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Are you a first time home buyer? Check out our mortgage resources provided through Prime Alliance. Play with the numbers. Learn about credit.
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Are you thinking about moving into another home? Maybe you've outgrown the one you're living in now. Perhaps you're in a better financial position than you were when you bought your last house. Maybe you're moving to a new town with a new job. While it really doesn't matter why you need a new house, it does matter how you go about purchasing it. No one likes the hassle of buying a home the old way, including us. That's why we've invested our energy into streamlining and updating the entire mortgage process. We're pleased to bring you a faster, more technologically advanced way to finance your home.
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Why should you refinance? If the current value of your home has increased it may make sense to refinance at a better rate, or refinance to consolidate debt or plan a home improvement project. If your home value has remained stable or you are in an area where the value of your home has declined, this may not be the best option for you. That's why we've given you two ways to calculate the advisability of refinancing.
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* APR = Annual Percentage Rate. Does not apply to home equity lines of credit (HELOCs). Rate is for the life of the loan. Terms are 5, 15 and 20 years. Minimum loan amount is $10,000. If loan is paid in full within one year of the date of the loan, a pre-payment penalty up to $1,000 may apply. Home Equity Loan payment example: $60,000 borrowed for a 5-year term at 5.00% APR, sample monthly payment would equal $1,132.28.
** No closing costs for loans up to $100,000 (2nd mortgages only). For loans over $100,000, the estimated fees and costs to open the loan are between $1000 and $2500. Title insurance is required to be paid by borrower on home equity loans and HELOCs greater than $100,000. Property insurance is required, and flood insurance may be required depending upon the location of the property. The amount of a home equity loan is based upon the current market value of the property, minus the amount of any current mortgages and other liens on the property. Please consult your tax advisor and IRS Publication 936 (Home Mortgage Interest Deduction) regarding interest deductibility. Our current HELOC APR ranges between 4.75% APR and 17.9% APR depending on creditworthiness criteria and the HELOC type selected. HELOCs have a variable APR; the maximum HELOC APR is 17.9%. All rates and terms are subject to change without notice; please contact the Credit Union for current rates and terms. Credit subject to approval. Other restrictions may apply. A home equity loan is secured by a lien on your home. Full appraisal, paid by applicant, may be required in certain circumstances.
† APR = Annual Percentage Rate. This product is designed for the purchase and limited cash-out refinance of new construction or existing residential properties. These homes must be built to the standards of the National Home Energy Rating Standards (HERS). All requirements of the standard checklist must be met and a HERS Index of 85 or better must be obtained in accordance with the Energy Star Performance Requirements. This loan applies to one-unit, owner-occupied primary residence; fixed rate mortgages that have a term of 30 years and do not include interest-only option; maximum loan-to-value/combined-loan-to-value 95%. Energy efficient mortgage loan payment example: $200,000 borrowed for a 30-year term at 6.50% APR, sample monthly payment would equal $1,264.14.
Appraisal may be required and fee is the responsibility of member.
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