Mortgage Loan

Congratulations on finding your new home! A mortgage loan through Money FCU ensures you have a local lender who gets you the best rate. We help you purchase the perfect home or refinance your current home. Enjoy peace of mind with a lender who cares about your home as much as you do.

mortgage loan - what is t

What is a mortgage?

A mortgage is a secured loan used to finance the purchase of your home. A mortgage, being a secured loan, uses the house as collateral. In this sense, the lender holds possession of the home while you reside in the home and continue to make payments. If you default on payments, the mortgage lender may take the property as their rightful ownership until you have paid off the loan in full.

mortgage loan - rates

What are current mortgage rates?

Mortgage rates are always changing, rising, and falling with the market. See Money FCU’s latest mortgage rates online with OwnersChoice Funding, our preferred mortgage lender. Our mortgage rates are incredibly competitive with other mortgage lenders. Additionally, you get the advantage of working with a local lender who knows the local market.

Most mortgage rates posted are in the benchmark 30-year conventional loan with a fixed mortgage rate. The 30-year fixed loan type is the most popular mortgage type, but other mortgage options are available. Shorter term loans provide a lower interest rate.

mortgage loan - how to afford

How much mortgage can I afford?

The general best practice rule of thumb for figuring out mortgage financing is the 28/36 rule. This rule suggests that a borrower should not exceed 28% of your gross monthly income (pre-tax income) on the cost of the home. Keep in mind that a mortgage payment needs to include principal, interest, escrow for taxes, and homeowners insurance.

For example, if your gross monthly income is $5,000, and the rule says your mortgage payment shouldn’t exceed 28% of that number, your payment should be no more than $1,400. ($5,000 x 0.28 = $1,400.)

Additionally, you are cautioned not to exceed 36% of your gross monthly income on all total household debts combined, including your mortgage. This percentage is referred to as your debt-to-income ratio. Banks and credit unions may use this number to determine how risky it is to lend to you.

For example, if your gross monthly income is $5,000, and the rule says your total household debts, including the mortgage, shouldn’t exceed 36% of that number, your total monthly payments shouldn’t exceed $1,800. ($5,000 x 0.36 = $1,800.) So if you have $500 in existing debt payments (car loan, credit card, etc.), your mortgage payment shouldn’t exceed $1,300 ($1,800 – $500.)

You’re encouraged to consider all your finances and see which formula you’re more comfortable with. Ideally, in this example, your mortgage payment should fall between $1,300-$1,400.

You can also use a mortgage calculator to figure your monthly payment and make sure your choices fit your budget.

Refinancing mortgage loans – are you looking for a lower monthly payment on your mortgage loan?

Refinancing a mortgage is taking out a new loan to replace the existing mortgage. Homeowners often consider refinancing when a life situation changes significantly. On one hand, you may need a large sum of money. On other hand, your credit score may have increased or the mortgage rates have dropped, and you can now save money by refinancing. Either way, significant life or financial climate changes make it worth taking a look at the possibility of if refinancing your mortgage loan benefits you.

Some common reasons to consider a mortgage refinance are to tap the equity for cash, reduce the loan term, change from fixed rate to adjustable rate or vice versa, lower the interest rate, or lower the monthly mortgage payment. Want to know if refinancing is right for you?

What is a fixed rate  an adjustable rate mortgage.

Fixed rate

A fixed rate mortgage is an annual percentage rate that stays the same throughout the loan term’s lifetime.

Most homeowners prefer a fixed rate due to the length of the loan term. Fixed rates are popular because it’s hard to plan for a surprise rate hike that may take place within the next 30 years. That is a long time. A fixed rate eliminates the possibility of any unforeseen costly interest rate hikes in the future. If you think about it, even a small but steady increase over a 30-year term adds up substantially. That’s why the fixed rate is preferred.

Adjustable rate

An adjustable rate mortgage has an annual percentage rate that fluctuates with the market’s rise and fall.

Some homeowners will actually convert to an adjustable rate when the market is dropping. Doing so is a strategic move made when the market appears to be declining and is likely to continue to do so. A change of this nature makes sense when you have a shorter term and can play the odds against the rates going back up before your loan is paid off.

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Ready to apply for a Money FCU Mortgage Loan?

Great, let’s get you started. Apply for a mortgage loan today! Want to learn more before opening an account? Call our friendly agents today at (315) 671-4000. We are ready to answer any of your banking questions.