Home Mortgage | Mortgage Loans | Education First FCU

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Refinancing or Retiring Loans for Mortgage.

Refinancing or retiring your mortgage loan can bring you peace of mind. It allows you to pay off your debt quickly, consolidate multiple high-interest loans, obtain a lower interest rate, shorten your loan term, lower your monthly payments, switch to a fixed-rate loan, and access cash for major purchases.

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Everything you need to know about a mortgage

If you're buying a home and need to take out a mortgage, you want to find the right fit. Education First FCU's mortgage specialists can guide you through various options, including traditional mortgage loans and construction loans. No matter what you're looking for, you can work with our helpful, local staff at one of our branches - or even apply for your mortgage or land loan online through our Mortgage Center or download our ebook!

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Mortgage FAQs

All rates and terms are subject to change without notice. Loan rates are subject to credit approval and based on individual creditworthiness, amount financed, and loan term. Your Annual Percentage Rate (APR) will be determined by factors, such as credit score, debt-to-income ratio (DTI), and other qualifications. View our mortgage loan rates here.

There are three major types of mortgage loans; Conventional, FHA, and VA loans. A Conventional Mortgage Loan is a type of loan that is not insured or guaranteed by the federal government. Borrowers can benefit from competitive interest rates and terms, making conventional loans a popular choice for many home-buyers. FHA Loans are government-backed mortgages. VA Loans are a specialized home loan option available to veterans, service members, and their families. Education First offers Conventional Mortgages with competitive interest rates and low closing costs.

Credit Score is one of the main considerations when applying for a mortgage. It's important to monitor your credit score and ensure timely payments, although it's not the sole determining factor.

Private Mortgage Insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. PMI is typically required for conventional loans with a down payment of less than 20%. Borrowers can request to cancel PMI once they reach a certain amount of equity in the home, usually when the loan-to-value ratio drops to 80% or below.

Refinancing a mortgage is a financial move that could save homeowners money in the long run. By refinancing a mortgage loan, homeowners have the opportunity to secure a lower interest rate, adjust the loan term, or tap into their home equity.