Mortgage Loans
Buying a house can be a lot less daunting than it seems.
Go big and go home!
Your home is the biggest purchase you’ll ever make—no big deal, right? If your mortgage lender is someone you know and trust (ahem), you have nothing to fear.
The Details
Whether you’re buying your very first home (congratulations!) or upgrading to a bigger house (congratulations on that, too!), we offer a wide variety of loan options. Plus, we’ll connect you with your very own mortgage professional to find the best rate.
Fixed Rate Mortgages
You’ll have peace of mind knowing your principal and interest rate will not change.
Adjustable Rate Mortgages
You can qualify for a higher loan amount, with a lower initial interest rate. Also available in a 40-year term!
Self-Employed Home Loans
(Bank Statement Lending Program) If you’re self-employed, you can qualify based on a 24-month average of deposits using your personal or business account.
FHA/First Time Homebuyers Program
We have several options that require minimal down payments and loan fees.
Post Foreclosure, Short Sale & BK Mortgage Programs
Waiting years to buy a home is no longer necessary.
Interest-Only Mortgages
Enjoy the flexibility to pay interest only during the initial stage of your loan.
VA Loans
Insured by the Veterans Administration, these loans can offer up to 100% financing for qualified individuals.
Rates
|
MORTGAGE TYPE |
RATE AS LOW AS |
APR |
MONTHLY PAYMENT1 |
|---|---|---|---|
|
Rates updated 9/03/2024. Rates subject to change daily. Rates and payments listed above are based on a rate and term refinance on an Single Family Residence, with a $500,000 loan amount, a 720 FICO score, a 60% LTV ratio, and <40% DTI ratio. Files are underwritten on a case by case basis. All applications are subject to credit, income, asset, and property approval. Payments listed are for principal and interest only. Tax and insurance impounds are available and are required on some scenarios. Adjustable rate mortgages (ARM’s) are variable interest rate loans. The rate and payment is subject to change during the term of the loan. Our 5/1 ARM, for example, has a total term of 30 years, with an introductory fixed rate period for 5 years, then converts to a variable rate mortgage for the remaining 25 years, adjusting once per year. Our 40 year 10/1 ARM has a total term of 40 years, with an introductory fixed rate period for 10 years, then converts to a variable rate mortgage for the remaining 30 years, adjusting once per year. Property insurance is required on all financed properties. Maximum loan limits apply. Additional programs and rates available, call for info. 1Payments listed are for principal and interest only. 2Adjustable rate mortgages (ARM’s) are variable interest rate loans. The rate and payment is subject to change during the term of the loan. Our 5/1 ARM, for example, has a total term of 30 years, with an introductory fixed rate period for 5 years, then converts to a variable rate mortgage for the remaining 25 years, adjusting once per year. Our 40 year 10/1 ARM has a total term of 40 years, with an introductory fixed-rate period for 10 years, then converts to a variable rate mortgage for the remaining 30 years, adjusting once per year. |
|||
|
MORTGAGE TYPE Conventional 30 year fixed |
RATE AS LOW AS 6.500% |
APR 6.624% |
MONTHLY PAYMENT1 $3,160.34 |
|
MORTGAGE TYPE Conventional 15 year fixed |
RATE AS LOW AS 5.625% |
APR 5.824% |
MONTHLY PAYMENT1 $4,118.66 |
|
MORTGAGE TYPE 5/1 ARM2 |
RATE AS LOW AS 6.125% |
APR 6.246% |
MONTHLY PAYMENT1 $3,038.05 |
|
MORTGAGE TYPE 40 year 10/1 ARM2 |
RATE AS LOW AS 6.500% |
APR 6.606% |
MONTHLY PAYMENT1 $2,927.28 |
|
MORTGAGE TYPE Bank income verification |
RATE AS LOW AS 6.625% |
APR 6.750% |
MONTHLY PAYMENT1 $3,201.55 |
|
MORTGAGE TYPE No seasoning on bankruptcies, foreclosures, or short sales |
RATE AS LOW AS 6.625% |
APR 6.750% |
MONTHLY PAYMENT1 $3,201.55 |
Ways to pay your loan
-
Payroll Deduction
If you have a loan with the credit union, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.
To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.
-
Automatic Transfers
Automate transfer allow members to transfer funds within UMe accounts on a recurring schedule.
You can set up an automatic transfer to make your loan payment, so you won’t have to think about it each month.
To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.
Mortgage FAQs
Prequalification is an estimation of how much mortgage you can afford based on your income, monthly debt, credit history and assets.
Preapproval is a commitment from the credit union to finance your home using the same financial information, as well as credit reports. A preapproval includes the total amount of money available for your loan.
Mortgage points allow for interest to be pre-paid, resulting in a lower rate loan. Each point represents one (1) percent of your mortgage loan amount.
PMI is insurance which lenders require for homes financed at above 80% Loan to Value (LTV). If you purchase a home with less than 20% down, you’ll need to pay PMI. The cost is based on the LTV premium multiplied by the loan amount, divided by 12.
To calculate Loan to Value (LTV), divide the outstanding loan amount by the appraised value of the property or purchase price.
A preapproved mortgage loan is valid for up to 60 days. After that, we will need to complete a second evaluation of your current financial situation including employment status, deposits and property value.
Your first payment is usually due within 30 days of closing. The actual date will be listed in your closing documents.
The UMe Emu recommends purple!