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.

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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.

Application Process

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.

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