Types of Mortgages

Types of Residential Mortgages:

One of the first decisions homebuyers and mortgage shoppers face is whether to select a fixed rate or variable rate mortgage.

With a fixed rate mortgage, the mortgage rate  and payment you make each month will stay constant for the term of your mortgage  . With a variable rate mortgage, however, the mortgage rate will change with the prime lending rate as set by your lender. A variable rate will be quoted as Prime +/- a specified amount, such a Prime - 0.50%. Though the prime lending rate may fluctuate, the relationship to prime will stay constant over your term.

No matter which mortgage you choose at Sunrise Credit Union, you'll always receive flexible payment schedules. You can choose to make your payments monthly, bi-weekly or weekly; whatever suits your life and your budget.

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