WHICH MORTGAGE IS RIGHT FOR YOU?
If you're like most people, you want to know more about your options when it comes to mortgage programs.  You want to understand your choices so you can make the decision that's best for you.  Sound familiar?  Then read on.  Amarillo Postal Employees Credit Union, in conjunction with PHH Mortgage Services, will help you decide which mortgage product best suits your particular financial needs.

Amarillo Postal Employees Credit Union and PHH Mortgage Services offer more than 100 products to meet your mortgage requirements.  Some of our most popular products include fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-insured (FHA/VA) mortgages.  A fixed-rate mortgage offers an interst rate and monthly principal and interest (P&I) payment that remains unchanged, while an ARM allows the interest rate and P&I to change according to market rates.  In comparison, a government-insured mortgage may offer qualified homebuyers a lower interest rate and require little or no down payment.  Below is a description of some of the pros and cons for each of these mortgage types.

ARM
An ARM is a common financing option.  When opting for an ARM, your interest rate will change over time, according to terms specified by current market conditions.  One advantage of this mortgage type is that you may see a low initial interest rate.  However,  because rates fluctuate, payments may also be higher throughout certain periods during the life of the loan.

30-YEAR FIXED RATE

This is a long-term mortgage in which P&I is repaid to the lender over a 30-year period.  With this type of mortgage, the P&I payment remains unchanged for the life of the loan, affording a sense of stability.  However, if you have an escrow acount for paying your taxes, private mortgage insurance (PMI), or homeowner's insurance, your monthly payment may change based on increases or decreases in these areas.  Also, because your monthly P&I will remain the same, eqity build-up will be slow.

GOVERNMENT INSURED (FHA/VA) MORTGAGE
Particularly well-suited for people with moderate income, FHA/VA loans are government-insured or guaranteed mortgages that can make a home purchase more affordable than conventional mortgages for qualified borrowers.  If qualified, little or no down payment is necessary, and these programs may offer a slightly better interest rate than conventional loans.  One main drawback, however, is a lower limit on the maximum amount that can be borrowed.  In addition, VA loans require current or past military service for at least one applicant.

For more information about our mortgage services, simply call 1-877-404-4094 to speak with an expert mortgage consultant.  You can be pre-approved in as little as 20 minutes.  It's that easy.  So let Amarillo Postal Employees Credit Union and PHH Mortgage Services show you the right way home to the right mortgage.