Connect with an Ascend mortgage specialist by phone at 931-454-1300, email mortgages@ascend.org, or visit ascend.org/mortgage to start an application.

The mortgage world can be complex with so many loan options offering various terms, rates, and requirements. Having a trusted partner like Ascend Federal Credit Union by your side to guide you through the process is critical. Our local mortgage experts can help you every step of the way to ensure your loan aligns with your financial needs, including choosing between a fixed-rate and adjustable-rate mortgage.

Fixed-Rate Mortgages

When you choose a fixed-rate mortgage, your interest rate for the entirety of the mortgage is set when you take out the loan. With a 30-year mortgage, your interest rate will remain the entire 30-year term, unless you refinance.

If you’re considering a fixed-rate mortgage, remember:

• They generally have higher interest rates than adjustable-rate mortgages

• Can be enticing during a low-interest-rate environment

• Usually recommended for those who plan to stay in their home for more than a few years

Adjustable-Rate Mortgages

With an adjustable-rate mortgage (sometimes called an ARM), the interest rate you start with when you take out the loan only lasts for a set amount of time – at Ascend, for five, seven, or 10 years. Then, when your initial term is over, the rate is reset for another established term – at Ascend, every five years or annually.

Here are a few items to remember when considering adjustable-rate mortgages:

• Generally lower initial interest rates than fixed-rate mortgages

• The rate adjusts over time, but have annual and lifetime interest rate caps

• Sometimes qualify for no Private Mortgage Insurance (PMI) requirement, which can mean significant monthly savings

• Often utilized by those planning to refinance or sell their home within the next 5 to 10 years

Help from a Local Mortgage Team

Ascend is your homebuying partner, from pre-qualification through closing. We have an expert local mortgage team who can help you find the perfect loan that best meets your needs.

Have questions before you get started? Connect with one of our local mortgage specialists to discuss your options by emailing mortgages@ascend.org or calling 931-454-1300. You can also start an application at ascend.org/mortgage.

Federally insured by NCUA. Equal Housing Lender. NMLS #451452. Loans are subject to credit approval.