Gas and Electric Credit Union - Home Loans

Home Loans

Home Equity Loans

Image result for Gas and Electric Credit Union - Home LoansHome Equity Loans are not just for home improvements anymore. In fact, one of the cheapest sources of borrowing these days is tied to the equity in your home. With exceptionally low interest rates, now is the time to tap into your home's equity- whether it is for home improvements, paying debt, or funding college tuition. We offer 3 different options for our Home Equity loans, up to 100% of the appraised value of your home (minus any first mortgage), with no dollar limit.
When you use the equity you've put into your home, you may be able to deduct the interest
on your tax return- which further reduces your cost of borrowing. Contact a loan officer to apply for a Home Equity loan and receivecurrent rate information.

First Mortgages & Refinances

Conventional Mortgages. This type of mortgage is a contract between the lender and the borrower, at the lender’s risk. The borrower’s property is security. This type of mortgage is not insured by a government program, however, it may be insured with private mortgage insurance. Conventional mortgages typically require a larger down payment than FHA or VA loans.

Adjustable-Rate Mortgages. The initial interest rate on an adjustable-rate mortgage (ARM) is generally lower than that of a fixed-rate loan. However, the interest rate may increase or decrease in the future, and the size of your payments will go up or down along with the rate. The most common ARMs are fixed rate for three, five or seven years, and then the rate adjusts annually. ARMs are most appropriate for people who have sufficient financial resources to handle potential payment increases or know that they plan to sell their home around the time the loan’s interest rate it set to change.

FHA Mortgages. The Federal Housing Administration will insure the loan for the lender against loss in case the buyer cannot make payments. It requires the buyer to carry mortgage insurance through FHA. FHA loans are available with a down payment as little as 3.5%.

VA Mortgages. The Veterans Administration will guarantee the mortgages offered by private lenders to qualified members of the armed forces, active military personnel, veterans or their widows. In some cases, one can buy a home on a VA loan with no down payment.

Refinances. In recent years, many people have refinanced their home loans to take advantage of low interest rates. Some have also refinanced in order to obtain cash for other purposes. In a refinance, you pay off your mortgage with a new loan. In a cash out refinance, you increase the size of your debt in order to get cash at the closing table.
If you have any questions about Home Loans, please contact our Mortgage Loan Officer, Brian Beverlin.


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