Members Mortgage Rates and Loan Options

As a member, you have access to a range of mortgage rates and loan options designed to meet your unique needs.

You can choose from a variety of fixed-rate loans with terms ranging from 15 to 30 years.

Some members may be eligible for lower rates with a 20% down payment.

This can lead to significant long-term savings, as you'll pay less in interest over the life of the loan.

The minimum credit score required for membership approval is 620.

This is a relatively low threshold, making it easier for more people to qualify for a mortgage.

Conventional mortgages come in two forms: conforming and non-conforming. Conforming conventional loans meet industry standards set by the Federal Housing Finance Agency (FHFA), Freddie Mac, and Fannie Mae.

Conforming conventional loans have strict requirements, including a maximum loan amount of $726,200 in most markets, with higher limits for pricey areas. A credit score of at least 640 is also required, although it can be 620 in some cases.

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Non-conforming conventional loans, on the other hand, don't have to meet these requirements. They can include loans for larger-than-limit amounts, high Loan-to-value loans without private mortgage insurance, renovation and construction loans, and non-warrantable condos.

Here are some examples of non-conforming conventional loans:

Fixed-rate mortgage loans are a type of mortgage where the interest rate remains the same over the life of the loan. This means your monthly mortgage payment won't change, at least not the principal and interest portion.

You can choose from various terms for fixed-rate loans, typically ranging from 15 to 30 years. Some lenders may offer more flexible terms, such as 8-30 years, like IMCU which offers fixed-rate conforming loans in terms of 10, 15, 20, or 30 years.

A fixed interest rate can provide stability and predictability in your mortgage payments, which can be beneficial for budgeting.

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A pre-qualification process typically takes just 10-15 minutes and can be done online or over the phone.

Before starting your search, it's essential to know your budget and credit score, which can impact your mortgage rates.

Knowing your credit score will help you understand why you're being offered certain rates and terms.

By getting pre-qualified, you'll also get an idea of how much you can borrow and what your monthly payments will be.

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Getting pre-qualified for a mortgage can be a huge time-saver and confidence-booster when house hunting. You can get pre-qualified online, over the phone, or by visiting your local branch.

SECU offers no-cost, no-obligation pre-qualifications to members. To receive a pre-qualification letter, you'll need to consent to a credit check and provide details on income, debt, assets, and residential and employment history.

A pre-qualification letter is typically generated within one business day after completing the pre-qualification form. This gives you a clear understanding of the home loan amount you can afford.

Shopping with confidence is key when house hunting. Knowing what price range you can afford can help you make a strong offer on your dream home.

Here are some benefits of getting pre-qualified:

Comparing loan options can be overwhelming, but it's a crucial step in finding the right mortgage for you.

The interest rates for fixed-rate loans are typically higher than those for adjustable-rate loans, but they offer more stability and predictability.

Consider a 30-year fixed-rate loan, which can provide a stable monthly payment and protection from rising interest rates.

Adjustable-rate loans, on the other hand, can offer lower interest rates, but their rates may increase over time, leading to higher monthly payments.

Some loan options, like FHA loans, require a lower down payment, typically 3.5%, making it easier to get into a home.

However, FHA loans often come with mortgage insurance premiums, which can increase your monthly payment.

Government-backed loans, such as VA loans, offer benefits like no down payment and no mortgage insurance, but they are typically only available to eligible veterans.

Private mortgage insurance, required for down payments less than 20%, can add hundreds to your annual mortgage costs.

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Calculating mortgage payments is a crucial step in determining how much you'll need to pay each month. Use our calculator to see what your mortgage payment might look like.

Your mortgage payment will depend on the amount borrowed, the interest rate, and the loan term. The calculator takes into account these factors to give you an accurate estimate.

A higher loan term means lower monthly payments, but you'll end up paying more in interest over the life of the loan. For example, a $200,000 mortgage with a 30-year term and 4% interest rate would have a monthly payment of around $955.

However, if you can afford to make larger monthly payments, you may be able to pay off your mortgage sooner and save on interest.

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Mortgage rate options can be a bit overwhelming, but let's break it down. Adjustable rate mortgages (ARMs) have interest rates that may change periodically, while fixed rate mortgages have an interest rate that remains the same for the life of the loan.

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You can choose from a variety of fixed rate mortgage options, including a 15-Year Fixed Rate Mortgage, which allows you to pay off your mortgage in 15 years with a fixed interest rate. This can be a great option if you want to pay less in interest compared to longer-term loans and potentially build equity faster.

Here are some key facts about fixed rate mortgage rates:

The 15-Year Fixed Rate Mortgage is a great option for those looking to pay off their mortgage quickly. You can pay off your mortgage in just 15 years with a fixed interest rate.

Paying less in interest compared to longer-term loans is a major benefit. This means you'll save money over the life of the loan.

You can potentially build equity faster with a 15-year mortgage. This is because you're paying off the loan more quickly, which means you own more of your home sooner.

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One of the main advantages of a 15-year mortgage is that you'll pay less in interest. For example, according to our rates, a 15-Year Fixed Rate mortgage with a loan-to-value of 90% or less has an APR as low as 5.905% and a monthly payment of $2,076.03.

Here are the rates and payments for a 15-Year Fixed Rate mortgage:

Overall, a 15-Year Fixed Rate mortgage is a great choice for those who want to pay off their mortgage quickly and save on interest.

Adjustable rate mortgages, also known as variable-rate mortgages, have interest rates that may change periodically based on the corresponding financial index.

If you're considering an adjustable rate mortgage, be aware that the interest rate can fluctuate over time, which may impact your monthly payments.

Fixed rate mortgages have an interest rate that remains the same for the life of the loan, providing stability and predictability in your mortgage payments.

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This predictability can be especially helpful for homeowners who value stability and don't want to worry about changes in their mortgage payments.

Adjustable rate mortgages typically have lower introductory interest rates compared to fixed rate mortgages, making them more attractive to some homebuyers.

However, the lower interest rate may not last, and the rate can increase over time, resulting in higher monthly payments.

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