alternative to pricing out jumbo products if you can get a $417K 1st and the 2nd can go to TCF Bank.
  • Fannie Mae HomePath, and HomePath high balance
  • Freddie Mac Open Access
  • Refi-Plus up to 200% LTV
  • FHA streamline refinance w/out an appraisal
  • Single premium MI
  • Financed MI on conforming loans
  • NO MI on conforming loans up to 95% LTV
  • Manufactured Homes
  • Kentucky Housing up to 97% LTV with down payment assistance, so no out of pocket money
  • Alabama Housing
  • Mississippi Housing
  • Tennessee Housing
  • Indiana Housing

 

 

First Liberty Financial Mortgage a Division of ETFCU
9520 Ormsby Station Road Suite 20, Louisville, KY  40223
Toll Free:  (888) 915-6267
customerservice@firstliberty.net
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