RTN offers the following types of home loans:
30-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.
10- and 15-Year Fixed Rate Mortgage
This loan is fully amortized over a 10- or 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, with a lower interest rate and higher monthly payments—and you’ll own your home in less time.
Adjustable Rate Mortgages (3/3, 5/1, 7/1)
RTN offers 3/3, 5/1 and 7/1 Adjustable Rate Mortgages (ARM) which have lower interest rates and fixed payments for a certain period of time, then the rates adjust to rates current when the term ends. For example, on a 3/3 ARM, the rate is fixed for the first three years, then adjusts every three years thereafter for the remainder of the term at then-current rates. A 5/1 ARM has a fixed monthly payment and interest for the first five years and then adjusts annually for the remaining 25 years at then-current rates. A 7/1 ARM has a fixed rate for the first seven years then adjusts annually at then-current rates.
No Closing Cost Programs
Closing costs are expenses (including title, recording and processing fees) that occur during the transfer of property from the seller to the buyer. You can receive no closing cost loan options on a choice of RTN mortgages.
First-Time Home Buyers Programs
We have special financing available for first-time home owners.
First Time Mortgage Plus Special (Fixed Rate): Members receive a discounted rate for the first year—0.50% with a down payment of between 3% and 4% or 0.75% with a down payment as low as 5%, with funding up to $510,400. There is no income limit for an owner-occupied primary residence. Down payments can be from gifts and 401(K) loans. Other terms and conditions may apply.
First Home Mortgage (Adjustable Rate): Members receive a discount for initial adjustable rate—0.125% with a down payment of between 3% and 4% or 0.25% with a down payment as low as 5%, with funding up to $510,400. There is no income limit for an owner-occupied primary residence. Other terms and conditions may apply.
Fixed-Rate Home Equity Loan (Second Mortgage)
Homeowners receive funds by borrowing against the equity in their homes (using their home as collateral) to make home improvements, pay off other loans on their property or for any other reason. The loan is paid off in a fixed period.
Variable Rate Home Equity Line of Credit (HELOC)
For the first ten years, a HELOC works like a revolving credit card where you have the flexibility to use as much of the line you choose up to your credit limit. In other words, you spend the money when you need it. And as you pay down your credit line, the funds become available to become available to borrow once more. You only pay interest on the funds you have drawn.