Home > Loans & Credit Cards > Residential Mortgages

Owner Occupied Residential Mortgages & Loans

Get a Personalized QuoteApply Now


SLFCU’s home loans work for you. Whether you’re a first-time home buyer, have a growing family, need to downsize, or are looking to refinance, SLFCU has a loan that meets your needs. 

All of our mortgages are serviced by SLFCU – from application and processing to closing the loan and beyond. When you make a payment or have a question, you'll talk to the professional, friendly staff at SLFCU.

Get the security of a rate and payment that adjust only once every five years with a SmartValueTM 5/5 mortgage. SLFCU's adjustable rate mortgages are tied to a slow-moving, stable federal index – the 10-Year U.S. Treasury Note.

A SmartValue 5/5 adjustable rate first mortgage is a smart choice.

  • Really low closing costs - for Jumbo loans, too
  • Budgeting predictability - lock in rates and payments for five-year periods
  • Rate caps for peace of mind - your rate is capped at each adjustment and will never increase more than 5% above your origination rate
  • Payments that fit your budget - terms up to 30 years and no points
  • Second mortgages instead of Private Mortgage Insurance (PMI) - first mortgages up to 80% Loan to Value (LTV) and second mortgages up to 95% LTV in most markets

Lock in a low interest rate and get a fixed monthly payment, a variety of terms, and the option to pay points to reduce your rate.

Your fixed rate mortgage will be serviced by SLFCU – from application and processing to closing the loan and beyond. When you make a payment or have a question, you’ll talk to the professional, friendly staff at SLFCU.

Low down payments, no PMI

With a good credit history, you can put down as little as 5% in most markets; for lower credit scores, a 10% down payment is required.

SLFCU can loan 80% on a first fixed-rate mortgage and finance the rest with an adjustable rate second mortgage. With this loan structuring, you avoid paying Private Mortgage Insurance (PMI).

Get a Personalized QuoteApply Now

First Time Home Buyers

Get educated.

  • Get answers to your questions, tips, and definitions of mortgage terms at our Mortgage FAQ
  • Register at HomeAdvantageTM to research the same database used by real estate agents.
  • Attend a Home Buying Seminar.
  • Talk to a loan advisor at SLFCU. They don’t work on commission; their goal is to help you find the loan that best meets your needs.
  • Use the closing costs and interest rate calculator to explore your options.

Get pre-approved.

Call 505.293.0500 or 800.947.5328 to talk to a loan advisor.

  • A seller will take you more seriously.
  • You’ll know how much you qualify for, and get a clear idea of your price range. The loan advisor will look at your monthly payment obligations and income to determine your maximum monthly payment. You’ll need a down payment of at least 3% in most markets.

Contact a real estate agent.

Using an agent from HomeAdvantage can save you thousands.

Consider your mortgage options.

SLFCU’s SmartValueTM 5/5 adjustable rate first mortgage is a smart choice. The rate and payment are locked for five-year periods, and you could save on closings costs compared to a fixed rate mortgage. Most first-time homebuyers move or refinance within five years, so locking in a 30 year term with high closing costs may not be in your best interests.

Other benefits of SLFCU’s SmartValue 5/5:

  • No private mortgage insurance
  • No points
  • SLFCU retains servicing throughout the life of the loan – when you have a question, just call us!
  • Interest rate adjustments are based on the one-month average yield of the 10-Year U.S. Treasury Note, which is generally a slow-moving index

SLFCU also offers second mortgages and construction loans. SLFCU also offers fixed rate mortgages, second mortgages, and construction loans.

Follow the experts’ leads.

Your loan advisor and real estate agent will see you through the negotiations, inspections, and paperwork that lead up to the day you get the keys to your new home. Feel free to call us at SLFCU anytime you have questions.

SLFCU offers jumbo loans for loan amounts more than $424,100. Take advantage of low closing costs on jumbo products including our SmartValue 5/5 adjustable rate mortgage, second mortgages, construction loans, and Home Equity CreditLines.

Go from a vacant lot and blueprints to move-in day with financing and terms to fit your budget. An SLFCU Construction Loan has a 12-month construction period with interest-only payments while you're building.


HomeAdvantageTM is a free, easy-to-use service that can help you through every step of home buying and selling - from start to finish. Once you enroll in HomeAdvantage, you can:

Search for Homes

Find your dream home using online property listings. Search by number of bedrooms and baths, square footage, zip code, and more. Save your favorite searches and receive email alerts when new properties are available. View comparable sales data and get access to neighborhood demographics including weather, schools, crime rates, and more.

Get a Referral to a Trusted Real Estate Agent

More than half of all homebuyers ask friends and family for a referral to a trustworthy, experienced real estate agent. HomeAdvantage works with credit unions to put together a network of experienced agents from top brokerages in your area.

Earn a Rebate

When members use one of the real estate agents in the HomeAdvantage network to buy or sell their home, they qualify to earn a rebate equal to 20% of that agent's commission. The average member saves over $1,500 in savings at closing.*

Get started today.

*The HomeAdvantage program is made available to you through a relationship between SLFCU and CU Realty Services. Program rebates are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network of approved real estate agents. Home buyers or sellers are not eligible for the rebate if they use an agent outside this network. Using SLFCU for a mortgage is not a requirement to earn a rebate. Rebate amounts are dependent on the commissions paid to the agent. Rebate incentives are available in most states; however, rebates are void where prohibited by law or by the lender. See https://slfcu.mycuhomeadvantage.com for more details.

Get a Personalized Quote    Apply Now


Offer valid for adjustable rate first mortgages for owner occupied properties. Construction loans and mobile home loans are excluded from this offer. Maximum loan-to-value is 80%. Rate for the remaining term adjusts every five years and is based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate. Rates subject to change; check with SLFCU for current rates. If loan does not close, fees incurred will be charged to the member. A $35 initial credit report fee applies to all loans. All loans subject to credit approval. Contact SLFCU for details.

Print this page
Take action to manage debt with SavvyMoney.


Mortgage Rates
SmartValue™ 5/5 Mortgage
3.90% APR

Adjustable rate mortgage. Rate adjusts every 5 years

Home Buying
Tools & Resources

F - FacebookF - TwitterF - Bulletin BoardF - Calculators
© 2017 Sandia Laboratory Federal Credit Union. All rights reserved
Federally insured by NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Equal Housing Lender