Our real estate loans are fast, friendly, and provide you with competitive interest rates and convenient terms. Whether you're in the market for a mortgage or a Home Equity Line of Credit (HELOC), we have the loan you need at the rate you want.
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First Trust Deed
We're making it easier for you to buy your next home! We have 10, 15, 20, 30, and 40 year terms. We also have conforming and non-conforming mortgages in the San Luis Obispo and Santa Maria area. Use our online mortgage application to eliminate traditional paperwork. The home of your dreams is just a few clicks away!
Adjustable Rate Mortgage (ARM)
An Adjustable Rate Mortgage (ARM) is a home loan in which the rate adjusts (changes) on a specified schedule after an initial “fixed” period. The advantage to an ARM over a fixed rate mortgage is an initial interest rate that is significantly below the market rate for a 30-year fixed rate mortgage. With an ARM, your payments can change after the initial fixed period depending on rates at that time.
We offer two types of Adjustable Rate Mortgages:
3/1 ARM- Amortized over 30 years
- Fixed interest rate for the first three years
- After that, rate may adjust annually for the remaining term of the loan
- Cannot increase or decrease by more than 2% per year or by more than 5% over the life of the loan
- Amortized over 30 years
- Fixed interest rate for the first five years
- After that, rate may adjust annually for the remaining term of the loan
- Cannot increase or decrease by more than 2% per year or by more than 5% over the life of the loan
7-Year Balloon / 40-Year Amortization Mortgage
This mortgage may be right for you if you're planning to stay in your home for 7 years or less, you expect your income to increase in the next 7 years, or you want a longer fixed rate period than most options for an adjustable rate mortgage in the San Luis Obispo and Santa Maria area typically allow. This loan has a 40-year amortization with a balloon payment due in 7 years. The longer amortization period helps keep payments lower in the initial years of homeownership.
A 7/40 Balloon may be right for you if:
- You plan to stay in your home for 7 years or less
- You expect your income to increase in the next 7 years
- You want a longer fixed rate period than most adjustable rate mortgages allow
FHA Mortgage Loan
FHA loans are an excellent mortgage product that feature low down payments and low fixed and adjustable rates. FHA loans are for everyone, not just first time buyers.
Some of the advantages of an FHA Loan are:
- No Income Limits
- No Home Buyer Education Required
- Low Down Payment Requirements
- Low Fixed Rates
- Low Adjustable Rates
- Seller Contributions up to 6% of Sales Price
- Gift Funds to 100%
- Purchase, Cash Out, No Cash Out, and Streamline Refinances
- No Reserve for 1 or 2 Single Family Residences
- More Flexibility with Credit Issues
VA Mortgage Loan
If you are a Veteran or Military Personnel and are looking for a mortgage product with no down payment requirement and need up to 100% financing, the VA mortgage loan may be the right mortgage for you.
Some of the advantages of a VA Loan are:
- No Down Payment Requirement
- 100% Financing Available
- No Private Mortgage Insurance
- Closing Cost are Limited by VA
- $500 Credit for Closing Costs at Funding Paid by CoastHills
Home Equity Line of Credit (HELOC)
HELOCs are great for members who want to consolidate debt without refinancing their first mortgage, or for those who want to pay off higher interest consumer debt with a loan secured by their home in order to gain tax advantages.
Equity Loan
This type of San Luis Obispo County home loan is for homeowners who want to access the equity in your homes, but do not want a variable rate loan. Borrow one lump sum at a fixed rate to be paid back over a set period of time. The Equity Loan is a great alternative to our Home Equity Line of Credit Loan.
Members who have their first mortgage with us will receive a discount of 0.25% APR!
Learn more about Home Equity Lines of Credit.
Great Homes for Sale
CoastHills is now selling great homes! You can speak directly to a Credit Union employee to make an offer or receive more information. View the beautiful homes we're currently offering .
How to Avoid Foreclosure
CoastHills Federal Credit Union is committed to working with members experiencing financial difficulties impacting their CoastHills' mortgage(s). Learn how to avoid foreclosure.
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Your Community Bank
CoastHills Federal credit union offers quality options and friendly treatment every step of the way in services that cover the full range from home loans to San Luis Obispo County, CA auto insurance, online banking, and business loans. Get started today; call (805) 733-7600 or contact us online.
