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A mortgage is a type of loan designed for buying a home. Mortgage loans allow buyers to break up their payments over a set number of years, paying an agreed amount of interest.

In addition to your principal and interest payments, a monthly mortgage payment may also include several fees, like private mortgage insurance (PMI), taxes and homeowners association (HOA) fees.

For ARM Rates, please send an e-mail to RealEstate@FAFCU.com. *APR is the Annual Percentage Rate. Mortgage APR examples above are based on the assumption of a $225,000.00 first mortgage loan amount with a minimum of 20% Down Payment (no Private Mortgage Insurance [PMI] required). To qualify for this APR, a minimum direct deposit of $500 per month into a First Atlantic deposit account is required (without add .125%).

A mortgage, also referred to as a mortgage loan, is an agreement between you (the borrower) and a mortgage lender to buy or refinance a home with money provided by the lender. This agreement gives lenders the legal rights to repossess a property if you fail to meet the terms of your mortgage, most commonly by not repaying the money you’ve borrowed plus interest.