More house. Same payment.

With UCCU’s low interest rates and mortgage insurance rates, you could qualify for up to 14% more house than you could with other local lenders! Here’s how:

LOWER INTEREST RATES
UCCU’s rates are just plain lower than the competition. An independent survey on 10/21/2016 of 30 lenders in our market showed that UCCU’s 30 year fixed rate mortgage was 0.375% lower than the group’s median interest rate.

LOWER MORTGAGE INSURANCE
When your down payment is less than 20%, you are typically required to pay for mortgage insurance. This can be a significant monthly expense that gets added into your payment. UCCU receives lower mortgage insurance rates than banks and mortgage companies, which can make a big difference in your monthly payment.

Call 801-223-7640 to speak to a mortgage expert today!

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Alternatives to Putting 20 Percent Down on a Home

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Real Estate is said to be one of the best long term investments out there. If that’s the case, then why put off getting into a home? For some, it’s because there is a misunderstanding on what is required to buy a home. Below are a four loan types and their down-payment requirements.

Conventional
Many believe that 20% is required for this loan type, however,that isn’t true in most cases. By putting 20% down you won’t have to worry about mortgage insurance, and you would qualify for a lower rate. The minimum down payment required for this type of loan is actually just 5%. As for sourcing the funds, the full 5% down payment must come from the primary borrower.

FHA
This is a government backed loan. The minimum down payment required is 3.5%. Considering the nature of the loan, the down payment affects aspects of this loan less. Either way, you will be required to have mortgage insurance with an FHA loan. What’s the advantage to this loan then? The 3.5% can come as a gift from a relative, offering some flexibility on the savings.

VA
VA loans are done via the Department of Veterans Affairs, and allow veterans of the U.S. Armed Services access to programs other U.S. consumers do not. One such program is the no-money-down VA loan.

With 100% financing and accommodating underwriting standards, VA loans make approvals simple and offer lower rates than a comparable conventional mortgage. Additionally, VA loans require no mortgage insurance no matter how much you put down.

First Time Home Buyer

For those who qualify, there are special loan products that will allow up to 100% financing. Those loan requirements can vary by location, so we recommend getting in touch with your local mortgage loan officer to see if you qualify for 100% financing.

The easiest way to make sure you are getting the best type of loan for your situation is to sit down with one of our Mortgage Experts to help you get the home you want, at a price you can afford. You’re just a phone call away from reaching your dream of home-ownership. Visit your local branch or contact us by email at homeloans@uccu.com or by phone at 801-223-7640.

 

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President's Message April 2016

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We are well into our 60 year celebration and many people are taking advantage of our Cash for You, Cash For Your School initiative. Don’t forget that for every loan you transfer to UCCU we will give you 0.5% cash back, as well as donate 0.5% cash back to the K-12 school of your choice. Tell your friends and neighbors and help support local education.

The Utah housing market is booming. There is significant demand for mortgage and construction services and consumers are continuing to build equity due to rising housing prices. With the growing population rate and the increasing demand for housing, appreciation rates have continued to rise and will likely continue to be favorable.

Trying to help your children get into their first home? It may be easier than you think. UCCU has our first time home buying program that takes the guesswork out of finding the home of your dreams.  UCCU offers support and resources to help you find the right loan product to suit your financial needs. Our BuyerRelax program offers access to mortgage experts who can answer any question – big or small.

It is our pleasure to serve you! We want to be your trusted financial partner now and into the future. Take full advantage of your membership by visiting with one of our financial experts. If you are not yet a member – become one and let the benefits of UCCU membership help you save money, make smart financial decisions, and propel you and your family closer to you financial goals and dreams.

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Jeff Sermon
President/CEO

 

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Meet your Mortgage Loan Officer

Here at UCCU, we have been helping people buy their homes in our community for decades.  We have experienced home buying experts that will help you every step of the way through the home buying process.  When it comes to real estate, most people have a lot of questions, your mortgage loan officer can help with any question, big or small.

With over 50 mortgage programs offered through UCCU, it’s important to have a mortgage loan officer you can trust.  Our loan officers view each client as a unique individual, along with the value of understanding regulatory changes to ensure each client gets the best financial plan for them.  While everyone’s situation is different, your mortgage loan officer can help you find the perfect solutions to your mortgage loan needs.

We provide 3 easy steps to follow as you prepare to purchase your home:

Finding your price range

The key to finding the perfect home is to find the right price that fits your budget.  A home buying expert will help you determine your price range.  Online calculators may be convenient, but they may not tell the whole story.  Other questions may arise such as property taxes, homeowner’s insurance, etc.  Getting help from a home buying expert is a quick and easy process.

Shopping for your home

You’ve been looking for months for your dream home, but having some complications along the way?  Your home buying expert will help you find the home you’ve been dreaming of.  We have the right information that makes searching for you home simple and stress free.

Closing your loan 

Finally, you have found the right home for the right price!  But now gathering all your documents and getting your loan ready for final approval can feel overwhelming.  That’s why your home buying expert will be right by your side every step of the way.  From ordering a home appraisal to locking the lowest possible interest rate and seeking approval from an underwriter.  UCCU has full time underwriters, which is a huge advantage for home buyers.  Your home buying expert will even be there when you close your loan.

So relax!  Our home buying experts make the home buying process easy, simple, and stress free.  We have all the tools you need to purchase your home from start to finish.  So make your home buying experience a fun and pleasant one with your UCCU home buying expert!

Ready to get started?  Visit our UCCU Buyer Relax page to take your first step!

Ready to apply? Visit our Home Loan Center page to get started!

Click here to search for a Home Buying Expert near you!

For questions, please call 801-223-7640

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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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Parade of Homes 2015

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Each year, Utah Valley plays host to the Utah Valley Parade of Homes, a spectacular showcase of  homes throughout Utah County. This year’s event runs from now until June 20. Utah Community Credit Union is proud to be financing two … Continue reading

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Buyer Relax Auto: A Member's Experience

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Learning how to get a good deal when buying a new or used car can require a lot of time and stress… but it doesn’t have to. Just ask UCCU member Casey Stevens. “When I was ready to look for … Continue reading

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President's Message March 2015

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Buyer Relax We are all familiar with the phrase: buyer beware, but at UCCU we want you to be informed and confident when making big purchases. Last year the credit union provided a website with 10 of the best tips to … Continue reading

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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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