Federal Mortgage Relief
- Predicable payments: The interest rate and principal and interest (P&I) payment remains the same for life of the loan.
- Various loan term options available up to a 30-year term.
- No Mortgage Insurance option available on a 20-year or less term.
- Bi-weekly payment option available.
- On a shorter term loan, the monthly P&I payment is typically higher than a longer term loan. Overall interest paid is higher on a longer term loan versus a shorter term loan.
- $600 towards closing costs.
- Competitive rates.
- 100% loan-to-value financing for purchase or interest rate reduction.
- 100% loan-to-value for cash out refinance.
- Low and no down payment options.
- The borrower must meet VA eligibility requirements.
- Provides financing for qualified veterans, reservists, active duty personnel, or other eligible family members.
- A variety of loan options available with both fixed and adjustable rates.
- Closing costs may come from gift or grant.
- Typically a one-time funding fee is required; however it can be financed into the loan amount.
- Financing on a primary residence only.
If you do not qualify for a VA loan, Marine FCU has other high loan-to-value mortgage options.Note: If you are a servicemember on active duty, prior to seeking a refinance of your existing mortgage loan, please consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
- A non-conforming loan with mortgage loan amounts generally above $417, 000.00 costlier homes.
- Available in a variety of fixed rate loan options.
- A home equity loan will be an additional monthly payment as a second lien and additional debt secured by your home.
- Receive funds in a lump sum at closing.
- Fixed interest rate for the life of the loan.
- Fixed monthly principal and interest (P&I) payments.
Note: Potential tax benefits, unlike personal loans or credit card financing, interest on a home equity loan potentially may be tax deductible, consult your tax adviser regarding the deductability of your interest.
- Rates as low as 4% APR.
- No Private mortgage insurance
- Access available via plastic card, transfer, or checks
- One-time loan closing keeps closing costs low.
- Interest rate locked in before construction phase starts.
- Loan amounts up to $1, 500, 000.
- No mortgage insurance with a 10% down payment.
- Primary residence only.
- Acceptable properties include single family residences, two to four unit properties, modular and manufactured homes.
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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live. Last, apply with a local mortgage broker.