Mortgage Options

Concerned about coming up with a down payment? Our Incredible Home Buying Bundle gives you three ways to put your home purchase together. Tower’s $0 Down Mortgage* puts you in your dream home. Find an agent and begin your search with our HomeAdvantage® Program. Use Tower Title Services for your closing — prevent delays, saves time and money.

*100% financing available for purchases of primary residences in MD, DC, VA, TX, CO and FL. Condominiums are excluded for FL. For loan amounts up to $484,350 and Loan-to-Value of 97.01% to 100%. 97% financing available in most states. Based on credit underwriting. 100% jumbo financing available for purchases of primary residences in MD, DC, and VA. For loan amounts from $484,351 to $625,500 and Loan-to-Value of 95.01% to 100%.

Buying Your Next Home

Home ownership is possible for you and your family! Rates are still low making it a great time to buy or refinance. Our mortgages include affordable rates that will help make the cost of home ownership easier.

Tower offers:

  • Convenient Loan Consultant tool—see how much you can afford, how much income you will need, and what your monthly payments will be
  • Quick pre-approval
  • Low down payment options
  • Competitive rates and fees
  • Fast and secure online application
MortgageAdvantagesDisadvantages
Fixed Rate Mortgages

30-year fixed
20-year fixed
15-year fixed
10-year fixed
• Your mortgage payments remain the same for the life of the loan.

• Protection from climbing rates—A fixed-interest rate does not change so you are protected if rates go up.

• You can refinance at any time with no prepayment penalty.

• Interest may be tax deductible. Check with a tax advisor for details.
• Generally higher initial monthly payments than ARMs.

• Rate does not decrease if interest rates go down.
Adjustable Rate Mortgages

1-Year ARM
3/1 ARM 30 year
5/1 ARM 30 year
7/1 ARM 30 year
• Lower initial monthly payments
than fixed-rate loans.

• Rate and monthly payments may go down if rates go down.

• You may be able to convert to a fixed-rate loan.

• Interest may be tax deductible. Check with a tax advisor for details.
• Rate and monthly payments may increase after the initial fixed period.

• Rate and monthly payments may increase over life of loan if rates go up.
Jumbo Mortgages

For loan amounts that are above the conforming limit set by the Federal National Mortgage Association (Fannie Mae).
Both fixed and adjustable rates available.
• Allows you to finance at larger loan amounts.

• Interest may be tax deductible. Check with a tax advisor for details.
• Additional underwriting guidelines may apply.

Tower’s 100% financing option removes the large down payment obstacle from buying your dream home! This mortgage is especially beneficial for first-time homebuyers.

  • No money down required
  • 30 year fixed and 5/1 ARM available
  • For primary residences (purchase only)
  • Available in MD, DC, VA, FL, CO and TX (excludes condominiums in FL)
  • 100% Jumbo financing from $484,351 to $625,500 available in MD, DC, and VA
  • Gift funds for closing costs allowed

Contact us to talk with a loan advisor for eligibility details.

Tower Federal Credit Union also offers unique loans for special circumstances.

Bridge Loan – A Tower Bridge loan helps you close the mortgage gap between purchasing your new home and selling your existing property. If your current home doesn’t sell in time, a Bridge loan—backed by the equity in your existing property—gives you the money you need for a down payment, allowing you to close on your new home.

  • 12 month balloon
  • No monthly payments – interest accrues and balance is due at maturity

Land Loan – Our 15-year land loan allows you to purchase land without the pressure of having to build and complete construction within a certain time.

Calculator

Refinancing

When it comes to refinancing, every situation is different. Depending on your situation and what your goals are, refinancing could help you:

Refinance from an adjustable rate into a fixed rate mortgage loan—to remove the risk of increased payments.

Lower your monthly payment— If rates have changed since you got your mortgage, refinance to a lower interest rate. This can mean saving tens of thousands of dollars in interest costs overall if your principal balance is large.

Reduce your mortgage term and build equity faster.

Cash out refinancing where your new mortgage is greater than your current mortgage and you receive the difference in cash. This can be handy if you need to consolidate high-interest debts from other loans, or to make home improvements.

Consolidate debt at a lower rate.

Contact us to talk with a loan advisor for details.

Get Started

Our convenient Loan Consultant tool will help you see how much you can afford, how much income you will need, and what your monthly payments will be —helping you decide what products and rates are right for you.

We offer fast, secure mortgage applications. Just answer a few simple questions and you’ll receive an immediate response! You can also return to an application you started, view your pending application or check the status of your application securely online.

Apply Now    View Pending Application

Rates are subject to change at anytime.

The rates and points listed below do not take into consideration possible adjustments based on an evaluation of the following:

Member’s credit score, Loan-to-Value, Combined Loan-to-Value, subordinate financing, occupancy, appraised value, down payment, property type, property use, and loan purpose; so rates and points may differ for individuals.

For more information on rates, or additional products, or to apply for a mortgage loan, speak to a loan advisor at 301-497-7000 or 866-56-TOWER.

