Types Of Loans
Which Loan Works Best For You
Get started on a better mortgage experience with Long Beach City Employees FCU
Let's Talk Options
In addition to the popular loans listed below, we offer many others for owner-occupied properties. Let us help you determine the right loan that best meets your needs. Call us at 562-595-4725 Ext. 2096.
Fixed Rate Mortgages
30-Year, 20-Year, 15-Year, 10-Year
Features a fixed interest rate and monthly payments that never change.
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A good choice if you plan to stay in your home for seven years or longer
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Fixed monthly payments for easy budgeting
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May be a better long-term deal compared to an adjustable rate mortgage when interest rates are low because you can lock in the rate for the life of the loan
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Generally, it may be harder to qualify for fixed rate loans than for adjustable rate loans
Adjustable Rate Mortgages
Hybrid ARM (3/1 ARM, 5/1 ARM)
Offers a fixed monthly payment for a period of time (three, five, or seven years), then turns into a traditional adjustable rate mortgage where the interest rate changes during the remaining life of the loan according to movements in an index rate.
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A good choice if you plan on moving or refinancing before or shortly after the adjustment occurs
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Lower interest rate compared to a fixed rate mortgage
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Generally, the longer you ask the lender to charge you a specific rate, the more expensive the loan
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