Mobile Navigation
We know you want to buy a home with a strong foundation and solid roof so it can stand up to anything the sky throws your way. Why not choose a mortgage that's just as dependable?
Fixed rate means your principal and interest payments won't ever go up
Financing available for 10, 15, 20, or 30 years
Borrow up to 97% of your home's appraised value*
Get a Lender Credit of up to 2% to cover your eligible closing costs**
Available for purchase or refinance
No prepayment penalty
Smooth and quick approval process
Secure and convenient payment options
Interest payments may be tax deductible – consult with your tax advisor
Intangible tax fee waived for Power Financial Credit Union members
With a Power Financial Credit Union fixed-rate mortgage, your monthly payments stay rock-solid over the life of the loan, making it easier to stick to your monthly budget and plan your long-term finances.
| Term | Rate | APR | Points |
|---|---|---|---|
| 10 Year | 3.125% | 3.457% | 0.000 |
| 15 Year | 3.375% | 3.606% | 0.000 |
| 20 Year | 3.375% | 3.554% | 0.000 |
| 30 Year | 3.625% | 3.755% | 0.000 |
If you're looking to purchase a higher-value home, you can click below to see all our Mortgage Rates, including our options for Jumbo Fixed Rate Mortgages.
With a fixed-rate mortgage, your rate and monthly payment will stay the same through the life of your loan. Your property taxes and homeowners insurance are the only things that may change. Fixed rates make budgeting easy, both in the short term and long term. It's also easy to estimate your monthly payment using a mortgage calculator.
Whether it’s your first time buying a home or you’re an experienced homeowner, the home buying process can be confusing and stressful. Plus, today’s housing market doesn’t make it any easier to get a good deal.
This guide will give you the tools to find your dream home, negotiate the best deal, and choose the right lender and mortgage loan to meet your needs.
Topics covered include:
✔ 5 Things to Do Before Buying a House
✔ 5 Stages of the Home Buying Process
✔ 8 Things to Do After Buying a House
✔ Key Terms to Understand
Click below to access our Home Buyer’s Guide today!
– Delena J.
Answer: A fixed-rate mortgage means you lock in an interest rate and annual percentage rate (APR) for the life of your loan. Here are the typical steps:
You get your home loan pre-approved or prequalified and find out your likely rate.
You may be able to lock this rate in for about 45 days.
You find a home and put in an offer.
You submit your final application and your interest rate and monthly payment are confirmed.
You close on your home and begin making your steady monthly payments.
Answer: Your monthly mortgage payment is made up of four parts: Principal, Interest, Taxes, and Insurance, known as PITI. With a fixed-rate loan, the principal and interest parts of your monthly payment will remain steady through the life of your loan (though your property taxes and insurance may change).
Fixed rates make budgeting easy compared to an adjustable-rate mortgage (ARM) loan type, where your rate and payment go up and down with the markets.
You can easily plan your short-term monthly budget as well as your long-term financial needs, without worrying about unpredictable future changes.
If market rates drop significantly in the future, you may consider a mortgage refinance to secure your rate.
Answer: Power Financial Credit Union offers flexibility when it comes to your loan term
You may choose:
10-Year Term: A common tool for refinancing to shorten your loan term and save on interest, but not so common for your original purchase.
15-Year Term: A loan term of just 15 years offers a lower rate and means you'll save on total interest, but your monthly payments will be higher.
20-Year Term: A nice option in the middle, which allows affordable payments while also saving you money with less total interest.
30-Year Term: A 30-year fixed-rate mortgage is one of the most popular home loans as it offers the lowest monthly payment, though you'll get a slightly higher interest rate and will pay more total interest.
You can use a mortgage calculator to play with the numbers and find the right term and type of mortgage for your needs.
Answer: Down payments start at 3%, which means you may borrow up to 97% of the appraised value of your home.
Answer: Yes, you do need to pay closing costs on a fixed-rate mortgage. The good news is that we will pay your closing costs up to 2% of your loan amount.** Plus, you may be able to roll some or all of your remaining costs into your loan principal if you don't want to pay upfront.
Answer: Yes, to be eligible for any of our mortgage loans, you need to meet membership criteria for joining the credit union. It takes just a few minutes to join, and then you can access a home loan and all our other quality products and services.
Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.
We're also proud to offer membership to our Select Employee Groups. Employees and members of these organizations are always welcome to join, no matter where they live:
Bonefish & Tarpon Trust
Adjustable-Rate Mortgage
Veterans Mortgage
FHA Mortgage
*Applicable for first mortgage loans with maximum loan amount of $647,200. Member must provide 3% down payment plus costing costs for purchase or 5% equity in home for refinance. Private Mortgage Insurance (PMI) required for all loans when financing over 80%. Payment example: For a Fixed Rate Mortgage Loan of $350,000 at 30 years at 5.000%, you would make 360 payments of $1,878.88. Payment amount does not include taxes, insurance or PMI. Actual payment amount will be greater. Other conditions and qualifications apply. See credit union for full details.
**Power Financial Credit Union will pay for all eligible closing costs, excluding rate buy downs/points and prepaid items, up to a maximum of 2% of the loan amount. This is a limited-time promotion. All purchase and refinance fixed rate mortgages secured by a primary residence are eligible. Investment properties or second homes do not qualify. Subject to a three year recapture fee. If the loan is paid off earlier than 36 months (3 years), the lender credit will be added to the payoff.
The Annual Percentage Rate (APR) is calculated on a loan amount of $350,000 for the purchase of a single family primary residence. This annual rate of interest example takes into account a 20% down payment. For a Fixed Rate Mortgage Loan of $350,000 at 30 years at 6.500%, you would make 360 payments of $2,122.24. Payment amount does not include taxes and insurance. Actual payment amount will be greater.