Home Mortgage at O'Fallon Credit Union
In any purchase situation from buying your first home to investing in a
vacation property, buying a house can be a complex process. With the right
lender on your side, you can take some of the stress and confusion out
of home buying and know that you are making the best choices for this
major purchase. GCS Credit Union offers a wide range of mortgages, construction
loans, and refinance programs to help our members settle into homes with
manageable monthly payments and customizable terms.
Basic Loan Types
There are a number of specialized loan programs including VA loans, first-time
homebuyer discounts, adjustable-rate mortgages, and fixed-rate loans.
A conversation with a lender at GCS will give you insight on the right
program for you, which you might utilize in 15- or 30-year terms.
15-year – 15-year mortgages are ideal for young buyers with stable income, since
they can allow buyers to pay off their home before sending the kids off
to college or begin saving more aggressively for retirement. Monthly payments
are generally higher, but interest rates are slightly lower, and the overall
interest paid for the life of the loan is lower.
30-year – A 30-year mortgage can have some distinctive advantages as well. For example,
homebuyers may have higher tax deductions available with a 30-year mortgage.
Interest Rate Factors
The interest rate for your home loan will not only be dependent on your
lender, but it will also depend on your credit, income, and financial
history. Because interest rates can fluctuate quickly, you might choose
to lock in your rate, which will let you take advantage of a favorable
rate for a set period—even if rates change without notice.
You can begin applying for a mortgage before you find the right home, and
this may actually help you gain purchasing power in the market. To start
your application, you should prepare W-2s, bank statements, investment
information, and personal identification so that you can streamline the
process of approval. Before you begin your application, it's important
to consider closing costs and your down payment so that you are not surprised
by these added costs of purchasing a home.
With GCS Credit Union, you can find your dream home in O'Fallon with
a quick and easy loan application process that only takes 20 minutes to
complete. You can also connect with us at (618) 797-7993 to speak with
one of our loan officers for details on our specialized mortgage services.