Understanding Your Mortgage
Home mortgage loans are debt-secured against a piece of property. When your credit union issues you a mortgage to pay for a home, they are providing you with a loan with the understanding that, if you default on payments, they can recover the property to cover their losses. Watch this video to learn more.
Mortgage loans vary in terms of interest rate and duration of the loan. When you buy a house, it is important to get a loan that meets your budgetary needs. A loan with a shorter term will involve higher monthly payments; a longer mortgage may have lower payments, but you may pay more interest over time.
At GCS Credit Union, our member representatives will help you select the best loan for your needs and show you how to use online banking to manage your account. If you are interested in home mortgage loans in O’Fallon , call us at (618) 797-7993.