Multiply the payment factor by each thousand dollars borrowed for the monthly payment.

First Mortgage Rates - Fixed
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
30 Year4.500%None4.546%$5.0669
30 Year4.375%0.500%4.419%$4.9926
30 Year4.250%1.250%4.294%$4.9194
30 Year - 100% Financing *4.750%None5.163%$5.2165
30 Year - 100% Financing *4.625%0.500%5.081%$5.1414
30 Year - 100% Financing *4.500%1.250%5.022%$5.0669
30 Year VA4.625%None4.671%$5.1414
30 Year VA4.500%0.500%4.545%$5.0666
30 Year VA4.375%1.250%4.420%$4.9929
20 Year4.375%None4.618%$6.2592
20 Year4.250%0.500%4.485%$6.1921
20 Year4.125%1.250%4.354%$6.1259
15 Year4.125%None4.202%$7.4597
15 Year4.000%0.500%4.076%$7.3969
15 Year3.875%0.750%3.948%$7.3344
10 Year3.875%None3.983%$10.0652
10 Year3.750%0.500%3.857%$10.0061
10 Year3.625%0.750%3.730%$9.9472
30 Year Jumbo4.625%None4.660%$5.1414
30 Year Jumbo4.500%0.500%4.535%$5.0669
30 Year Jumbo4.375%1.250%4.409%$4.9929
30 Year Jumbo - 100% Financing ^4.875%None5.285%$5.2921
30 Year Jumbo - 100% Financing ^4.750%0.500%5.204%$5.2165
30 Year Jumbo - 100% Financing ^4.625%1.250%5.145%$5.1414
15 Year Jumbo4.500%None4.561%$7.6499
15 Year Jumbo4.375%0.500%4.435%$7.5862
15 Year Jumbo4.250%0.750%4.309%$7.5228
10 Year Jumbo4.250%None4.335%$10.2438
10 Year Jumbo4.125%0.500%4.209%$10.1840
10 Year Jumbo4.000%0.750%4.082%$10.1245
15 Year Land4.500%None4.580%$7.6499
15 Year Land4.375%0.500%4.454%$7.5862
15 Year Land4.250%0.750%4.328%$7.5228
First Mortgage Rates - Adjustable Rate
Loan TypeRates
(as low as)
PointsAPR
(as low as)
Payment Factor
(per $1,000)
5 Year ARM3.375%None4.657%$4.4210
5 Year ARM3.000%1.000%4.586%$4.2160
5 Year ARM - 100% Financing*3.625%None5.122%$4.5605
5 Year ARM - 100% Financing*3.250%1.000%5.063%$4.3521
7 Year ARM3.875%None4.637%$4.7024
7 Year ARM3.750%1.000%4.661%$4.6312
5 Year ARM Jumbo3.375%None4.789%$4.4210
5 Year ARM Jumbo3.000%1.000%4.716%$4.2160
5 Year ARM Jumbo - 100% Financing^3.625%None5.271%$4.5605
5 Year ARM Jumbo - 100% Financing^3.250%1.000%5.197%$4.3521
7 Year ARM Jumbo3.875%None4.753%$4.7024
7 Year ARM Jumbo3.750%1.000%4.776%$4.6312
Bridge Loan Rates
Loan TypeRatesPointsAPRPayment Factor
(per $1,000)
1 Year Balloon (no monthly payments)7.875%None8.864%N/A
Current Rate Indexes
ARM Index 1 Year Treasury2.590%

Notes for First Mortgage Rates:
* 100% financing available for purchases of primary residences in MD, DC, VA, TX, CO and FL. Condominiums are excluded for Florida. For loan amounts up to $484,350 and LTV’s of 97.01% to 100%. 97% financing available in most states. Based on credit underwriting. 100% jumbo financing available for purchases of primary residences in MD, DC, and VA. For loan amounts from $484,351 to $625,500 and Loan-to-Value of 95.01% to 100%.

^ 100% jumbo financing available for purchases of primary residences in MD, DC, and VA. For loan amounts from $484,351 to $625,500 and LTV’s of 90.01% to 100%.

Low down payment options are available for 30 year fixed rate term only with LTV’s of 95.01% – 97%.

Second/Vacation home loans are available for most products.

Mobile Home/Manufactured Home loans are available for fixed rates only. An additional .50% will be added to the rate.

Jumbo loans are available for loan amounts from $484,351 to $850,000.

Investment Property Home loans are available for fixed rates only, excluding the 10 year term, the following will be added to the rate:
For LTV ≤ 75% add .500%
For LTV 75.01-80% add .875%
For refinance transactions, the maximum LTV is 75%
(Some restrictions apply)

APR for conforming loans is based on a loan amount of $484,350 and $1,660 in other fees.
APR for non-conforming loans is based on a loan amount of $850,000 and $1,760 in other fees.

 

Rates effective: 2/15/2019

Not a member of Tower Federal Credit Union yet? See if you are eligible to join!

For further assistance, please visit a branch or call our Member Service Center at 301-497-7000 or 866-56-TOWER.