Home Loans

Looking to purchase or refinance your home? Neighborhood Credit Union offers low-rate mortgage loans up to 95% maximum loan-to-value. Let one of our mortgage service professionals help you with this important investment!

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How to Apply for a Mortgage

Applying for a mortgage with Neighborhood Credit Union is easy, with a variety of solutions to suit your needs.

What to Expect Throughout the Mortgage Process

Not sure what to expect? Let us guide the way!

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Types of Mortgage Loans

Adjustable Rate Mortgage (ARM)

ARM loans with terms of 3, 5, 7 and 10 years. ARMs allow borrowers to take advantage of falling interest rates without refinancing, however they should always prepare for rates to increase as well.

Fixed-Rate Mortgage

A fixed-rate mortgage provides the borrower peace of mind knowing their monthly payment will be the same for the life of the loan. We offer 10, 15 and 20, and 30 year fixed-rate loans and the interest rate will always remain the same.

Construction Loans

Our construction financing program features a 12 month term to build the home, with 4 draws throughout the process. Upon maturity, the balance of the loan will need to be refinanced into a 15, 20 or 30 year fixed-rate mortgage.

Federal Housing Administration (FHA)

The FHA loan is a great program for homebuyers that may not have exceptional credit, or are looking for a low down payment option with affordable terms.

Jumbo Loans

A Jumbo loan allows you to purchase a home with an amount that would traditionally exceed the limits of conventional financing. Luxury homes and multi-unit properties are among those financed with a Jumbo loan.

There's more!

Which loan program is right for you? The answer to that question comes together when our experience meets your goals and unique financing needs. Take a few minutes to familiarize yourself with all of our mortgage solutions.

Types of Loans

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Frequently Asked Questions

Do I need to find a home before I apply for a mortgage loan?

No, in fact we recommend getting pre-qualified for a mortgage loan before you begin your home searching process. Pre-Qualification is often a great place to start because you'll learn exactly how much you are approved to borrow, making the process of searching for the right home much more efficient.

What is the difference between a Fixed Rate mortgage and an Adjustable Rate (ARM)?

A Fixed Rate mortgage loan features monthly principal and interest payments that will remain the same throughout the life of the loan. An Adjustable Rate Mortgage (ARM) is a loan that allows the lender to adjust the interest rate during the term of the loan. ARM terms can be complex, you may want to consult with a Mortgage Consultant to determine if an Adjustable Rate loan is right for you.

Are there loan programs available with a low down payment or no down payment?

Yes, we understand that saving for a down payment can be difficult, that's why we offer multiple loan programs that feature low down payment or no down payment requirements!

What information should I have ready when applying?

When applying for a mortgage loan you'll need to gather a variety of documentation. Your Mortgage Consultant will provide you with specific information on what items are required, but this may include:

• Copy of driver’s license for each borrower
• Most recent pay stub showing year-to-date (at least 30 days) earnings
• W2's- 2 years
• Most recent asset statements covering two full month(s)
• Complete signed & dated Federal Tax Return including all schedules- 2 years
• Most recent 401K/Retirement statement- all pages
• Copy of last mortgage statement (for refinances)
• Purchase agreement signed by all parties (for home purchase transactions)

What is an escrow account and why do I need one?

Generally, an escrow account refers to the funds a borrower pays to a lender along with their principal and interest payments for the payment of real estate taxes and hazard insurance. This is also referred to as impounds. The money is held in an account to ensure it is available to the lender when payments are due.

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HomeAdvantage

HomeAdvantage is a partnership program that pays home buyers and sellers a rebate on the Agent’s commission when registering and using a participating Agent.

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