Demystifying the homebuying process: Mortgage loans in St. Louis

Planning a wedding. Finding a new job. Buying a home. These are supposed to be life’s most exciting milestones but can also be the most stressful. In fact, more than 65 percent of Gen Z buyers said they were brought to tears by the homebuying process.

That’s not an acceptable percentage for us. Our mortgage program is designed to take the anxiety out of one of the biggest decisions of your life.

A guide for your home-buying journey

At Arsenal, we take care of every step of your mortgage in-house. A mortgage specialist will be with you every step of the way to make the process as transparent as possible and to answer any questions you may have, including, but not limited to:

  • How do I know how much I can afford?
  • How much will I need for a down payment?
  • How do I know which type of mortgage is best for me?

You can also view a current list of loan originators at Arsenal who are registered with NMLS.

Different loan types

When you apply, we’ll help you find the home loan that fits your unique situation. We offer many products for different needs, but they generally fall into these two categories:

Fixed-rate mortgage

Keeps the same rate throughout the term of your loan.

Predictable and usually more affordable monthly payments.

Available in 10-, 15-, 20- and 30-year terms.

Better if you plan to live in your home for a long time.

Adjustable-rate mortgage

Start with a lower rate, then change as market interest rates change.

1/1, 3/1 and 5/1 products: Interest rates stay the same for 1, 3 or 5 years, then change based on market for the remainder of the term.

Better if you plan to move before the adjustable rate kicks in.

What are people saying?

“From beginning to end, Arsenal Credit Union made the loan process very easy with no stress. Highly recommend!”

Paul B.