Affordable Mortgage Solutions for First-Time Homebuyers

Secure your first home at a low rate

6.000%*

30-year fixed rate

5.000%*

5/1 adjustable rate

Flexible down payments and exclusive discounts!

Choose from fixed-rate mortgages or adjustable-rate mortgages (ARMs)

First-time homebuyers get a 0.25% interest rate discount²

Let us help you take advantage of applicable homebuying incentives and grants

Which mortgage option is right for you?

Buying your first home is a major milestone, and the right mortgage can make all the difference. With low-rate fixed and adjustable-rate home loan options—like a 30-Year Fixed Rate at 6.000%* and a 5/1 ARM at 5.000%*— flexible down payments, and exclusive discounts, we help you secure the home you love, all while staying in your budget.

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Whether you're buying a home or refinancing a mortgage loan from elsewhere.

Consider the benefits of an Adjustable Rate Mortgage (ARM).

The MECU team is standing by to help you carefully review all of our mortgage options, and our ARMs might be a good choice. A 7/1 ARM offers a fixed interest rate for the first seven years. After that, the rate can change every year—going up or down based on market conditions. To help protect borrowers from drastic changes, ARMs come with built-in adjustment caps. This structure helps provide stability while allowing for potential savings if rates go down.

Choose the accounts you’d like to compare

Federal Housing Administration (FHA) Loans

Fixed-Rate Mortgages

Adjustable-Rate Mortgages (ARMs)

More lenient income and credit requirements

Choose a term that works for you

Choose from 3/1, 5/1, 7/1 or 10/1 ARMs

Put as little as 3.5% down²

Down payments of 5% to 20%¹

Up to 100% of your down payment can be a gift from a family member or friend

0.25% rate discount for all first-time homebuyers or Baltimore City home purchases²

¹/* Rates are accurate as of June 22, 2026 and subject to change at any time. MECU reserves the right to change or rescind this offer at any time without prior notification. Advertised rates are for conventional loans with a maximum 80% loan-to-value (LTV). Loans with an LTV over 80% are subject to private mortgage insurance (PMI), which increases the monthly payment obligation. Not all applicants will qualify for the advertised rate. The actual rate may be higher based on your credit score, credit history, loan amount, repayment term, collateral, and ability to repay. Other terms and conditions may apply. Applications are subject to credit approval, verification of collateral, and membership eligibility. Adequate property and flood insurance required. MECU membership required.

APR = Annual Percentage Rate

30-Year Fixed Rate (FRM): Rate = 6.000% / APR = 6.108% is for a conventional first mortgage with a 20% down payment. Cost per $1,000 borrowed is $6.00 with principal and interest only (excludes taxes and insurance, which will increase your monthly payment obligation).

5/1 Adjustable Rate (ARM): Initial Rate = 5.000%* / APR = 5.568%. Cost per $1,000 borrowed is $5.37 with principal and interest only (excludes taxes and insurance, which will increase your monthly payment obligation). The interest rate can change on the first of the month following the initial 84 months of the loan, and on that day every 12th month thereafter (“Change Date”). On each Change Date, your interest rate will equal the current Index (the weekly average yield on the one-year U.S. Treasury Bill as published in The Wall Street Journal) in effect 45 days prior to the Change Date. The adjustable interest rate will equal the Index plus our margin rounded to the nearest 0.125%. The rate can never increase or decrease more than 2.000% on any Change Date, may never be lower than the Initial Rate, and may never increase more than 5.000% above the Initial Rate for the term of the loan. For a complete estimated monthly payment schedule, use our Check Rates tool.

²/** First-Time Homebuyer and Buying Into Baltimore rate discounts are not available on all loan types (ex. FHA Loans) and may not be combined. Certain conditions may apply.

Adjustable Rate Mortgage Loan Program Disclosure
Handbook on Adjustable Rate Mortgages
Home Mortgage Disclosure Act (HMDA) Notice