Before buying a home, you’ll need to consider what type of mortgage best suits your needs. Whether you are a first time buyer seeking a home for your family or a seasoned buyer making a purchase for investing purposes, we can help you find a loan that fits your financial goals. Learn more about the various loan options below: Fixed Rate Mortgage Fixed rate mortgage loans are exactly what they sound like: the rate stays the same for the duration of the loan, regardless of the market.
In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs. When Is A Fixed Rate Ideal? If you’re planning to settle down and stay in your home for the long term, a fixed loan might be your smartest option.
Not only will it help you afford more expensive properties but it can also provide you more time to build equity. The fixed rate mortgage allows for different timeframes. Choose from a 30-year mortgage, which will allow for lower monthly payments, or a 15-year mortgage, which allows you to repay the loan twice as fast. Adjustable Rate Mortgage With an adjustable rate mortgage, your monthly principal and interest payments remain the same for a certain number of years (usually five or 15).
If you do not refinance prior to the end of the fixed rate, the rate can rise or fall, depending on the state of the market. When Is An Adjustable Rate Ideal? Adjustable Rate Mortgages is a great option, if you don’t want to be tied down to your investment. If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.
VA Fixed Mortgage We work hard to provide affordable options for the people who have served and defended our country. If you’re a veteran or a member of the military, consider a VA Fixed Loan. A VA mortgage is available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment., which allows for low to no down payment, and a faster payoff.
How To Qualify If you’re hoping to qualify for a VA Fixed Mortgage, you must acquire a Certificate of Eligibility from the government.See Also: Appliance Parts Pasadena Tx
An equipment is without doubt one of the largest investments you will at any time make. Appliances are generally significant purchases, and therefore are just one from the most vital parts of your own home. You trust in appliances for anything from cooking to cleaning, and particularly taking into consideration the level of income you will be putting forth for it, it only makes sense that you would would like to be sure you make the most practical purchase.
Home appliances is a phrase that is utilized pretty popularly nowadays but what does it stand for? Dwelling appliances stand for your mechanical and electrical products and solutions which happen to be used at your home with the performing of the typical domestic.
In what states does Delta Community offer mortgage loans? We offer first and second mortgages in the following states: Alabama California District of Columbia Florida Georgia Indiana Kentucky Maryland Minnesota New York North Carolina Ohio South Carolina Tennessee Texas Utah Virginia To apply for a mortgage in another state locate a credit union in your state at www.creditunionsonline.com. On what properties does Delta Community offer mortgage loans? We offer first (purchase or refinance) mortgages on the following properties: Single family residence Duplex/multi-unit building Planned Unit Development (PUD) - subdivision Condominium Townhouse The occupancy types are: Primary residence Second or vacation home Investment Properties What types of mortgage loans are not offered at Delta Community? We do not currently offer FHA loans, VA loans or "rehab" loans.
What types of structures will Delta Community Credit Union finance with a mortgage loan? Loans are available on the following types of structures: Single family residences Duplex/Multi unit buildings Planned Unit Developments (PUD) –subdivisions Condominiums Townhomes Land/Lot for future building of residence We do not offer mortgage loans on mobile homes. What type of first mortgage products does Delta Community offer? We offer the following types of first mortgages: Fixed Rate Mortgages 10-15-20 or 30 year terms with or without origination fee Land/Lot Loans 5 and 10 year terms Adjustable Rate Mortgages 3/1 ARM 5/1 year term with or without origination fee ARM 7/1 year term with or without origination fee ARM 10/1 ARM First Time Home Buyer Mortgages- No Origination Fee 15 or 30 year terms 5/1 ARM 7/1 ARM 10/1 ARM Jumbo loans For properties over $424,100 What type of second mortgage products does Delta Community offer? We offer the following types of second mortgages: Home Equity Fixed Rate 5–10 or 15 year terms Offered on Primary Residences and Second or Vacation Homes Home Equity Line of Credit (Not available in Texas due to state laws) Offered on Primary Residences Only Purchase Money Second Mortgages (first mortgage must be with Delta Community) 5-10-15 year terms Offered on Primary and Second Homes Only Where can I determine what my monthly payment and closing costs would be on a mortgage loan? Estimated monthly payment and closing costs for a first or second mortgage can be found by using our online Loan Consultant.
On what day of the month is my first mortgage payment due? First mortgage payments are due on the 1st of every month. They are not considered late until after the 15th. How do I lock the interest rate on my application in process? You may lock in an interest rate with an online mortgage loan application or you may contact your Home Loan Specialist. If you do not know the Home Loan Specialist who has been assigned to your loan, check for our Home Loan Specialists contact information.
When will an appraisal be completed on my home and how much are the appraisal fees? Once an appraisal is ordered by Delta Community, the appraiser will call to make an appointment to appraise your home. Appraisal fees vary depending on the type of appraisal request and the size of the property to be appraised. Contact you Home Loan Specialist for further details. If I previously applied for a home loan.
can I use the same Login ID and Password when applying for another loan? Each new mortgage loan application requires its own Login ID and Password I cannot remember the Login ID and Password to sign into my mortgage loan in progress. If you have forgotten your Login ID or Password, contact your Home Loan Specialist. If you do not know the Home Loan Specialist who has been assigned to your loan, any Home Loan Specialist can assist you.
I just submitted an application and would like to add or remove my spouse as a borrower. The Home Loan Specialist assigned to your pending mortgage loan would have to make any changes to the application. Do I receive a lower interest rate if I enter my mortgage application online? Online applications for mortgages do not receive a lower interest rate. How do I obtain a pre-qualification letter? When you are prequalified, you can log into your pending application online and print a prequalification letter.
I have applied for a mortgage loan and received my initial disclosures, but I have questions. Who should I contact? The Home Loan Specialist assigned to your loan application can answer questions about your initial disclosures. Are appraisal fees refundable if I do not qualify for the loan or wish to withdraw my application? Appraisal fees are not refundable. Do you offer a First-Time Home-Buyer program? Delta Community offers a First-Time Home Buyers loan product.
Contact one of our Home Loan Specialists for details. What is the minimum score needed to be considered for a for a mortgage loan? The minimum credit score differs depending on the loan product you choose and the loan to value (LTV) ratio. What is the contact information for the Residential Lending? Mailing Address: Residential LendingP.O. Box 3289Peachtree City, GA 30269 Physical Address: Residential Lending315 North Highway 74Peachtree City, GA 30269 FAX Number: (770)-632-8829 - Servicing Email addresses for each Home Loan Specialist are available on their web page.
Does Delta Community sell my information to other companies after I close my mortgage for solicitations? It is the policy of Delta Community Credit Union to hold member information in confidence, subject to applicable legal requirements. It is the policy of Delta Community Credit Union not to sell member information for use by non-affiliated third parties. When you close on a mortgage, documents are required to record the transfer of ownership of a property.
Since this is a matter of public record some third parties will scan such recordings, and use your name and address, along with Delta Community as the lien holder to send solicitations to you. Do I have to be a member of the credit union to apply for a mortgage loan? You do not have to be a member to make an application for a mortgage loan, but you must become a member prior to the closing of your loan.