Mortgage Loans
{"items":[{"heading":"Retirement Income Planning","startDate":"April 8 at 1:25pm ET","url":"/resources/seminars-events/tennessee/retirement-income-planning","summary":"April 20, 2021
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Click to Register.
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Click to Register.
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Presented virtually via WebEx
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Click to Register
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Click to Register","lat":"","lng":""},{"heading":"Shred Day - Kingsport, TN","startDate":"October 9 at 8:00am ET","url":"/resources/seminars-events/tennessee/shred-day-kingsport,-tn-(2)","summary":"October 9, 2021 – 8AM-12PM or until trucks reach maximum capacityMeadowview Branch
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Presented virtually via WebEx
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Click to Register
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Features

With a fixed rate mortgage, your rate will stay the same throughout the term of the mortgage loan. The interest rate is fixed, which means your principal and interest payments will not change. However, if there is an increase or decrease in taxes or cost of hazard insurance, an increase or decrease in the total dollar amount of the payment will occur.

  • Fixed monthly principal and interest payment
  • Finance up to 97% or 100% through the First Time Home Buyer's Program* or ECU 100 Mortgage
  • 15-, 20- and 30-year fixed terms available
  • No prepayment penalty
  • Reduce your interest rate by paying discount points

Find a Loan Officer   

*Certain restrictions apply.
Example: 30-year fixed rate loan of $150,000 with a 5% down payment, an annual interest rate of 5.000%, and an APR of 5.425%, would result in 360 monthly principal and interest payment of $805.23.  Payment does not include amounts for taxes and insurance premiums. The actual payment will be greater if taxes and insurance are included.

Learn More:

  • Apply for a Mortgage

    Completing our online application is as easy as 1-2-3. Get started today!

  • ECU Title & Escrow

    ECU Title & Escrow is a full-service real estate settlement company that helps members complete the home buying or selling experience at an ECU branch.

  • Find a REALTOR

    Realtors are knowledgeable in many phases of the home buying and home selling process and can be a valuable resource to you.

  • Watch Mortgage Videos

    Have questions about purchasing, building or selling a home? Check out these helpful videos, covering a broad range of mortgage topics.

Fixed Rate Mortgage Rates

Loan TermRateAPRPoints
15 Year Fixed 2.750%3.030%1.000%
30 Year Fixed 3.250%3.406%1.000%
30 Year Fixed First Time Homebuyers5.125%5.213%0.000%

Rates accurate as of April 15, 2021 and are subject to change.

Example: 15-year fixed rate loan with Purchase Price of $125,000 with a 20% down payment,  Loan Amount of $100,000, paying 1.00 Origination Point with an annual interest rate of 2.7500%, and an APR of 3.030% would result in 180 monthly principal and interest payments of $678.90.  Payment does not include amounts for taxes and insurance premiums.

Example: 30-year fixed rate loan with Purchase Price of $125,000 with a 20% down payment, Loan Amount of $100,000, paying 1.00 Origination point with an annual interest rate of 3.25%, and an APR of 3.406%, would result in 360 monthly principal and interest payments of $435.31. Payment does not include amounts for taxes and insurance premiums.

Example:  30-year fixed rate First Time Home Buyers loan with Purchase Price of $125,000 and a loan amount of $131,250 (includes 5% in closing costs) with an annual interest rate of 5.125%, and an APR of 5.213%, would result in 360 monthly principal and interest payments of $714.71.  Payment does not include amounts for taxes and insurance premiums.
 

Have Mortgage Questions?

Calculate Your Answers


So many financial decisions are involved when purchasing or refinancing a home. Should you buy or rent? Will refinancing save you money? How much would your monthly payments be? Our calculators are designed to answer these questions and more.

Mortgage Calculators

Compare Mortgages

Which loan is right for you? See the chart below for unique features of each. If you need help, please contact us or give us a call at 800.999.2328.

Loan TermMaximum Loan To ValueTermMortgage InsurancePrepayment Penalty
Fixed & Adjustable Rate Mortgages97.00%15/20/30 yearYesNo
Federal Housing Administration (FHA)96.50%15/30 yearYesNo
Veterans Administration (VA)100.00%15/30 yearYesNo
USDA100.00%30 yearYesNo
First Time Home Buyers Program105.00%30 yearNoNo
ECU 100 Mortgage100.00%15/20/30 yearNoNo
ECU Purchase Plus105.00%15/30 yearNoNo

FAQs

  • What is a Fixed Rate Mortgage?A fixed rate mortgage is the most common type of home loan. The interest rate remains the same for the life of the loan, so the principal and interest remain the same, too. Your monthly payments do not change unless property taxes, insurance premiums, or homeowners or condo association fees change.
  • What does a 30-year term mean?The mortgage’s term is the number of years you have to pay it. Some lenders offer a 30-year term, 20-year term, or a 15-year term.
  • What are the advantages of selecting a 30-year term over a 15-year term?The advantage of having a 30-year term is that your monthly payments are going to be lower. However, you pay more total interest over the life of the loan than you would with a 15-year term and your interest rate is higher with a 30-year term.
  • Who should consider getting a Fixed Rate Mortgage?Homeowners who want a monthly payment that is not going to change but be the same each month. Also, someone who plans to live in their home for many years would benefit from a fixed rate mortgage.