Benefits of an Argent Credit Union 10-Year Mortgage
Get a lower rate than with 20 or 30-year terms and lock it for the life of your loan.
Save on Closing Costs
When you choose our 10-year term you don’t have to pay closing costs.
Refinance or Cash-Out Refinance
Use our 10-year mortgage to take advantage of a cash-out refinance.
Our mortgage professionals will guide you through the process.
What You Need to Know About a 10-Year Mortgage Loan
A 10-year mortgage loan is an ideal option if you are nearing retirement or just want to pay your loan off much faster than other loan terms.
Here are the details:
- 10-year mortgage rates are lower than 20 or 30-year terms.
- You can take advantage of a cash-out refinance with a lower interest rate.
- You could save thousands of dollars by not having to pay closing costs.
- Applying is easy with no application or origination fees.
Unlike other loan terms, a 10-year mortgage loan allows you to save money on interest and fees, so you can build your home equity faster.
10-Year Mortgage Rates
Our 10-Year Mortgage Application Process Is Simple and Secure!
Get your documents ready then enter your details into our user-friendly online portal.
A mortgage loan officer will contact you by the next business day and check that you’re eligible for the 10-year mortgage.
Enjoy Your Low Rates!
Once approved, we’ll confirm the details of your loan and you’ll begin making payments on your new home loan.
“Stress-free mortgage experience.”
– Diane M.Y.
“Seriously, Argent is the best bank I’ve ever been with. Thank you guys for being consistent, friendly, timely and helpful!”
– Morgan-Taylor M., Chester, VA
“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., Chester, VA
FAQs About 10-Year Mortgages
How is a 10-year mortgage different from other mortgage loans?
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.
What rates will I get for my 10-year mortgage?
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.
When should I choose a 10-year mortgage?
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.
Can I refinance a 10-year mortgage at a later date?
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.
What information and documents do I need to give Argent when I apply for my 10-year mortgage?
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.
Do I need to become a member at Argent to get a 10-year mortgage?
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:
- 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.
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.