800-356-0067 ext. 32424
800-356-0067 ext. 22642
800-356-0067 ext. 22614
800-356-0067 ext. 22643
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We offer fixed rate or adjustable rate mortgages with or without points. Plus $1,000 off the closing costs for new purchase mortgage at closing. Refi, FHA and VA loans excluded.
HomeReady Mortgage is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.
PMI stands for Private Mortgage Insurance. It is typically added to a conventional mortgage if the borrower doesn’t make a down payment of at least 20%. You can usually request to have it removed when you’ve reached 20% equity, or it is automatically removed when you reach 22% equity. This insurance protects the lender (MVCU) in the case of a lower down payment.
Typically, it takes from 30 to 45 days for purchase and refinance loans. Most purchase closing dates are determined by the Purchase and Sales Agreement.
In that time period, we do a lot of work! We make sure the house appraises in a range similar to what you’re borrowing, check that it’s in decent shape, and review that this is a loan that you can manage payments on. To keep the process moving along, provide any requested documents quickly!
YES! A pre-approval or pre-qualification will help you understand how much house you can afford BEFORE you start looking for your new home. When you do a pre-qualification, we review your finances and income so you know how much you can afford to pay every month on your mortgage. With that information in hand, you can start looking at homes within that price range. Don’t get your heart broken by falling in love with a home you can’t afford! Get pre-qualified first!
A Fixed Rate Mortgage has the same rate for the life of the mortgage. If you take out a 30-year fixed-rate mortgage at 3.50%, your interest rate will remain the same from your first payment until the last.
An Adjustable Rate Mortgage (ARM) has a fixed rate for a period of time – it may be 1, 3, 5, or 7 years. Once that time period passes, the interest rate may go up or down, depending on the market.
Most ARMs start at a lower interest rate than a Fixed Rate.
First time home buyer options:
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