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Homeownership Starts Here

Buying the right home starts with the loan and lender you choose. Browse the options below and begin your home-buying journey with a credit union you can trust.

Considerations 10-Year Fixed Rate 15-Year Fixed Rate 20-Year Fixed Rate 30-Year Fixed Rate
Description A loan that will be paid back over 10 years, with an interest rate that doesn't change. A loan that will be paid back over 15 years, with an interest rate that doesn't change. A loan that will be paid back over 20 years, with an interest rate that doesn't change. A loan that will be paid back over 30 years, with an interest rate that doesn't change.
Best choice if
  • You want fixed payments for the full term of the loan.
  • You want the security of knowing your interest rate will not change over time.
  • You think interest rates could rise in the next few years.
Advantages You will pay off the loan faster, build equity quicker, and pay less interest than a 15-, 20-, or 30-year fixed rate loan. You will pay off the loan faster, build equity quicker, and pay less interest than a 20- or 30-year fixed rate loan. Lower monthly payments than a 10- or 15-year fixed rate loan.
  • Lower monthly payments than a 10-, 15-, or 20- year fixed rate loan.
  • Lower payments allow larger monthly cash flow.
Disadvantages Higher monthly payments than a 15-, 20-, or 30-year fixed rate loan. Higher monthly payments than a 20- or 30-year fixed rate loan. You will pay off the loan slower, build equity more slowly, and pay more interest than a 10- or 15-year fixed rate loan. You will pay off the loan slower, build equity more slowly, and pay more interest than a 10-, 15-, or 20-year fixed rate loan.
Considerations 3/1 ARM 5/1 ARM 7/1 ARM
Description
  • Fixed rate for the first 3 years.
  • After the initial 3-year period, the rate changes once each year for the life of the loan.
  • Fixed rate for the first 5 years.
  • After the initial 5-year period, the rate changes once each year for the life of the loan.
  • Fixed rate for the first 7 years.
  • After the initial 7-year period, the rate changes once each year for the life of the loan.
Best choice if
  • You are planning to move prior to the end of the initial rate period and therefore aren't concerned about future rate increases.
  • You think interest rates could fall in the future.
Advantages
  • Lower initial interest rate than a traditional fixed rate loan.
  • Monthly payments are typically lower during the initial fixed rate period than a traditional fixed rate loan.
Disadvantages
  • After the initial fixed rate period, the interest rate may increase, which will increase your monthly payment amount.

At TFCU, we believe in the power of options. That's why we're proud to offer solutions for homebuyers looking for low down payment possibilities. Through programs like Home Ready and Home Possible, we're helping families across the nation purchase their first home with smaller down payments.

Down Payment Facts

  • In 2017, the nationwide median payment on a home was 5%1 , down from the 20% average most homebuyers are accustomed to.
  • Some mortgage programs allow the down payment to be a gift from a friend or family member.
  • In some cases, mortgage insurance requirements can be reduced (restrictions may apply).

Connect with a Mortgage Loan Officer and learn more about the down payment options that align with your lifestyle and financial goals.

1 Forbes article: How Much Do You Need For A Down Payment

Description
  • If you live in a high-priced housing market, a jumbo loan allows you to borrow a larger amount of money than a conventional loan.
  • Our jumbo loans are available in a variety of terms:
    • 10-, 15-, and 20-Year Fixed Rate Jumbo.
    • 3/1, 5/1, and 7/1 Adjustable Rate Mortgage (ARM) Jumbo.
Best choice if
  • The amount you need to borrow is over the conventional loan limits (which may vary by region).
Advantages
  • Allows for larger loan amounts based on a higher purchase price.
  • Allows for one large loan instead of a conventional loan plus a second mortgage.
Disadvantages
  • Approval criteria are stricter because the loans are larger.
  • Interest rates may be slightly higher than conventional loans.
Description
  • The VA loan is a mortgage option for veterans, active duty personnel, or those who meet other eligibility criteria. Certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, and certain spouses of active duty personnel.
  • Our VA loans are available with a term of 15- or 30-Year Fixed Rate.
Best choice if
  • You meet the VA eligibility criteria.
  • You do not have funds for a down payment.
Advantages
  • In some cases, you can buy a home without a down payment.
  • You won't need private mortgage insurance (PMI).
  • VA may be able to provide assistance if you run into difficulty making payments.
Disadvantages
  • There are limits to the amount you can borrow in certain areas.
  • The property must be your primary residence.
  • The VA doesn't cover all closing costs.

