Homeownership Made Simple
You shouldn’t have to choose between low fees and local service. With Leaders In-House Home Loans, you can have both.
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):
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:
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.
Yes, Our in-house home loans have flexible down payment options. We also offer loans through government programs, including FHA loans and VA loans, that include low and no down payment solutions for homeowners.
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.
Schedule a free appointment with one of our Mortgage Champions and we’ll help you choose the best home loan for your needs.