Here at 9 Stars Credit Union, we offer two types of mortgage refinance loans. If you are already a homeowner, or own a car, or have fixed deposits or other property, you can release equity quite easily and affordably, by applying for one of our refinance options. We offer both fixed and adjustable rate refinance loans, either of which may provide a better overall repayment structure, with more favorable loan terms and rates.

Fixed-Rate Mortgages

A fixed-rate mortgage ensures that your monthly repayments, remain the same throughout the term of your loan. Fixed-rate mortgages are ideal for those who plan to remain in their home over a long period, as the repayment stays the same over the term of the loan. Fixed-rate mortgages can be for 5, 10, 15 or 20 years, or you can customize the term of the loan by choosing any loan period from 5 to 20 years.

Adjustable Rate Mortgages (Fixed-rate term with adjustable feature)

An Adjustable-Rate Mortgage (ARM), gives you the benefit of locking in a low fixed interest rate for a specific number of years, with the flexible option to adjust your repayment schedule when the fixed term expires. ARM’s are ideal for those of you who may consider moving within the first 4 to 7 years of taking out a mortgage loan. This is simply because it allows you to take advantage of lower interest rates, as opposed to a typical 20-year fixed rate mortgage.

The most popular ARM’s have a fixed rate for the first 5 (five) or 7 (seven) years, then have an adjustable rate that is typically applied annually. These are called 5/1 or 7/1 ARM’s.

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