Your New Home is Waiting!
Finding a mortgage that’s right for you
Buying a home is one of life’s largest financial decisions. Whether you’re buying a condo, townhouse or single family home, a mortgage will make a significant impact on your budget. There are several things to think about when you are in the process of buying a home.
Know what you can afford
Review your monthly spending plan to estimate what you can afford to pay for a home. Remember to include the mortgage, property taxes, property insurance, private mortgage insurance (PMI) and monthly maintenance and utilities in your calculations. Don’t forget to plan for emergencies.
Learn about down payments and private mortgage insurance
Some lenders require a down payment of 20% of the home’s purchase price; however, down payment requirements may be substantially smaller with government-assisted programs like FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services. If your down payment is less than 20%, lenders usually require the homebuyer to purchase PMI to protect the lender in case the homebuyer fails to pay
Read the fine print
Disclosure statements are legal documents. Laws require financial institutions to provide disclosure statements containing information about loan terms as well as all relevant facts about the transaction to their customers/members. Don’t be shy about asking for explanations and clarifications prior to signing any documents.
We’re here to help
By partnering with Consolidated Community Credit Union, LCCU offers mortgages including:
- FHA and First-Time Buyer programs
- Jumbo loans
- VA loans
- Conventional loans
- Loans for Investment property (up to 4 units)
AT LCCU, the application process is fast and simple, and you’ll pay no application fee. Our loan representatives will work with you to navigate the process of finding, applying for and closing on the right loan.