Wall, N.J. (Tuesday, January 15, 2013) – NJ-based First Financial Federal Credit Union has just added a 10 Year Fixed Rate Mortgage to their mortgage options and it is available for as low as 2.5% (2.625% APR and $599 Closing Costs).* For example, a 10-year mortgage of $100,000 at 2.625% APR would have a monthly payment** amount of $942.70.
“If you thought you could never afford to pay your mortgage off in 10 years, think again! Shortening the term of your mortgage makes the single largest difference in the interest you pay, even more than a lower rate. The 10-year mortgage is a great option for those interested in refinancing, since most lenders don’t have a 10-year option,” said Alice Stevens, chief operating officer at First Financial.
Stevens notes that changes in mortgage rates make a big difference when you’re considering buying or refinancing a home. Especially when you’re actively looking and considering making an offer – a change in the rate could be an important factor in your decision and timing. In addition, First Financial is also offering great low rates on their 15 and 30 year mortgages.
All of this good news has been widely reported, so many Americans are thinking more about wading back into the real estate market, both as buyers and as sellers. First Financial has numerous lending options, but all share some similar features, including an easy application process (including 24/7 online application service), no pre-payment penalties and personalized service.
Since the market is so fluid, First Financial also offers a Mortgage Rate Text Messaging Service so consumers can receive updates on Mortgage Rates straight to their mobile phone. To be a part of the program, text "FIRSTRATE" to 69302 and each time First Financial’s mortgage rates change, they send a text message with the new rates.***
*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. Available on primary residence only. See Credit Union for details. **Payment examples do not include taxes or insurance. Financing up to 70% value of property.
***Standard text messaging and data rates may apply.
About First Financial Federal Credit Union:
First Financial Federal Credit Union (formerly Mon-Oc Federal Credit Union) is a not-for-profit financial cooperative whose goal is to provide the highest level of quality products and personalized services while maintaining financial integrity and stability. Our vision is to be a long-term financial partner with our Members. While First Financial has a highly trained, professional staff using the latest technology, we also pride ourselves on our personal touch. Unlike huge banking conglomerates, policy setting and overall strategic direction of First Financial are overseen by a volunteer Board of Directors made up of credit union members. The credit union is federally insured by the NCUA. For more information on First Financial, visit www.firstffcu.com.