SAVE MONEY FOR YOUR DOWN PAYMENT INSTEAD
Buying a home in today’s market can be difficult, and Sunward wants to make it easier. Now through June 30, pay no origination fees on any of our owner-occupied first mortgages. With this limited-time offer, you could save $625 – or more! That’s extra money you can use for your down payment, investments, or other needs.
Experience the credit union difference with a smart home loan from Sunward. You can enjoy benefits such as:
- Down payments as low as 3% for qualified first-time home buyers. We want to help make home ownership a reality for our members. A 3% down payment on a $200,000 Sunward home loan for a qualified first-time buyer would be $6,000 compared to a 20% down payment of $40,000.
- No private mortgage insurance (PMI) required – ever. While many other mortgage lenders require PMI when a down payment is less than 20% of the home’s purchase price, Sunward does not. PMI costs typically run between 0.5% and 1.75% of the financed amount and it can really add up: On a $200,000 loan, PMI could cost $3,500 a year.
- Local decisions. We service all of our mortgages from application and processing to closing the loan and beyond. When you make a payment or have a question, you’ll talk to our professional, friendly staff. Sunward mortgage loan officers do not work on commission and are with you through every step of your home buying journey.
Ready to get started? Visit slfcu.org/HomeLoans, call 505.237.7161, or visit our Jefferson or Juan Tabo branches to speak with a home loan officer.
RATES
7/1 Adjustable Rate Mortgages
| 7/1 Adjustable Rate Mortgage | |||||
| Effective Date: Tuesday, October 22nd, 2024 | |||||
| Type | Term | Rate 1st 7 Years | APR | Current Calculation of Rate Remaining Term1 | Payment Per $1,000 Financed |
| 7/1 1st | 30 Years | As low as 5.875% | As low as 6.036% | 6.625% | $5.92 |
| Jumbo2 7/1 1st | 30 Years | As low as 5.875% | As low as 6.036% | 6.625% | $5.92 |
| 7/1 >80% 1st | 30 Years | As low as 6.125% | As low as 6.300% | 6.625% | $6.08 |
| Jumbo2 7/1 >80% 1st | 30 Years | As low as 6.125% | As low as 6.300% | 6.625% | $6.08 |
APR = Annual Percentage Rate. Rate and payments adjust once every year after the first 7 years. Rate is variable and can increase by no more than 3.50% at the first adjustment and by no more than 2.00% at each 1-year adjustment with a lifetime cap of 5.00%.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to-value for all other purchases. Rate for the remaining term adjusts once every year after the first 7 years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate of 4.00%. Index is the one-month average yield of the 10-Year Treasury Note. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for the lowest rate. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 Since the index in the future is unknown, the Current Calculation of the Rate for the Remaining Term displayed is based on the current index plus margin (fully indexed rate) as of the date above, subject to the floor rate of 4.00%
2 For loans over $766,550
15/15 Adjustable Rate Mortgages
| 15/15 Adjustable Rate Mortgages | ||||
| Effective Date: Tuesday, October 22nd, 2024 | ||||
| Type | Term | Rate 1st 15 Years | APR | Payment Per $1,000 Financed |
| 15/15 1st | 30 Years | As low as 6.500% | As low as 6.661% | $6.32 |
| Jumbo1 15/15 1st | 30 Years | As low as 6.500% | As low as 6.661% | $6.32 |
APR = Annual Percentage Rate. Rate and payments adjust only once at 15 years. Rate is variable and can increase by no more than 6.00% at the 15 year adjustment.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Maximum loan-to-value is 95%. Rate for the remaining term adjusts at 15 years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate of 4.00%. Index is the one-month average yield of the 10-Year United States Treasury Security. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for lowest rate. Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 For loans over $766,550
5/5 Adjustable Rate Mortgages
| Owner Occupied 1st | |||||
| Effective Date: Tuesday, October 22nd, 2024 | |||||
| Type | Term | Rate 1st 5 Years | APR | Current Calculation of Rate Remaining Term 1 | Payment Per $1,000 Financed |
| 5/5 1st | 30 Years | As low as 6.125% | As low as 6.300% | 5.875% | $6.08 |
| Jumbo 2 5/5 1st | 30 Years | As low as 6.125% | As low as 6.300% | 5.875% | $6.08 |
| 5/5 >80% 1st | 30 Years | As low as 6.375% | As low as 6.565% | 5.875% | $6.24 |
| Jumbo 2 5/5 >80% 1st | 30 Years | As low as 6.375% | As low as 6.565% | 5.875% | $6.24 |
APR = Annual Percentage Rate. Rate and payments adjust only once every 5 years. Rate is variable and can increase by no more than 2.0% every five years with a lifetime cap of 5.0%. 4.00% floor rate applies beginning at first adjustment.
Valid for adjustable rate first mortgages for owner occupied properties. Construction loans are excluded from this offer. Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to-value for all other purchases. Rate for the remaining term adjusts every five years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate. Index is the one-month average yield of the 10-Year Treasury Note. Rates subject to change; check with Sunward for current rates. Available rate based on credit history. Not everyone will qualify for lowest rate.Third party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. Survey fee may be required. You will receive an estimate of closing costs when you apply. Consult your tax advisor regarding the deductibility of interest. You must insure the property that secures the loan. Fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. APR Calculations are based on the following loan amounts for properties located in New Mexico or California: Non-Jumbo: $180,000, Jumbo: $766,550. All loans subject to credit approval. Contact Sunward for details.
1 Since the index in the future is unknown, the Current Calculation of the Rate for the Remaining Term displayed is based on the current index plus margin (fully indexed rate) as of the date above, subject to the floor rate of 4.00%.
2 For loans over $766,550
3 For properties outside California: Up to 97% maximum loan-to-value for first-time homebuyers, 95% loan-to value for all other purchases. For properties in California: Up to 90% maximum loan-to-value.
