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Conventional Home Loans

Conventional Home Loans

Your dream home is within reach with Leaders.

Conventional Home Loans Offer Flexibility and Affordability

It’s time to move into the home of your dreams. Are you:
Seeking flexibility with your down payment amount?
Looking for an affordable loan?
Hoping to save on mortgage insurance?
Wanting a smooth and speedy closing?
In search of simple tools to help manage your mortgage experience?
Prefer to work with local friendly professionals?
Apply For Conventional Loan
Conventional Home Loans
loan-to-value ratios

Flexible loan-to-value ratios, including 97%, 95%, 90%, and 80%

Low down payment

Low down payment options available

loan processing

Speedy loan processing & closing

Highlights

Conventional Home Loans

The conventional mortgage you need to move into the home of your dreams.

Apply For Conventional Loan
private mortgage insurance

May be able to avoid private mortgage insurance (PMI)

loan portal

Intuitive loan portal to track your mortgage progress

loan-to-value ratios

Flexible loan-to-value ratios, including 97%, 95%, 90%, and 80%

Low down payment

Low down payment options available

loan processing

Speedy loan processing & closing

private mortgage insurance

May be able to avoid private mortgage insurance (PMI)

loan portal

Intuitive loan portal to track your mortgage progress

Get Approved Today

Easy online application process
Get Started

Best Loan Pricing Guarantee¹

Ever worry that you’re not getting the best rate possible on your mortgage loan? Leaders Mortgage Services removes that worry with our Best Loan Pricing Guarantee¹. You can borrow with confidence knowing that when you commit to us, we will commit to you as well. If you find a better deal with a locally-based lender, we’ll beat it or pay you $1,000.

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What Our Members Are Saying About Leaders

Frequently Asked Questions About
Home Loans

A mortgage is a loan to finance the purchase of your home. A mortgage loan may also be used in the refinance of an existing home (mortgage) loan.

 

The home you purchase acts as the collateral for the loan, which is a legal contract you sign to promise that you'll pay the debt, with interest and other costs. The typical term for a mortgage loan is between 15 and 30 years.

 

To repay the debt, you make monthly installments or payments that typically include (PITI):

 

  • Principal
  • Interest
  • Taxes
  • Insurance 

Leaders Credit Union offers mortgage loans at affordable rates.

The specific amount of your closing costs will be based on your loan amount and other factors. Here are the fees that are included in your closing costs:

 

  • Third-party fees, including the appraisal fee, credit report fee, settlement/closing fee, survey fee, tax service fee, title insurance fee, flood certification fee, property insurance premium, and courier/mailing fee. Where applicable, these are fees that Leaders will collect and pass on to the party who performed the service.
  • Property taxes and other unavoidable costs, including your state/local property taxes and recording fees.
  • Lender fees, including mortgage points (if applicable), document preparation fees, and loan processing fees.

It may be possible to roll closing costs into your loan, depending upon the amount you are borrowing, the value of the property, and the type of loan. There are pros and cons to financing your closing costs. You’ll save money up front but your monthly payment will be higher than it would if you paid the closing costs. Our Mortgage Champions are happy to review your options with you when the time comes.

No, but we do offer flexible loan-to-value ratios starting as high as 97%. We understand that some buyers may not have enough to make a large down payment and it’s our job to match you with the loan that suits your needs.

Mortgage insurance is insurance that protects the lender in the event you default on your loan. Certain lending programs, such as the FHA’s program, require mortgage insurance. Many lenders require private mortgage insurance (PMI) for loans where the down payment is less than 20%. Leaders Credit Union offers some home loans that do not require mortgage insurance.

Mortgage points offer home buyers the option to trade an up-front payment to reduce the interest rate for their mortgage. The cost of points is added to your closing costs. The benefit of buying points if you can afford it is that you will save money over the term of your mortgage thanks to a reduction in your interest rate.

Still have questions? Visit our Help Center.

Do You Have Mortgage Questions?

Schedule a free appointment with one of our Mortgage Champions and we’ll help you choose the best home loan for your needs.

Contact Mortgage

Disclosures

1. - Best Loan Pricing Guarantee only applies to conventional purchase mortgages or refinanced mortgages on your primary residence. To qualify for this guarantee, the following must be met: (1) you must provide a locally-based, licensed lender's system-generated locked Loan Estimate (LE) stating the specific lender's name and dated within 1 business day of the pricing quoted by Leaders Credit Union (Leaders); (2) LE must have pricing for the same loan program offered by Leaders and such pricing must be equal to or less than the pricing quoted by Leaders; and (3) Leaders must be able to verify the accuracy of the other lender's pricing as stated on such LE. If you qualify for this guarantee, then Leaders, in its sole discretion, may either (1) offer the mortgage to you at a price that is $250 less than the other lender's pricing or (2) pay you $1,000 upon Leaders' receipt from you of proof of your loan closing with the lender that was used to qualify for this guarantee. For purposes of this guarantee, the following shall have the meanings set out herein: (1) "pricing" shall consist of the interest rate, points, and lender fees that are typically listed in the LE; (2) "locally-based" shall mean a licensed lender with a physical location within Leaders' market area; and (3) "proof of loan closing" shall mean a copy of the signed Note and of the Closing Disclosure, for the loan set out in the locked LE.