A 10-year mortgage simply means that your loan term is shorter than with other mortgage types. Shorter terms translate into lower interest rates than you would get with a 20 or 30-year term.

Furthermore, Argent Credit Union 10-year mortgage loan has:

• No closing costs
• No application or origination fees

By getting lower rates and fewer fees, you will save money you can use to pay your loan off, building home equity faster.

The interest rate and annual percentage rate (APR) you get will be based on your credit score. The higher your score, the lower your mortgage rates.

Sometimes the interest rate and APR are the same. When the APR is higher than the interest rate, it means it includes certain fees rolled into the one convenient figure.

It’s a good idea to get your credit into the best shape possible before you apply for any type of home loan.

A 10-year mortgage loan will help you pay your loan off much faster than other loan terms, which could translate into higher monthly payments.

Some reasons you might consider a 10-year loan are:

• You want to refinance your current mortgage to enjoy lower rates and pay your loan off faster.
• You want to enjoy a cash-out refinance while avoiding closing costs.
• You are close to retiring and want to pay your home loan off before it happens.
• You have a fair down payment and can afford higher monthly payments to build home equity faster.

Yes, you can usually refinance your mortgage after about six months – but it’s better to wait longer so you have a chance to build up equity, improve your credit through regular payments, and possibly qualify for a lower rate due to shifts in the market.

Here’s why you might consider a mortgage refinance in the future:

• You’re struggling to make your payments, so you want to switch to a longer term for a lower monthly payment.
• Market interest rates have dropped, and you want to secure a lower APR.

When applying for your 10-year mortgage loan, you’ll need to provide an Argent loan officer with the following:

• Driver’s license or DMV-issued ID
• 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
• Evidence of your rental history or previous homeownership

Argent will access your credit history by requesting a credit report.

Yes, you do need to become 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, worshiping or volunteering in the following counties:

• Chesterfield
• Henrico
• Hanover
• 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 U.S. citizen or resident alien.

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.