Heritage Mortgages
Let’s finance your dream home together.
What are you looking to do?
At HFCU, we are here to assist you in your home ownership needs. From purchases to refinances, to land loans, portfolio loans and home ready loans, we have a solution to fit your needs. Even if your situation doesn’t fall into one of the standard mortgage categories, we are here to work with you to get you the financing you need for your dream home.
Conventional Mortgage Options
- 30 Year Fixed
- 20 Year Fixed
- 15 Year Fixed
- 10 Year Fixed
- 7/1 Adjustable Rate (ARM)
- 5/1 Adjustable Rate (ARM)
- Portfolio Loans
Mortgage Refinance Options
- Cash Out Refinance
- Rate & Term
- Land Loan Refinance
Other Mortgage Options
- Land Loans (Purchase or Refinance)
- Home Ready Loans
- FHA Loans
- VA Loans
Mortgage Refinance
Refinancing your existing mortgage can be a great option for you. Benefits may include lowering your rate, reducing your monthly payment or changing the term of your loan. Plan to be in your home long enough to benefit from the savings that a lower interest rate or payment could bring? Refinancing might just be a great option for you!
Current Mortgage Rate is High: If you took out a mortgage in a higher rate environment, but you are now in a lower-rate environment, it might be a good time to refinance and save on interest.
Want to Tap into Home Equity: When refinancing, you have the opportunity to tap into your home’s equity and use the extra cash you save in the refinancing process to pay off high-interest debt, fund a large purchase, or have easy access to cash when needed.
Cash Out Refinance
A cash-out refinance allows you to use your home as collateral for a new loan, creating a new mortgage. This new mortgage pays off your current mortgage balance (if you have one), and you get paid the difference in cash. By cashing out you are tapping into the equity in your property. Cash out refinances are also applicable to those that do not have a mortgage.
Rate & Term
If you started out with a longer term mortgage such as a 30 – year fixed, you may want to reduce your term or change the type of mortgage you have in order to pay off your loan faster. By refinancing you would be able to reduce your monthly payments and pay off your home faster.
Land Loan Refinance
Land Loans – sometimes referred to as a lot loan – can be used refinance your existing land loan. If your current land loan has a higher interest rate, it might be a good time to refinance. By refinancing you can reduce your monthly payment, pay off the loan faster and may give you the ability to tap into the equity you have built up on the land.
Conventional Mortgages
Conventional loans are one of the most common mortgage types. Conventional mortgages offer stability through fixed rates as well as flexibility through adjustable-rate options. While you can have as little as just 3% down payment, you can avoid paying private mortgage insurance (PMI) if your down payment is 20% or more. This can save you hundreds of dollars on your monthly mortgage payment.
Fixed Rate Mortgages
We offer fixed rate mortgages at 30, 20, 15 and 10 year terms. Fixed rate mortgages provide consistent expectations over the life of your loan. You lock in at a fixed rate that will not change, and provides many buyers peace of mind during market fluctuations.
Adjustable Rate Mortgages (ARM)
We offer adjustable rate mortgages at 7/1 and 5/1 terms. ARMs offer a variable rate for a fixed amount of time. Once the fixed time passes, your rate is subject to change over the life of your loan. ARMs typically come with lower rates than those of fixed-rate mortgages.
Portfolio Loan
Need help in financing a purchase that is a little outside the standard conventional mortgage? HFCU can help you. With financing options available to you and the comfort of knowing your mortgage is always held with HFCU, a portfolio loan might be right for your unique situation. Speak with one of our MLOs to see what can be done for your particular needs.
| Type of First Mortgage | Rate as low as 7 | APR as low as 7 |
|---|---|---|
| Fixed Rate 30 Year Mortgage13 | 6.625% | 6.747% |
| Fixed Rate 20 Year Mortgage13 | 6.375% | 6.497% |
| Fixed Rate 15 Year Mortgage13 | 6.125% | 6.247% |
| Fixed Rate 10 Year Mortgage13 | 6.000% | 6.122% |
| Five/One Adjustable (5/1) Arm14 | 5.875% | 5.997% |
| Seven/One Adjustable (7/1) Arm14 | 6.125% | 6.247% |
Other Mortgage Options
From Land Loans , Home Ready Loans and Portfolio Loans to Government based options such as FHA and VA loans, we have the options you need.
