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Overwhelmed by your options? You don't have to be. We'll help you understand the benefits of each loan program, so you can choose the one that is right for you.

Fixed Rate Mortgages

There's a reason Fixed Rate Mortgages are among the most popular loans. They are the simplest. Plus, your payment will not change over the life of your loan because your interest rate cannot change.

Conventional Loans

This loan option is available for loans that are less than 80% loan-to-value.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quickly.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance the quickest and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

This loan option is available for loans that are less than 80% loan-to-value.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quickly.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance sooner and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quicker.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance sooner and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quicker.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • Your monthly payment will be lower than shorter-term mortgages because you are extending the term longer.
  • The loan balance will decrease more rapidly than a 30-year mortgage, and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than a 30-year mortgage.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like a lower monthly payment.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.

Disadvantages:

  • This product will take the longest to pay off the loan balance.
  • The total cost in terms of the interest paid is higher than shorter-term options.
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FHA Loans

Best choice if:

  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quickly.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance quickly, and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

Best choice if:

  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quicker.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance sooner, and you will save on interest charges compared to a 30-year loan.
  • You will have a lower monthly payment than you would with a 15-year loan.
  • Disadvantages:

    • Monthly payments are higher than a 30-year mortgage.

    Best choice if:

    • You plan on staying in the home long-term.
    • You need your monthly payments to remain fixed over the life of the loan.
    • You would like the lowest monthly payment.

    Advantages:

    • Level principal and interest payments for the full term of the loan.
    • No risk that changing market conditions will increase your monthly payments.
    • This product will take the longest to pay off the loan balance.

    Disadvantages:

    • The total cost in terms of the interest paid is higher than shorter-term options.
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    VA Loans

    Best choice if:

    • You are eligible for a VA Loan program.
    • You need your monthly payments to remain fixed over the life of the loan.
    • You would like to pay off the loan balance quickly.

    Advantages:

    • Level principal and interest payments for the full term of the loan.
    • No risk that changing market conditions will increase your monthly payments.
    • This product will pay off the loan balance quickly, and you will save on interest charges.

    Disadvantages:

    • Monthly payments are higher than longer-term options.

    Best choice if:

    • You are eligible for a VA Loan program.
    • You plan on staying in the home long-term.
    • You need your monthly payments to remain fixed over the life of the loan.
    • You would like the lowest monthly payment.

    Advantages:

    • Level principal and interest payments for the full term of the loan.
    • No risk that changing market conditions will increase your monthly payments.

    Disadvantages:

    • This product will take the longest to pay off the loan balance.
    • The total cost in terms of the interest paid is higher than shorter-term options.
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    Adjustable Rate Mortgages

    Adjustable Rate Mortgages, ARMs, offer a lower starting interest rate and therefore, a lower monthly payment. Your rate and your payment may increase, though, as time goes on. ARMs are useful loans for a variety of circumstances.

    Best choice if you want:

    • Very low initial payments.
    • The benefits of both a Fixed and ARM product.

    Advantages:

    • Interest rate stays fixed for first 5 years. Adjusts annually thereafter.
    • Allows for higher loan amount qualification and enhanced buying power.

    Disadvantages:

    • Interest rate and monthly payments will adjust in the future.
    • Interest rate can rise above the current fixed rates over time.

    Best choice if you want:

    • Very low initial payments.
    • The benefits of both a Fixed and ARM product.

    Advantages:

    • Interest rate stays fixed for first 7 years. Adjusts annually thereafter.
    • Allows for higher loan amount qualification and enhanced buying power.

    Disadvantages:

    • Interest rate and monthly payments will adjust in the future.
    • Interest rate can rise above the current fixed rates over time.
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    Jumbo Loans & Unique Loans

    In the market for that "once in a lifetime" dream house? Does your dream translate into a loan that's larger than the conventional loan limit? If you can make a large down payment and pay all your closing costs upfront, you will get a lower rate by staying below this limit. However, if your financing needs are greater, a Jumbo Loan may be the right choice. Talk with us about your needs and we'll help find the loan that is right for you.

    If your needs don't fit within the framework of the more traditional loans, we have other options for you. We offer a number of unique loans that may fit your particular needs. Balloons, FHA, VA, and others. Talk with us about your needs and we'll help find a loan that is right for you.

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    Home Equity Loans and Lines of Credit

    A Home Equity Loan or Line of Credit may be an excellent way to access the equity in your home for a variety of reasons. It may be utilized to make home improvements, consolidate high-interest debts, or finance a wedding, educational expenses, major purchases such as a boat, car, second home, or a once-in-a-lifetime vacation, and unexpected major medical expenses

    Turn your equity into cash for repairs and renovations that will transform your home into your happy place. Get a money-saving introductory rate of 4.99% APR* for 6 months, no closing costs, and no appraisal fee on a new Home Equity Line of Credit.

    These are limited-time special savings. Without this special discount, the variable rate would be as low as 8.250% APR, so take advantage of this offer before it's gone!

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    Ready to Apply?

     

    Apply now for a better mortgage experience through Floridacentral.

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    • Privacy Policy

    NMLS 695819  |     EQUAL HOUSING OPPORTUNITY

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

    Floridacentral Credit Union

    3333 Henderson Blvd, Tampa, Florida 33609

    Phone: 813-879-3333   |   Toll-Free: 800-528-3330

    info@floridacentralcu.com

    floridacentralcu.com

    NMLS 695819  |     EQUAL HOUSING OPPORTUNITY

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.