Cabrillo Credit Union Home Loans Rates
Jumbo
| Term |
Rate |
APR* |
| 30 Year Fixed |
7.500% |
7.889% |
Conventional
| Term |
Rate |
APR* |
| 30 Year Fixed |
6.375% |
6.615% |
| 20 Year Fixed |
6.250% |
6.500% |
| 15 Year Fixed |
5.750% |
5.814% |
| 5/6 ARM |
5.875% |
6.125% |
| 7/6 ARM |
6.125% |
6.425% |
| 10/6 ARM |
6.375% |
6.675% |
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Local San Diego Service, with Competitive Rates
Personalized Assistance
We understand that a home isn't just a place to live—it's a canvas for your dreams. Whether you're looking to purchase a new home or enhance your current one through remodeling, our home loans are here to make your vision a reality. Our wide range of home loan options, including competitive fixed and adjustable-rate mortgages, provides flexibility to suit your unique needs.
Home Loan Options:
- Fast and easy online application
- Competitive fixed and adjustable rate mortgages (ARMs)
- Refinance and cash-out loans
- Low down payment loans
- First-time homebuyer programs
Explore the endless possibilities of homeownership and remodeling with Cabrillo Credit Union's home loans. Your dream home is closer than you think, and we're here to help you achieve it.
Types of Loans
Fixed Rate
A Fixed Rate Mortgage offers homeowners the stability and peace of mind that comes with consistent monthly payments. With this type of mortgage, your interest rate remains the same throughout the life of the loan, protecting you from fluctuations in the market. This predictability makes it easier to budget and manage your finances, allowing you to plan long-term with confidence.
Adjustable Rate Mortgage (ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
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Purchase Basics
A home purchase is a significant financial transaction Here's some information to guide you through the process:
- Count on your Real Estate Agent to:
- Select homes that meet your criteria.
- Determine the difference between a good buy and an overpriced property.
- Negotiate the best deal, especially with a pre-qualification letter from us.
- Count on Yourself To:
- Keep your Real Estate Agent informed.
- Provide required documentation promptly.
- Stay objective and make informed decisions.
- Get pre-approved early to focus on home selection.
Mortgage Checklist
The following information is usually required during the loan process:
- Pay stubs covering most recent thirty days
- Copy of current government-issued ID (driver’s license, passport, etc)
- W-2 statements covering the past two years
- Bank statements covering the most recent two months (with all pages)
- 401K, IRA, or Mutual Fund accounts showing most recent transaction summary
- Stocks or certificates of deposit (copies)
- Purchase and sales agreement (copy)
- 12 months cancelled rent checks or the name and address of your current landlord (if applicable)
- Fully executed divorce decree (if applicable)
- Deed, hazard insurance policy, and most recent tax bill if you are refinancing (copies)
- A letter explaining any known credit problems or fluctuations in income
If you are self-employed, paid by commission, or own real estate used for rental purposes you will need to produce:
- Two years signed personal federal income tax returns including all schedules
- If self-employed through a corporation, the last two years' corporate returns as well as a year-to-date profit and loss statement and balance sheet
- If additional information or documentation is requested, please provide it immediately.
The following information is usually required during the loan process:
- Two years of signed personal federal income tax returns, including all schedules
- Most Recent 1099’s (if applicable)
- Most Recent Pension or Social Security Awards Letter
How to get a Loan
Process and Approval
Qualification for a mortgage loan is based on the ability to make monthly payments (assuming the minimum down payment requirement and closing costs’ are covered). Consideration is also given to your credit history, household income and the appraised market value of the home you are purchasing, or the refinancing of your existing mortgage.
Determining What You Can Afford
With the many alternatives in today’s housing market, it is best to identify the price range appropriate to your financial situation. For help determining how much you can afford, contact TruHome Solutions mortgage department at 844.884.9725.
Home Loan Information
The Loan Process
The time period following the submission of an application can be an anxious one. It may help you to know the many details that require attention and take what can seem like a long time.
After we receive a completed application package, we will have the property appraised, verify your employment, verify your deposits and order your title commitment.. Upon receipt of these items, your loan officer will review your loan. If everything is in order, we can then prepare the loan for commitment.
Once you accept the commitment and all the conditions have been met, a closing can be scheduled. Prior to the closing, a survey and inspections of the property may be required. The loan process usually takes 60 days from start to finish.
Apply for the loan
Fill out the quick and easy approval home loan application, or give us a call at 844.884.9725.
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Mortgage Terms
Glossary of Mortgage Lending Terms
Looking to learn more about home loans and mortgage terms? Visit our glossary of mortgage terms to dive into our comprehensive glossary.