Land Loan
Land Loans – sometimes referred to as a lot loan – is used to finance the purchase of a plot of land or to refinance your existing land loan. You can take out a land loan if you’re interested in buying a piece of land to build a home or use for business purposes. The type of loan you take out will depend on where you’re buying land and how you intend to use the land. This is different from a construction loan.
Home Ready Loan
A loan product available to first-time or repeat home buyers that meet median income limits. These median income limits are based on the area in which a person resides, but tends to mean that you have a lower income. The borrower qualifies for a lower down payment and Private Mortgage Insurance Discounts. Down Payment is at 3%. Contact an HFCU Mortgage Loan Officer (MLO) to discuss options.
Federal Housing Administration (FHA)
FHA loans have various qualifying requirements. They require a low-down payment and FICO® score, but they can cost more over time because they require you to pay a fee called mortgage insurance. You can get an FHA loan from any FHA-approved lender. These loans are insured by the Federal Housing Administration (FHA).
Veterans Affairs (VA)
VA loans are exclusively for veterans, eligible surviving spouses and active-duty service members. VA loans offer the opportunity to buy a home with no down payment or private mortgage insurance. Veterans Affairs (VA) loans allow for 100% financing of the appraised value on 1-to-4 unit, owner-occupied property. You must be an eligible veteran. And down payment ranges from 0-5%.
My Home Loan Funded, What’s Next?
We are so thankful that you chose HFCU for your home loan needs! In the loan process, you should have been informed that you will need to submit proof of insurance as a condition of your loan with us. To submit your insurance, check on your insurance status or view your insurance history, click the button below to be taken to our secure login page through MyLoanInsurance® to sign in using the Reference ID and PIN you were provided. No reference ID or PIN? Call us at 845.561.5607.
7 APR=Annual Percentage Rate. Actual rate may vary based on credit worthiness and down payment, if applicable. All extensions of credit are subject to credit approval. Rates shown are lowest offered for the loan products advertised. Applicants that are not approved for these loan rates or terms may be offered credit at a higher rate and/or with different terms. All rates and terms are subject to change without notice. Offer may be withdrawn at any time without notice. Contact a credit union employee for further details. Other terms and conditions may apply.
13 Must be 1st lien position; appraisal is required. Must be 1- to 4- family dwelling, no manufactured homes. Maximum loan amount is $417,000. As an example: A 360 month term at a fixed rate of 3.75% with a 60% LTV would be $46.32 for each $10,000 borrowed. Taxes and insurance are not included; therefore the actual payment obligation will be greater.
14 ARM =Adjustable Rate Mortgage. Adjustable Rate Mortgages are variable and the Annual Percentage Rate (APR) may increase or decrease after the original fixed rate period. That change can increase or decrease the monthly payment. After the original fixed rate period the rate will adjust every 12 months (annually) for the remainder of the term of the loan The APR will vary based on a predetermined index (as published in the Wall Street Journal or by the Federal Reserve) plus a margin and rounded to the nearest 1/8th of one percent. The ARM loans have an annual adjustment cap of a 2.00% increase or decrease from the current rate and a lifetime cap of 6.00% from the initial rate. Rates on 3/1 ARMs are fixed for the first three years and will then adjust every 12 months for then term of the loan. Rates on 5/1 ARMs are fixed for the first five years and will then adjust every 12 months for the term of the loan. Rates on 7/1 ARMs are fixed for the first seven years and will then adjust every 12 months for the term of the loan. Rates are subject to credit union lending guidelines.