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Home Loans
Competitive fixed- and adjustable-rate mortgages to meet your needs.
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Home Loans

Call our Mortgage Hotline to speak with a home loan expert:
(408) 731-4278, Monday – Friday, 9:00-6:00; Saturday 9:30-3:00.

KeyPoint Credit Union’s newly expanded line of mortgage products are designed to fit your needs, no matter how big or small. We’re a California credit union that offers traditional mortgages tailored to your budget. We offer 10- to 30-year terms, and both fixed-rate and adjustable-rate mortgages to help make your California real estate more affordable.

  • Purchases: Get into your new home with as little as 5% down.
  • Refinances: Whether you are looking to lower your payment or pay your loan off faster, contact a Key Point Credit Union home loan expert to find out how refinancing may help you meet your goal. Borrow as much as 95%** of our home’s value and reduce your interest or monthly payments.
  • Cash-Out Refinances: Borrow as much as 80% of your home’s value, and get cash out to help with life’s demands.
  • High Balance Loans: Borrow as much as 90%** of your home’s value on loan amounts up to $636,150 at great low rates!
  • Jumbo Loans: Loan amounts as high as $2.5 million for purchases and cash-out refinances!

Click here for great information about Buying Your First Home.
 

*APR is based on an interest rate of 3.125% as of 11/1/17 on a no-point 5/1 Adjustable Rate Mortgage for a $416,000 refinance loan secured by an owner-occupied single-family California detached house, townhome, condo or 2-unit property, and is subject to change without notice. Other rates and terms are available. All loans require credit approval. Rates offered to approved applicants depend on product selected, credit history and other factors. ARM rates subject to increase during loan term. Rate is variable, based on the LIBOR as published in The Wall Street Journal Money Rates Table. Sample: Pay $1,782.04 per month (excluding taxes and insurance) for the first 60 months on a $416,000 loan at an interest rate of 3.125% and an APR of 3.803%. APR: Annual Percentage Rate is the annual cost of credit expressed as a percentage. It includes the interest as well as the following fees: $895.00 Loan Origination, $500.00 Appraisal, $21.20 Credit Report, $72.00 Tax Service, $14.00 Flood Certification, $24.00 Verification of Employment and $470.00 Closing/Escrow. NMLS #417395 

**Mortgage Insurance may be required if borrowing more than 80% of the property value.  

    • Fixed Rate Mortgages
    • Adjustable Rate Mortgages
    • Items Needed to Apply

Fixed Rate Mortgages

Fixed rate mortgages are popular loans because your payment will not change since the rate will never change.  

This "traditional" loan maintains its original interest rate throughout the entire life of the loan. Your monthly loan payments may change if there are insurance or tax impounds that increase. But fluctuations in market rates over the term of your loan won't have any impact on the amount of interest you pay because the rate is "fixed." A fixed rate mortgage loan may be a good choice if:

  • You want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change
  • You plan to stay in this home for several years
  • You don't expect your income to increase significantly in the coming years

Fixed rate mortgage loans come in various terms,  such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider:

  • Total amount of interest you want to pay over the course of your loan
    • For example, the total cost of a 30-year loan in terms of interest paid is higher than the interest paid on a 10, 15, or 20-year loan. But with a 30-year loan, you get lower monthly payments due to the longer loan term.
    • With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments.
  • Your ability to afford a high monthly payment
    • If you can afford to pay more per month, you can reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30 year term.

Another option to decrease the amount of interest is to get a 30-year loan, so you don't lock yourself into higher monthly payments, but pay a little "extra" each month towards the principal whenever you can afford to do so.

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 over time. ARMs are useful loans for a variety of circumstances.

An Adjustable Rate Mortgage may be a good choice if:

  • You want to maximize your buying power
  • You want to keep your payments lower during the initial period of your loan
  • You plan to move or sell the home within the next 10 years
  • You plan to pay-off your mortgage within the next 10 years
  • You expect your income to increase significantly in the coming years

Advantages

  • Allows for higher loan amount qualification and enhanced buying power

Disadvantages

  • It can be riskier if you don't expect your income to increase over the initial introductory rate period to cover the changes in monthly payment
  • Interest rate can rise above the current fixed rate over time

What You Will Need to Apply:

  1. Date of birth
  2. Social Security Number
  3. Valid email address and contact phone number
  4. Current home address (plus previous address if you have lived at your current residence for less than two years)
  5. Estimated market value of the property you are trying to finance
  6. Name and address of current employer (plus name and address of previous employer if you have been at your current job for less than two years)
  7. All credit obligations and expenses, including housing, child support, credit card payments, loan payments, etc.
  8. All asset information, including the value of all of your accounts: checking, savings, investments, retirement, etc.
  9. Gross income amount, which can include secondary income sources. If applicable – you do not need to list alimony, child support, or separate maintenance agreements if you do not want to have that income taken into consideration

If you're buying a home, you'll also need

  1. Address of your prospective home
  2. Estimated purchase price of your prospective home and closing date
  3. Estimated down payment amount
  4. Estimated annual property tax, insurance, or any homeowner's association dues

If you're refinancing a home, you'll also need

  1. The year your home was purchased
  2. Original purchase price
  3. Original loan amount and the total outstanding balance on that loan and any other loans secured by your property
  4. Current estimated property value
  5. The total amount you wish to borrow

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