Loan Application | Rates

Please contact one of our mortgage loan officers, Martha Cintron at (614) 707-4052 or Michael Piscioneri at (614) 707-4054, to discuss your options and get the answers to any questions you have about mortgage loans. You can also look at all the homes that are for sale in Central Ohio by clicking here.

Mortgage Loan Products

Fixed Rate Mortgages

For members who want the security of a fixed rate for the life of the loan, BMI FCU offers 15, 20, and 30-year fixed rate mortgages.

3/1 Year Adjustable Rate Mortgage

The 3/1 Adjustable Rate Mortgage (ARM) offers a fixed rate for the first 3 years of your loan. After that, the rate is subject to change every year. The repayment period is 30 years. However, because ARM loans are typically offered at a lower initial rate than a 30-year fixed rate mortgage, your payments may initially be lower than on a 30-year fixed-rate mortgage. The maximum the rate can change for each adjustment is 1%, with a life-of-loan maximum change of 6%. 

5/1 Year Adjustable Rate Mortgage

Our 5/1 ARM is similar to our 3/1 ARM, but the initial interest rate is fixed for 5 years. After that, the rate is subject to change every year. The repayment period is 30 years. Again, because ARM loans are typically offered at a lower initial rate than a 30-year fixed-rate mortgage, your payments may initially be lower than a 30-year fixed-rate mortgage. The rate adjustments maximums are the same as the 3/1 ARM. 

7/1 Year Adjustable Rate Mortgage

Our 7/1 ARM is designed for members who want the security of a fixed rate for a period of time longer than 3 or 5 years. After the initial fixed-rate period of 7 years, the rate is subject to adjustment every year thereafter. The repayment period is 30 years. The maximum the rate can change for each adjustment is 1%, with a life-of-loan maximum change of 6%.

First-Time Home Buyers

Now may be one of the best times in your life to purchase your first home. Real estate prices are down from the peak of several years ago and mortgage rates are extremely low. Here is why it’s a great time to buy a home with our first time home buyer loan. 

• The purchase price of homes have decreased 10% to 20%
• BMI FCU requires only 3% down, and it can be a gift
• BMI FCU does NOT require private mortgage insurance on first-time home buyer loans (save about $35 a month on a $100,000 mortgage/30-year term)
• Great rates and terms available

Visit our Anytime Adviser Online Home Buying Coach or our Unlocking the Door to Home Ownership section to learn more about buying your first home!

Click Here For Current Rates