5 Mortgage Shopping Tips

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Buying a home is exciting but also stressful.  It requires research, patience, and time to find that perfect home you’ve been dreaming of.  What most people do not understand are the many options they can choose from when it comes to their mortgage loan.  Did you know there are just as many options for a mortgage loan as the houses you will be looking at? Here are 5 mortgage shopping tips you should consider before settling on your mortgage payment:

1. Talk to a mortgage professional

A mortgage professional can help you find the right price for the right home.  Here at Utah Community Credit Union, our mortgage loan officers will determine your price range and see if your credit score is ready for a mortgage and if not, we can help you improve your score and get you in the house that is right for you. Sure, online payment calculators are convenient, but do they tell the whole story?  Often times they leave out property taxes, homeowner’s insurance, HOA fees and other missing expenses.  At UCCU we have home buying experts at all 18 of our branches around Utah, Wasatch, and Juab counties ready to assist and answer all of your home buying questions.  So please come and visit us–it’s a quick and painless process!

2. Find which type of loan is best for you

There are dozens of different mortgage loan options to choose from. That’s why our mortgage professionals are available to help you find the right loan for you.  The three most common types of mortgage loans are:

  • Fixed Rate- Conventional

A fixed rate is exactly what it sounds like – a set interest rate that will not change over the life of the loan, which is usually 15, 20, or – most commonly – 30 years.

  • Adjustable-Rate (ARM) or Variable Rate:

Usually offers a lower initial interest rate that will fluctuate over the life of the loan, rising as interest rates rise. Hybrid adjustable-rate programs include fixed rate features  (i.e. 3/1, 5/1,  etc).

  • Federal Housing

Insured by the federal government, FHA loans often qualify buyers more flexibly than traditional fixed loans and only require a 3.5% down payment. Mortgage Insurance is required for all FHA loans.

3. Looking for the right home

Many questions arise when looking for the right home.  Do I need a real estate agent?  What kind of home am I looking for? Single family home? Condominium? Townhouse?  Having the right information is essential when purchasing your new home. That’s why at UCCU we can answer all of your questions and get you the help you need.

4. Avoid timing the market

You have finally found the right home, at the right price, in the right location.  Don’t hesitate, go for it! Many people often feel they need to chase a mortgage rate that is just a little better.  Mortgage rates are unpredictable, so if it’s the right place at the right time, why wait?

5. Closing your loan

So you have finally found the right home at the right price with the right loan.  Great!  The last step is closing your loan. Gathering all of your loan documents for final approval can be overwhelming, but don’t worry, our home buying experts will be there every step of the way. Our experts will guide you through everything from ordering a home appraisal, to locking your interest rate, and getting final approval for your underwriter.

Now you are ready to buy a home, congratulations!  It may seem like a complicated process, but at Utah Community Credit Union we can help you relax.

Visit our website UCCUrelax.com for videos, mortgage information, and steps to follow for the ideal home buying experience.

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Mortgage Rates Have Dropped in 2015

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2015 is a new year for everyone. Amid all of the New Year’s resolutions, many people are trying to save money and get more financially sound.

At UCCU we want to help you reach your goals. If you thought you missed the refinance windowthink again. Mortgage Rates have dropped! Call UCCU for a free mortgage analysis to see if a refinance might make sense for you. Any of our qualified Mortgage Loan professionals can help you calculate a mortgage rate that keeps your goals in mind while benefiting you the most. 

Visit any one of our 18 branch locations or call us at 801-223-7640 to find out how you can meet your financial goals this year

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Lower Your Home Equity Payment Today

Consolidate your debt into one loan with one low payment.

With UCCU’s new Low Payment Calculation, you can consolidate your debt into one loan and one really low payment! No-fee home equity lines of credit–with Low Payment Calculation–available right now at UCCU. Only 1.99% Fixed APR for nine months, then 3.74% Variable APR thereafter.