Looking for that perfect piece of land to build your dream home? Talk to a Mortgage Loan Officer about a lot loan for your upcoming construction project.

A lot loan from Thrivent Federal Credit Union has the following requirements:

  • Residential only.
  • 10-acre maximum.
  • 5-year balloon with a 15-year amortization.

Finding the right realtor isn't easy. Take the guesswork out of the equation and leverage Real Estate Services, a free member benefit program that matches you with a highly qualified real estate agent and allows you to cash in on special discounts.

How will I save?

When you sign up for Real Estate Services, you'll get immediate access to home-related discounts:

  • A rebate check worth up to 20% of your realtor's commission (based on state regulations)2. This could mean thousands of dollars back in your pocket upon closing.
  • Assistance in identifying, selecting and connecting utilities through Easy Utility Help.
  • Home Depot discounts for savings on your home improvement needs.
  • Savings on moving trucks for an easier moving process.

Once enrolled in the program, you will receive an email detailing all the additional Real Estate Services program discounts available to you.

2 Cash bonus offer limited in some states. Please check with the Real Estate Services program, coordinator at 800-298-0793 for details. Bonus amount is based on sales price of home sold or purchased. You must be enrolled in the program and be represented at closing by an approved agent with a participating real estate firm in order to qualify for the bonus. Cash bonus not available to sellers in a short sale transaction.

The Real Estate Services Program endorsed by Thrivent Federal Credit Union is offered and operated by Prime Alliance Real Estate Services, LLC, a licensed real estate broker. This is not a solicitation. Thrivent Federal Credit Union is not responsible for the products and services offered by Prime Alliance Real Estate Services, LLC under the Real Estate Services Program.

How does it work?

  1. Enroll.
    Fill out a short online application to get connected to the program.
  2. Talk.
    A dedicated member advocate will call you to learn more about your home preferences, financial goals and realtor expectations. Your member advocate will review a list of available, certified realtors and connect you with a professional who will help you meet your goals.
  3. Meet.
    As your member advocate, they will ensure you are connected with a realtor that meets your expectations. Once you are paired with a realtor, here are some questions to ask your realtor to get to know them.
  4. Search and buy or sell.
    Walk through the home buying or selling process with your realtor.
  5. Save.
    Take advantage of discounts and watch for your rebate check in the mail 30 days after closing!

Homeowners insurance is a crucial part of your financial plan. Without it, you'll be unprepared in the unforeseen event of a fire, storm damage, theft and more.

We're proud to help our members save more on homeowners insurance when they switch to TruStage, our partner who works to give members better rates with top-notch service.

Visit Trustage to browse policies and discover discounts and savings.

TruStage® Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by Thrivent Federal Credit Union.

10 Steps to buying a home wisely

Thinking about buying a home? Get ready to open all kinds of doors, from front doors to garage doors. At TFCU, we think homeownership should also open other doors. Doors that can help you live a rich and fulfilling life in the spirit of your faith. Here are 10 steps you can follow to get from today to move-in day with confidence.

Get more information on each step by visiting each of the doors below or downloading our in-depth guide.

  1. Plan WisePlan Wise
  2. Buy WiseBuy Wise
  3. Live WiseLive Wise
  1. Find your baseline & create a budget

  2. Consider your credit

  3. Partner with a lender

  4. Get pre-approved

  5. Find a
    realtor

  6. Begin your home search

  7. Complete your home appraisal and inspection

  8. Begin the mortgage process

  9. Close on your new home

  10. Prepare for long-term home-ownership

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For rates, assumptions and full disclosures, visit our Daily Rate Page.

All loans and lines of credit are subject to credit application, qualification and approval. Must qualify for membership.