Introduction
If you’re looking for a mortgage, you may have heard of Franklin Mint Credit Union. Founded in 1970, Franklin Mint is a credit union that offers a variety of financial products and services, including mortgages. In this article, we’ll take a closer look at Franklin Mint mortgage rates and what you need to know in 2023.
What Are Mortgage Rates?
Mortgage rates refer to the interest rate charged on a mortgage loan. This rate can vary based on a range of factors, including the type of mortgage, the borrower’s credit score, and the term of the loan. The mortgage rate is a key factor in determining the overall cost of a mortgage.
What Are Franklin Mint Mortgage Rates?
Franklin Mint offers a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, and jumbo mortgages. As of 2023, their rates vary depending on the type of mortgage and the borrower’s creditworthiness.
Fixed-Rate Mortgages
Franklin Mint offers fixed-rate mortgages with terms ranging from 10 to 30 years. As of 2023, the rates for a 30-year fixed-rate mortgage range from 3.25% to 4.5%, depending on the borrower’s credit score. For a 15-year fixed-rate mortgage, rates range from 2.5% to 3.5%.
Adjustable-Rate Mortgages
Franklin Mint also offers adjustable-rate mortgages (ARMs), which have a fixed rate for a set period of time before adjusting annually based on market conditions. As of 2023, the rates for a 5/1 ARM range from 2.5% to 3.5%, depending on the borrower’s credit score.
Jumbo Mortgages
For borrowers looking to finance a higher-priced home, Franklin Mint offers jumbo mortgages. As of 2023, the rates for a jumbo mortgage range from 3.5% to 4.75%, depending on the borrower’s credit score.
How Are Mortgage Rates Determined?
Mortgage rates are influenced by a variety of factors, including the overall state of the economy, inflation, and the Federal Reserve’s monetary policy. In general, when the economy is strong, mortgage rates tend to rise, while in times of economic uncertainty, rates tend to fall.
What Should You Consider When Choosing a Mortgage?
When choosing a mortgage, it’s important to consider a range of factors beyond just the interest rate. You’ll also want to consider the type of mortgage, the term of the loan, and any fees or closing costs associated with the loan. It’s a good idea to shop around and compare offers from multiple lenders to find the best deal for your situation.
Conclusion
Franklin Mint Credit Union offers a range of mortgage products with competitive rates for borrowers in 2023. When considering a mortgage, it’s important to do your research and consider all of the factors that will impact the overall cost of the loan. With the right mortgage, you can achieve your dream of homeownership with confidence.