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30 vs 12: Save Thousands on Your Mortgage

You may have seen our recent advertisements for a 12-year fixed rate mortgage and thought, is this for real?  I actually had one member text me to ask if the rate was real or if it was simply a fake rate that no one really qualifies for.  Its sad that we live in a world where we expect false advertising.

The credit union doesn’t advertise products and services our members can’t or won’t qualify for.  In fact, this 12-year fixed rate product is not overly profitable for the CU, but it does go a long way toward meeting our mission and vision statements.

Empowering our members to achieve financial independence is more than a tag line for us.  We truly believe in providing products and services that meet that vision. 


A 12-year fixed rate mortgage loan can save you thousands of dollars in interest and help build equity in your home at an accelerated rate. What’s the drawback, well we all know what that is, a higher payment.  How much higher?  That depends on your mortgage amount, interest rate, current term, and how long you have owned your home.

The chart below is not an offer to extend credit (we are required to disclose that!) rather it is meant to be an example of savings that could be achieved by refinancing or simply increasing your monthly payment on your current mortgage.

For those of you out there clipping coupons, let’s face it we are all looking for a deal and a 12 year mortgage is one heck of a coupon!  This doesn’t take into account any closing costs its simply meant to give you an idea.  Don’t want to refinance?  Simply increasing the monthly payment on the existing loan and terms results in a substantial savings as well, see column two.  Want us to run your numbers?  Stop into the credit union and we would be happy to show you YOUR savings!

– Jennifer Watson

Click Here to apply for our current Mortgage Loan Sale!