Your credit score plays a key role in determining your eligibility. We also consider your income and employment history. A stable financial situation improves your chances of approval.

A fixed-rate mortgage keeps one interest rate for the full duration of your loan. An adjustable-rate mortgage (ARM), on the other hand, starts with a lower introductory rate that later adjusts, usually each year, based on market conditions. With a fixed-rate loan, you’re protected from rate increases and know exactly what your payment will be month after month.

Fixed-rate mortgage loans are most commonly available with 10-, 15-, 20-, or 30-year terms. Shorter terms typically come with higher monthly payments but lower overall interest costs, while longer terms spread out payments for greater affordability.

A fixed-rate mortgage offers predictable, steady payments for the life of your loan, making it easier to budget and plan for the future. You’ll build equity with every payment while protecting yourself from rising interest rates. It’s an excellent choice if you value stability and want to turn your home into a long-term investment in your financial future.

A fixed-rate mortgage could be a great fit if you plan to stay in your home for several years and prefer consistent payments. If you expect to move within five to seven years, you may want to explore an adjustable-rate mortgage (ARM), which can offer lower initial rates during the early years of homeownership.

Yes. Many homeowners refinance fixed-rate mortgages to take advantage of lower interest rates or to adjust their loan terms. Refinancing may help you lower your monthly payment, reduce the total interest you pay, or pay off your home sooner by switching to a shorter-term mortgage.

Decisions about extending credit and setting rates are based on several factors, including property type, loan amount, loan-to-value (LTV) ratio, the loan’s purpose, whether it’s a primary or secondary residence, credit score, and subordinate financing.

As a credit union, we take time to get to know our members. Unlike commercial banks that rely strictly on numbers, we consider your broader financial picture when reviewing a loan application.

To qualify for a mortgage, you must also be a member of Freedom Credit Union. Membership is open to anyone who lives, works, attends school, or volunteers in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties—or who is related to a current Freedom Credit Union member.