5/5 Adjustable Rate Mortgage
With a lower interest rate than you find with most Conventional Loans, our 5/5 Adjustable Rate Mortgage gives you exceptional borrowing power. Enjoy a fixed interest rate for the first five years. After that, the mortgage rate is variable and won’t raise or lower more than 2% every five years for the remaining term of the loan.
Medical Professionals Mortgage
Medical professionals often manage a student loan debt burden that’s higher than other professionals carry. We understand that, and have a mortgage option designed to meet your needs. With this loan, student loan debt is excluded from debt to income ratios.
Benefits of Argent Credit Union Mortgages
Our fixed-rate home loans come in every size and shape to suit your needs.
Save money with a low APR and relax knowing you can always refinance in the future.
Affordable Down Payment
Our down payments start at just 3% so you can buy a home sooner.
No Application Fees
We charge fewer fees so more of your money goes towards your home and other expenses.
Terms to Suit Every Budget
Get the right monthly payment for you with terms from 10 to 30 years.
Applying for a Mortgage Is Easier Than You Think!
Fill Out Our Online Application Form
Use our simple online portal to give us information about you and your financial situation.
Pre-Qualify for Your Mortgage
A Mortgage Loan Officer will contact you by the next business day and check that you’re eligible for the loan.
We’ll Guide You Through Closing
Once you’ve found your dream home, we’ll confirm the details of your loan and help you navigate the closing process.
“Love this credit union. Always loyal to their customers and have earned my business for life. Always take care of those who take care of you!!”
– Brian W.
“I have been with the credit union for over 20 years! It has always been a great experience with all of the services I have used over the years. I would and do recommend them to anyone looking for a good banking experience!”
– Lou M.
“Seriously, Argent is the best bank I’ve ever been with. Thank you guys for being consistent, friendly, timely and helpful… Money is a sensitive topic, and I love this bank for being understanding and personable.”
– Morgan-Taylor M.
FAQs About Mortgage
What rates will I get for my mortgage?
The interest rate and annual percentage rate (APR) you get will be determined by your credit score. The higher your score, the lower your mortgage rates!
Generally speaking, the APR is slightly higher than the interest rate because it includes some fees. Rolling fees into your APR means you don’t have to pay those fees upfront.
How do I choose the right mortgage term for me?
The term is how long you have to borrow the money and the length of time you choose will impact both your monthly payment and your rates. You want to choose a term that fits your budget.
A 30-year fixed-rate home loan is the most common type of mortgage in the U.S. so if you choose that term, you’ll be in good company with many other Americans. A 30-year term gives you the lowest possible monthly payment, though it comes with higher rates because your lender is taking on more risk over a long period.
A 15-year or 20-year home loan might be ideal if you have a higher income and want to pay your mortgage off faster.
A 10-year term is an ideal tool for refinancing your mortgage later if you find you can afford a higher monthly payment, and you want to save on interest by paying off your home loan sooner than planned.
Do I need to supply any specific information or documents to Argent when I apply?
When applying for your home loan, you’ll need to provide an Argent loan officer with the following documents and information:
- Your driver’s license or DMV-issued ID
- Your Social Security number
- Proof of your physical address (not your mailing address, if it’s different)
- Tax returns
- Pay stubs, W-2s, and any other proof of income
- Bank statements and evidence of any other assets
- Gift letters if someone is helping you with your down payment
- Information about your homeownership or renting history
Note: We will access your credit history by requesting a credit report.
Do I need to become a member at Argent to get my mortgage?
Yes, you do need to be a member – and we can help you join as part of your home loan application.Membership eligibility is open to individuals living, working, attending school, or who worship or volunteer in the following counties:
- The city of Richmond
Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a US citizen or resident alien.
Why join Argent?
When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.
We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.
Additional benefits include free notary services, scholarships, as well as other great perks.
More Loan Products
Enjoy low, variable rates with no annual fee, balance transfer fee, or cash advance fee. Choose your Visa Platinum Credit Card with or without rewards.
Get the cash you need to use however you want, from debt consolidation, to a vacation, or wedding. You can even keep the money for a rainy day fund.
Get pre-qualified for an auto loan and start shopping for a car today. Take advantage of competitive rates, generous terms, and up to 130% financing.
Argent Credit Union is an Equal Housing Lender registered with the National Mortgage Licensing System under registration number 421982.
*5/5 ARM & Medical Professionals Mortgage Payment Examples
APR = Annual Percentage Rate. Fixed 5.875% / 6.084% APR for the first five years. The interest rate is current as of 8/03/2023. No Private Mortgage Insurance. Up to 80% LTV for purchases. Maximum loan amount is $1,000,000. After the five-year fixed-rate period, your interest rate is subject to change – up or down according to market rates at the time of reset and each five years thereafter. Offer applies to borrowers with a credit score of 780 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 5.875% / 6.084% APR and 80% loan-to-value (LTV) is $1,183.08. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 6%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 5 years, the maximum payment is $1,418.82. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater and rates provided are based on current market rates and are informational only. Payments are estimates and include only principal and interest. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling.
**Conventional Payment Examples:
The estimates below are based on a mortgage loan secured by a single-family home that will be used as a primary residence. Other assumptions include: a loan amount of $200,000.00; an estimated property value of $250,000.00; a rate lock period of 45 days; and an assumed credit score of 780.
30 Year Fixed Rate
At a 7.375 % interest rate, an APR of 7.551%, the monthly principal and interest payments would be:
359 payments of $1,381.35 at an interest rate of 7.375%
1 payment of $1,381.77 at an interest rate of 7.375%
20 Year Fixed Rate
At a 7.250% interest rate, an APR of 7.476%, the monthly principal and interest payments would be:
239 payments of $1,580.75 at an interest rate of 7.250%
1 payment of $1,581.79 at an interest rate of 7.250%
15 Year Fixed Rate
At a 7.000% interest rate, an APR of 7.278%, the monthly principal and interest payments would be:
179 payments of $1,797.66 at an interest rate of 7.000%
1 payment of $1,797.70 at an interest rate of 7.000%
10-Year Fixed Rate
At a 7.000% interest rate, an APR of 7.000%, the monthly principal and interest payments would be:
119 payments of $2,322.17 at an interest rate of 7.000%
1 payment of $2,322.15 at an interest rate of 7.000%
The estimate below is based on a mortgage loan secured by a single-family home that will be used as a primary residence. Other assumptions include a loan amount of $1,500,000.00; an estimated property value of $1,900,000.00; a rate lock period of 45 days; and an assumed credit score of 780.
Jumbo Fixed Rate
At a 7.375% interest rate, an APR of 7.398%, the monthly principal and interest payments would be:
359 payments of $10,360.13 at an interest rate of 7.375%
1 payment of $10,356.25 at an interest rate of 7.375%
The above rates are for illustrative purposes only. Your actual rate and APR are dependent upon your application and may vary based on factors such as your credit score, loan purpose, occupancy, property type, loan amount, and the value of your home. Interest rate and APR are subject to change without prior notice.