mortgage interest rate

 

 

decreased mortgage interest rates

Are you looking for a house or thinking about refinancing your current home? As of July 1st, 2019, our mortgage interest rates have decreased. Our 10 year fixed rate mortgage allows you to pay it off quicker because of it being a low rate term. We also have 15, 20, and 30 year fixed rate mortgages so you have options! If you choose a 30 year mortgage, they have a 5/1 and 10/1 adjustable rate. We have financing up to 97% available, as well! And you don’t have to wait long. Pre-approval is usually within 24 hours.

Our mortgages are locally processed and underwritten. Payments are made easily at your local Family Credit Union branch! Now may be the perfect time if you have been thinking about moving into a home! With decreased mortgage interest rates, you can look into getting your dream home! Contact our loan department for current rates.

mortgage calculator

 

 

mortgage rates

 

 

NMLS #405476

Contact: Adam Lounsberry: NMLS #463993 at (563) 362-9531, ext. 9415

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Whether you’re purchasing a home for the first time, or just refinancing your current home, the entire process can be a bit overwhelming. The saying that”Knowledge is Power” is key when it comes to mortgages. The more information that you know, the more confident you will feel. Learning about mortgages can be complicated, so we created a list to help you learn the basics.

What Exactly is a Mortgage?

A mortgage is basically a loan. It allows home buyers to borrow extra money that they need to purchase a home, while agreeing to pay it back in the upcoming years.  This may seem like a huge financial burden, but mortgages allow you to invest in an asset with hopes that its value will increase over time. This can add to your financial portfolio, give you a tax break, and a place to live. Home buyers put down a down payment upfront, and a financial institution, like a credit union, provides the rest of the money in a loan. Once you agree to repay the money, plus interest, you are to pay it back within a certain number of years. If you don’t pay the money back, you have to put your house up for collateral. The bank or credit union can seize the house, and this is referred to as a foreclosure.

What You’ll Pay

Mortgages typically consist of payments for principal, interest, taxes, and insurance. However, unless you are a high risk borrower, you can choose to pay taxes and insurance separately. This will make your mortgage payment lower.

  • Principal: This is the original amount you will pay for your mortgage. The bank/credit union will decide how much they will lend you based on: income, credit, and the amount you pay on your down payment.
  • Interest: This is the cost of borrowing money. Once you decide to take out a mortgage, you will get an interest rate. This will determine how much you are paying a lender to keep lending.
  • Taxes: Homeowners pay property taxes to contribute to the city, school district, and county/state. These taxes can be included within the mortgage.
  • Insurance:  Homeowners make payments for insurance to protect against fire, theft, or other disasters.

How to Calculate Your Mortgage

A mortgage calculator is a good tool to provide you with general information regarding a mortgage.

Let The Family Credit Union Help You with Your Mortgage Needs

Want to learn more about mortgages? The Family Credit Union has created a free Family Mortgage Guide to help prepare you better for purchasing your home. Please contact The Family Credit Union with any questions you may have. We are happy to assist you and hope that you choose The Family Credit Union as your mortgage lender.