When it comes to buying a home, most people think of the qualities they would like their residence to have. But what about your monthly payment? All of the fun extras are made possible when you can afford to pay down your loan each month.

Right now mortgage rates are near historical lows. Houses are selling at a record pace; according to the National Association of Realtors, the median price for all types of existing home sales in June was $247,700. Year-over-year price growth has been continuing for more than four years, and home prices are likely to increase even more if this trend continues. So if you are thinking about buying a house in the near future, consult with a Scient mortgage expert now.

A mortgage expert can help you find the best mortgage for you. They will consider factors such as how long you plan to stay in the home and how much you can contribute to a monthly payment to determine a home loan that fits your situation.

A fixed rate mortgage is still the best choice when you want to lock in one rate for the life of your mortgage. You can choose the number of years you prefer – 10, 15, 20 or 30. Since interest rates are at historic lows right now, this option is a safe bet.

An adjustable rate mortgage—you'll know it by its common name, ARM—offers a lower initial interest rate than most fixed rate loans, but the rate can change on an annual basis in relation to an index. Your monthly payments adjust according to the current index rate and can go either up or down. Most ARMs are fixed for an initial time period—such as three, five, seven or ten years—and then become variable. An ARM is usually a good choice if your income is likely to increase in the future or if you are planning to be in your home for a short amount of time.

SmartChoice Mortgages at Scient offer both a lower rate and a shorter term. This allows you to pay off your mortgage faster than a traditional mortgage, which means you'll pay less interest over the life of the loan. This is also a fixed rate mortgage, and you can lock in the rate at the beginning and choose how long you want the term to be.

No Closing Cost Mortgages help you eliminate many of the upfront fees in a home purchase, allowing you to pay less closing. While the interest is slightly higher, most fees are paid for by the credit union (except discount points, loan-level pricing adjustments, escrows, per diem interest and mortgage tax). Scient offers no closing cost options for both fixed rate and adjustable rate mortgages.

Jumbo Mortgages are perfect when you are looking to upgrade to your dream home or buy an investment property. They have high credit quality, yet are outsized for traditional mortgages. Designed for loans larger than Fannie Mae or Freddie Mac limits, jumbo mortgages are available from $417,001 to $750,000. They allow you to purchase a more luxurious home or one in a prime location without having to pay the additional money for a down payment up front. This mortgage can be used on your primary residence, to secure a second home, or even for an investment property. Jumbo mortgages are your ticket to new vistas when deciding your options.

If you already own a home and are not looking to move, you can still take advantage of low interest rates by refinancing or by taking out a Home Equity Loan or Line of Credit. Use the equity in your house to tackle home improvements or support major life events.

When it comes to finding the best option for you, call the expert you know. Scient Federal Credit Union has mortgage professionals who are armed with knowledge and ideas. They know all the right questions to ask to find the best mortgage for you without causing you any discomfort. The process is easier, and much more fun, when you are working with someone who cares.

Using creative solutions to serve is the hallmark of Scient FCU. Stop in today for an initial conversation, call us at 860-441-0902, or start exploring at www.scientfcu.org/mortgages.