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Earn up to 37% more with a FirstLight Federal Credit Union savings deposit
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Save up to $613 with a FirstLight Federal Credit Union credit card
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Save up to $1,052 with a FirstLight Federal Credit Union RV loan
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Earn up to 160% more with a FirstLight Federal Credit Union money market1 Share Certificate
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Earn up to 161% more with a FirstLight Federal Credit Union checking account
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Texas, Save up to $15,605 with a FirstLight Federal Credit Union 30 Yr Fixed
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New Mexico, Save up to $28,623 with a FirstLight Federal Credit Union 30 Yr Fixed
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Las Cruces, Save up to $28,971 with a FirstLight Federal Credit Union 30 Yr Fixed
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The mortgage term is the length of your loan. Traditionally the most common term has been 30 years, but this number can vary anywhere from 10 to 30 years. Shorter loans usually have a lower interest rate, but they will always have a higher monthly payment since you are paying off the loan faster. A longer mortgage term means a lower monthly payment, but you will end up paying more interest over the life of the loan.