Conventional Loans | Redstone Federal Credit Union

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with more ways to finance your dream

Conventional Loans

Colonial or open floor plan? Rolling hills or subdivision? Single-family home or townhouse? You have so many choices when it comes to which house you’ll call home. You have a variety of options when it comes to mortgages as well. Whether you choose fixed rate or adjustable rate (ARM), short-term or long, Redstone offers mortgages that fit your budget and your life.

CONVENTIONAL LOANS

Borrow up to

$453,100

Buying in TN? Some counties are eligible for higher loan limits.
Click here for more details.

Fixed Rate Mortgages: Finance up to

95%

of purchase price or appraised value, whichever is less.

Adjustable Rate Mortgages (ARM): Refinance up to

95%

Rate and Term

(80% Limited Cash Out)

Buy

  • Conventional
  • First-time homebuyers
  • VA
  • USDA
  • Jumbo
  • Condominium 
  • Second Home
  • Investment Property
  • No Private Mortgage Insurance (PMI) 
  • Down Payment Assistance Programs

Refinance

  • Lower Rate or Term
  • Cash Out
  • VA
  • Home Improvement
  • Home Equity

Build

  • One-Time Close
  • Land Loan

Estimate your closing costs, explore rates and terms, and calculate monthly payments.
Get started with your personalized rate quote.

Featured Rates:

Which is right for you? 

Fixed Rate Mortgages

  • Rate remains fixed for the life of the loan
  • Consistent payment amount
  • Interest rates may be higher than with Adjustable Rate Mortgages
  • This option may be right for you if got a great rate you want to lock it in for a long period of time, or if you want the stability of a fixed rate

Adjustable Rate Mortgages (ARM)

  • Rate remains fixed for a certain amount of time (1-10 ARM)
  • When that time period is over, the rate will fluctuate either up or down based on market conditions
  • There are limits, or caps, on how much the rate can increase or decrease 
  • This option may be right for you if you are planning to sell, pay off, or refinance before your rate adjusts

Why Choose Redstone for your Home Loan?

Competitive rates and closing costs

When you choose Redstone, you get great rates, flexible terms, and low closing costs.

Team of experts

Our Mortgage Team has years of experience and knows the real estate industry inside and out.

Local servicing

From monthly payments to escrow and insurance, Redstone services nearly every mortgage we make.

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

4.625%

Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

Mortgages are only available for properties located in Alabama and Tennessee.

APR=Annual Percentage Rate

Must be an RFCU® member to obtain a loan. Must be eligible for membership and open a share savings account.  

A minimum balance of $5.00 is required to open and be maintained in share savings account at all times.  Fees and other restrictions may apply.   All loans subject to credit approval.  Rates, terms, and conditions are subject to change without notice.  Other restrictions may apply.  RFCU is an Equal Opportunity Lender.  Rates are determined by an evaluation of applicant credit at account opening.  Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various Mortgage programs and terms are available. Must create separate user name and password to gain access to mortgage application process.

Rates current as of September 1, 2018.

A typical purchase transaction example for a 1 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. At a 4.750% initial interest rate with zero discount points, the APR for this loan type is 3.179%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 12 payments of $469.48 at an interest rate of 4.750%; 347 payments of $375.65 at an interest rate of 2.875%; 1 payment of $375.25 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

A typical purchase transaction example for a 3 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. At a 4.125% initial interest rate with zero discount points, the APR for this loan type is 3.307%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 36 payments of $436.18 at an interest rate of 4.125%; 323 payments of $378.17 at an interest rate of 2.875%; 1 payment of $380.19 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

A typical purchase transaction example for a 5 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. At a 4.125% initial interest rate with zero discount points, the APR for this loan type is 3.471%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 60 payments of $436.18 at an interest rate of 4.125%; 299 payments of $381.51 at an interest rate of 2.875%; 1 payment of $83.46 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

A typical purchase transaction example for a 7 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. At a 4.250% initial interest rate with zero discount points, the APR for this loan type is 3.679%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 84 payments of $442.75 at an interest rate of 4.250%; 275 payments of $386.07 at 2.875%; 1 payment of $385.58 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

A typical purchase transaction example for a 10 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. At a 4.375% initial interest rate with zero discount points, the APR for this loan type is 3.968%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 120 payments of $449.36 at an interest rate of 4.375%; 239 payments of $393.67 at an interest rate of 2.875%; 1 payment of $394.41 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

A typical purchase transaction example for 30 Year/25 Year/20 Year/15 Year/10 Year mortgages:
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. For a 30-Year Fixed Rate Mortgage at 4.750% interest rate with zero discount points, the APR is 4.913%. The monthly payment schedule would be 359 payments at $469.48 and 1 final payment of $471.64. For a 25-Year Fixed Rate Mortgage at 4.750% interest rate with zero discount points, the APR is 4.936%. The monthly payment schedule would be 299 payments at $513.11 and 1 final payment of $510.63. For a 20-Year Fixed Rate Mortgage at 4.625% with zero discount points, the APR is 4.846%. The monthly payment schedule would be 239 payments at $575.48 and 1 final payment of $573.64. For a 15-Year Fixed Rate Mortgage at 4.000% with zero discount points the APR is 4.275%. The monthly payment schedule would be 179 payments at $665.72 and 1 final payment of $665.51. For a 10-Year Fixed Rate Mortgage at 3.875% with zero discount points, the APR is 4.269%. The monthly payment schedule would be 119 payments at $905.87 and 1 final payment of $905.76. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

A typical purchase transaction example for Combo Loan - 30 year Fixed Rate 1st mortgage and 15 year Fixed Rate 2nd mortgage:
The information provided assumes the purpose of the loan is to purchase a property, with a purchase price of $120,000 (assumes a 20% down payment – 10% cash and 10% from a second mortgage). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. For a $96,000 30-Year Fixed Rate Mortgage at 4.875% with zero discount points, the APR is 5.031%. The monthly payment schedule would be 359 payments at $508.04 and 1 final payment of $507.93. For a $12,000 15-Year Fixed Rate Combo Second at 5.625% with zero discount points, the APR is 6.004%. The monthly payment schedule would be 179 payments at $98.85 and 1 final payment of $98.19. PMI is not required on a combo loan. An escrow (impound) account is required on the 1st mortgage and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

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