For more information visit uccu.com or call us at 801.223.7650

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Black Friday Loan Sale 2014

How the Black Friday Loan Sale Works

UCCU’s Black Friday Loan Sale is almost here! On Friday, November 28th and Monday, December 1st at Midnight head to uccu.com/BlackFriday and enter your name, phone number and e-mail address and then select which deals you would like to lock in. You will then receive a confirmation e-mail with a personalized promo code that will allow you to redeem your deals in one of our 18 conveniently located branches.

For questions or more information visit uccu.com/BlackFriday or call 801-2238188

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Mortgage Questions? Just Call Steve

Although we live in a fast-paced, technologically-minded world, you can still just call 801-223-7640 and ask for Steve. Steve Hart has been with UCCU for over 26 years and his official title is UCCU Mortgage Leads Manager. If you have a question about mortgages, you can still talk to an actual live person instead of a recording.

When you are trying to find the home of your dreams it takes a lot of work and a lot of patience. We now offer every type of loan out there and that’s why we have Steve Hart to help you find the loan to fit your needs.

Apply now online at uccu.com and get pre-approved in as little as 20 minutes! We also have other resources in our Mortgage Center such as our mortgage calculator, rate watch notifications, tips and information on closing your mortgage, and a glossary with helpful terms and information.

UCCU … Inspiring Smart Decisions

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Preparing Your Home for Winter

Fall is the best time to prepare your home for the coming Winter months. By following these helpful steps your home will be in tip top shape.

Restock on the essentials –  Don’t wait until  the first snowfall before you stock up on ice melt or salt. By being prepared with these items you can make sure your winter is as simple as possible. It’s also a good idea to have sand or kitty litter in your trunk in the snowy season. It can be used as a way to create traction if you get stuck in a snow drift.

Clean your chimney and fireplace – before you decide to use your fireplace for the first time this season, make sure you have a chimney sweep clean out your fireplace and make sure it’s fit for use. This will help prevent house fires and also carbon monoxide from leaking into your home.

Check your insulation, caulking,  and weatherstrips – The easiest way to make sure your home is comfortable and energy efficient is to make sure every crack, window, and exterior door is prepped and ready to keep out the snow and cold. Typically if the space between the sliding and window or door frames is more than the width of a nickel, you need to apply new silicone caulking. Silicone is the best type of caulking because it doesn’t warp or shrink with changes in weather. You can also add weather stripping around doors to help seal in the warmth.

Turn off exterior faucets – turning off exterior faucets keeps water from being trapped in your home’s pipe system and makes sure you avoid re-plumbing.

Check your gutters – The easiest way to cause damage is to forget to clean your gutters before the winter season hits. If there are leaves or other obstructions it will cause snow and water to build up and possibly damage your house. By cleaning out the gutters the water and snow can run off properly.

Divert water away from the house –  Add extensions to downspouts to help avoid damage to your home. By adding length away from your foundation at least 4-5 feet you can rest easy and avoid costly repairs.

Check your Heating System –  Beat the  repair rush by hiring a technician to inspect your furnace or heat pump before the Winter season begins. By making sure your system is working properly and efficiently you can be sure your heater will make it through the cold months.

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Finding the Right Home – Utah Home Buzz

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Utah Home Buzz in partnership with UCCU is your one-stop-shop for buying and selling properties all across the state. Their skilled Real Estate experts specialize in helping buyers and sellers in your area. The website contains ALL listings from ALL Real Estate … Continue reading

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Market Rates on the Rise

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Housing rates continue to rise due to a number of economic changes. The market is beginning to recover from the housing crash of 2007 and homeowners are starting to see a silver lining. According to Quicken Loans VP Bill Banfield, the increases in housing … Continue reading

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Meet Steve

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Have a question about a real estate loan? UCCU has the answer: Call Steve. Sounds simple, right? UCCU prefers to think of it as a simple solution to a complex need. Steve Hart’s official title is UCCU Mortgage Leads Manager. … Continue reading

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Parade of Homes 2014

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It’s Parade Time!  Utah Valley’s Parade of Homes June 6-21 You won’t want to miss this year’s lineup of homes – and UCCU is proud to finance two of those homes! Stop by either location (listed below) anytime during the … Continue reading

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