Table of Content
- MORTGAGE LOAN RATES & TERMS APPLICABLE TO REFINANCE TRANSACTIONS ONLY
- GreenPath Financial Wellness
- OUR NEW 10/1 ADJUSTABLE-RATE MORTGAGE (ARM) MAY HELP YOU GET INTO A HOME AT A LOWER RATE.
- Fixed-Rate Mortgage (Purchase)
- Fixed-Rate Mortgages: Conforming
- School Employee Mortgage Program
- Mortgage Loan Pricing Information
If so, you may be able to pay off the principal faster and more quickly build equity, or the difference between your home’s appraised market value and what you owe on it. Available only to school employees, this loan puts owning a home within your reach, with a low down payment and no mortgage insurance. If your income has been reduced or you’ve been temporarily laid off because of COVID-19, we may be able to delay your loan payments, increase your credit line or waive fees. Rates below are applicable with loan amounts of $50,000 - $2,500,000. Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater. In certain situations, refinancing is a productive strategy.
The credit union uses pricing evaluation to determine your mortgage loan interest rate and point combination. This evaluation assesses a group of pricing factors specifically related to your mortgage loan. Following the initial evaluation of these pricing factors, you will be given an estimate of what your price will be. Eligible properties are single-family homes and condominiums; manufactured homes do not qualify. If you have an adjustable-rate mortgage, or ARM, you run the risk of the payments increasing, which can be hard to handle long-term if you have a level income.
MORTGAGE LOAN RATES & TERMS APPLICABLE TO REFINANCE TRANSACTIONS ONLY
In general, if you’re refinancing this way the best use of the proceeds is to pay for things— repairs, remodeling projects or home improvements — that increase the value of your home. That way you can recoup the cost of your projects as your home’s value increases. If you received your mortgage at a time when you had average credit or a short credit history and your score has since improved, you may qualify for a lower rate now.
You may be able to extend your mortgage term to reduce your monthly payment if your current one isn’t affordable anymore. On the flip side, you may also shorten the term, such as getting a 15-year to replace your 30-year loan. This would raise your payments but also let you pay off the debt more quickly.
GreenPath Financial Wellness
Every situation is different, so please contact us for guidance on your specific needs. Although refinancing has its advantages, it’s not for everyone. Bear in mind that if any of the following apply, it may not be a good idea. It’s worth considering a refinance in the scenarios that follow. Consider using a refinance calculator to help you understand if you should refinance your mortgage. We are providing this link to another website because it may contain related information of interest to you.
Because it's not our website, we have no control over its content, whether it's accessible, or if links work properly. By providing this link, we're not endorsing any information, products or services you may find there. Our loan consultants will answer your questions about financing and find a loan that’s right for you. If you're looking for a low payment that won't ever increase, and plan on staying in your home at least five years, a fixed-term mortgage may be right for you. Variable rate, APR and payment subject to change after loan consummation.
OUR NEW 10/1 ADJUSTABLE-RATE MORTGAGE (ARM) MAY HELP YOU GET INTO A HOME AT A LOWER RATE.
We offer a range of competitive rates and flexible terms to fit almost every financial situation. Get pre-approved and visit the dealer with your financing in hand. Please click "Continue" to leave our website and begin your home loan application inquiry. The security of your financial information is important to us and we strongly recommend that you do not complete this process on a public computer or when using public Wi-Fi. Waiting for interest rates to drop is a great tip if you’re thinking about refinancing your home.
Not a deposit of any financial institution.CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America. Also, its privacy and security policies may be different from ours. Opt for an adjustable-rate loan to get a lower starting rate.
Fixed-Rate Mortgage (Purchase)
Rates have stayed near historic lows, which means you still have a chance to save money. Low, competitive rates and flexible terms to suit your budget. Made the seller more willing to approve my offer over the other buyers because they knew that the loan approval would go fast. If you are working with a Loan Consultant, watch our help video to learn how to create an account for your home loan application. Securities sold, advisory services are offered through CUNA Brokerage Services, Inc. , memberFINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with SchoolsFirst FCU to make securities available to Members.Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee.
Your actual loan price will be redetermined at final loan document approval. The rate you may qualify for is based on a variety of factors. In addition to property type, credit history, and LTV, other factors may include loan purpose, loan amount, occupancy, lien, income and other financial obligations. Please see “Mortgage Loan Pricing Information" for details. If you plan to leave your home in the next few years, you might not reach the break-even point when the monthly savings on payments surpass the upfront refinancing costs.
Rate is fixed for first five, seven or 10 years, depending on program, and adjusts periodically thereafter based on fully indexed rate. Lock in a new, low rate and lower monthly payment with a 30-year fixed loan. Share certificates earn higher dividend rates than our regular savings account, in terms ranging from 30 days to 60 months.
Refinancing means paying off your existing mortgage with a new one, potentially with a lower rate or monthly payment. However, refinancing also typically involves costs such as appraisal and loan origination fees, which can come to several thousand dollars. While you have the option to lock-in your loan interest rate before final approval, doing so does not guarantee your loan price. Any changes specific to your loan, based on the above pricing factors, will be evaluated and may affect your loan price.
Eligible properties include primary residence single-family homes and condominiums; manufactured homes do not qualify. APR and payment subject to increase after loan consummation. Rate is fixed for first five, seven or 10 years, depending on program, and adjusts periodically thereafter based on a fully indexed rate. Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum Loan-to-Value is 90% for loan amounts up to $1,500,000.
The market may have changed since you got your mortgage. Many experts recommend refinancing if you can get a rate that’s at least one percentage point lower than your current rate. In areas where housing costs are much higher, it may be worth refinancing even at a 0.5% difference. This can mean saving tens of thousands of dollars in interest costs overall if your current principal balance is large. Our loan consultants will answer your questions about financing, find a loan that’s right for you, and help you get pre-qualified.
You should make sure you are refinancing at the most beneficial time for you. Contrary to what you may think, signing up for a mortgage loan doesn’t mean you’re trapped in that rate or term. If you've shopped rates elsewhere, we will gladly do a cost comparison to help you make a confident choice – even if that means choosing another lender. If you're ready to look for your next home, let us help. We offer consultative home loan guidance and low rates, plus exclusive discounts through SchoolsFirst FCU Home360℠, which has given our Members almost $5.7 million in rebates. A Loan Estimate summarizing loan costs will be sent within 72 hours after the loan application is received.
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