Five whole years of lower housing payments? Our special mortgage deal can be a financial game-changer.
- Get a low-cost loan and just make interest payments for the first five years
- By controlling your household cash flow, you can spend your money on other priorities
- Ideal option for second homes and investment properties in North Texas and elsewhere
Reduce your long-term interest payments with our affordable fixed-rate loans.
With one quick phone call, you can find out how much you can afford. That makes your house-hunting less complicated.
Our lending team will help you through the application process. Our digital tools allow you to handle most of your paperwork electronically.
Preferred Realtor Program
Work with one of our preferred professionals and you'll get cash back to reduce your closing costs.
This loan is an excellent choice when adding to your real estate portfolio or refinancing those mortgages.
North Texas Experts
We know the local market like nobody else, and we've been a trusted lender here since the 1930s.
Get a good look at where you are and where you're going next.Financial Calculators
5 Year Interest Only Mortgage FAQs
Along with the down payment and monthly payment, you have:
- Closing costs, which may be between 1% and 5% of the loan
- Property taxes
- Home insurance
- Mortgage insurance, when the down payment is less than 20%
Plus, as a homeowner, you’re responsible for upkeep and maintenance, so it’s a good idea to have extra money budgeted for those expenses.
The first step is getting a copy of your credit report. You might be surprised to know that many reports contain errors or old debts that have been paid but not cleared on the report. These errors can drag down your score, so it's important to get them fixed.
Check out our articles on strategies for budgeting and for coming up with a down payment. Improve your debt-to-income ratio by making extra payments to remove debts more quickly. Start a savings plan for a 20 percent down payment.
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We have several convenient locations in North Texas. Come see us!
NMLS #576560 Credit Union of Texas provides mortgage loans through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703. CUTX home loan programs are only available in Texas. Loans are subject to credit approval, CUTX's lending policies, and property approval. Prequalification is not a commitment to lend. Membership required.