Finding the Right Mortgage for You
From conventional fixed-rate loans to government-backed products like FHA or VA loans, there’s a wide array of home loans available. We’re here to help you find the loan that’s the right-fit for your unique situation.
Conventional loans typically offer:
- Better rates and lower costs but feature higher qualification requirements.
- Both fixed and adjustable-rate options are available
- Private mortgage Insurance is required only on loans with less than a 20% down payment.
Government-backed loan options can be a great choice for buyers with
- lower credit scores, or
- limited cash for a down payment.
We have several great government loan options:
- VA Loans: Available to veterans or active military members, these loans offer no down payment and no private mortgage insurance (PMI).
- FHA Loans: Features more flexible credit qualification guidelines, FHA loans offer a lower down payment. Loan maximums vary by location.
- Rural Development Loans (USDA): For eligible buyers purchasing homes in rural areas, USDA loans offer no down payment and more flexible credit guidelines.
With a WPCU Construction Loan, you have the convenience of a one-time loan application, approval, processing and closing, saving time and money. Pay interest only while your home is being built – an affordable way to build the home of your dreams.
This mortgage product offers eligible buyers the chance to purchase a home with no down payment and no private mortgage insurance.
While there are specific credit and debt-to-income requirements, this program can help you buy a home sooner without the upfront costs.
Designed to address the challenges doctors and dentists might face when applying for a loan, it offers high loan limits with no- or low-down payment, no Private Mortgage Insurance (PMI), flexible guidelines pertaining to student loan debt, and more.
Fixed or Adjustable-Rate Mortgage: What’s the Best for Me?
There are two basic types of mortgage loans when it comes to interest rate structure: fixed-rate loans and adjustable-rate loans. Here’s a quick rundown on how they work.
Fixed-Rate Mortgages – Predictable Payments
With a fixed rate, your interest and monthly payments remain the same throughout the life of the loan, making it easy to budget.
Fixed-rate mortgages may be a good choice if you:
- Prefer the stability of a fixed payment that doesn’t change
- Plan to stay in your home for many years
- Think interest rates could rise in the next few years
Adjustable-Rate Mortgages (ARM) – Lower Initial Rate
An ARM loan offers a lower initial interest rate, which could mean lower payments for the first few years. However, after that, your rate adjusts periodically, and your payment could go up or down.
An Adjustable Rate Mortgage may be a good choice if you:
- Want lower initial monthly payments
- Plan to move before the end of fixed-rate period and aren’t worried about rate increase
- Think interest rates may go down in the future
Make sure you fully understand the terms of your ARM to avoid surprises down the road.
Refinancing can be a great option if you’re able to lower your current interest rate or if the value of your home has increased. Refinancing your mortgage loan can:
- lower your monthly payment
- help to consolidate debt
- help you access equity to pay for major expenses or home renovations
Refinancing can be one of the smartest financial decisions you’ll ever make. But to do it right calls for a complete understanding of current rates and your financial situation.