Buying a home is one of the biggest decisions you will ever make in your life. Alliance Credit Union wants to help make purchasing your home as painless as possible. From the beginning of your application to closing your loan, the Credit Union will be there for you. Contact our Mortgage Department at 806.776.0991 for rate and application information and for assistance with any questions you may have.
Imagine the possibilities when you use the equity in your home. You have spent years building up the equity in your home, so why not put it to good use? Whatever the reason, a Home Equity Loan from Alliance Credit Union can work for you! Interest rates on our Home Equity Loans are considerably lower than those available on unsecured loans.
Smart home buyers know how much home they qualify for before they start looking. Come to Alliance Credit Union to get pre-qualified; that way you will feel confident that you have been approved for your loan and know ahead of time what price range of homes to consider. Also, negotiating a purchase contract without the stipulation of loan approval can often give you an edge with the seller.
Before you begin looking for your dream home, let Alliance Credit Union pre-qualify you and issue you a firm mortgage commitment (subject to satisfactory appraisal and contract sale on the home).
Be sure to tell your real estate agent that you have already been approved for a loan at Alliance Credit Union and want to close with us. Not only will it take less time to close since much of the work has already been done, but our closing costs are much less than you can find elsewhere, not to mention our phenomenal rates. We do not add unnecessary “junk fees” to our costs as many other lenders do.
With the many alternatives in today’s housing market, it is best to identify the price range appropriate to your financial situation. For help determining how much you can afford, contact Alliance Credit Union mortgage department at 806.776.0991.
Qualification for a mortgage loan is based on the ability to make monthly payments (assuming the minimum down payment requirement and closing costs are covered). Consideration is also given to your credit history, household income and the appraised market value of the home you are purchasing, or the refinancing of your existing mortgage.
The time period following the submission of an application can be an anxious one. It may help you to know the many details that require attention and take what can seem like a long time.
After we receive a completed application package, we will have the property appraised, verify your employment, verify your deposits and order your title commitment.. Upon receipt of these items, your loan officer will review your loan. If everything is in order, we can then prepare the loan for commitment.
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.