17 May

Getting Your First Mortgage Through a Credit Union- Lower Rates and No Mortgage Insurance

Mortgage Through a Credit Union

When it comes to buying your first home and applying for a mortgage loan, finding your dream home is only half of the battle. There is the task of making sure you understand all the requirements of applying for a loan, figuring out what type of mortgage is best for you, and making sure that your lender has your best interests in mind. Buying a home is probably the biggest purchase you will ever make, so there is a lot at stake when choosing a lender.

All of these reasons are why getting a first mortgage through a Credit Union like RMLEFCU is becoming more and more popular. Credit Unions operate very differently than big, private banks and in turn can offer you better service, lower rates, lower origination fees, and NO mortgage insurance if you’re putting down less than 20%.

Yes, you heard correctly! NO mortgage insurance required.

No Mortgage Insurance (PMI)

For many first time home buyers, the biggest obstacle to getting the ball rolling is the intimidating task of saving up 20% of the home cost or facing a monthly charge of $100-$300 for mortgage insurance. At RMLEFCU, you can have your cake and eat it too!

Is it up to the lender whether to charge mortgage insurance on loans with less than 20% down, and at Rocky Mountain Law Enforcement Federal Credit Union, there is none required. You can put less than 20% of the total home cost down and still avoid a monthly PMI fee.

Low Interest Rates and Origination Fees

Credit unions are able to offer lower than average interest rates and origination fees because of how their business models differ from that of a traditional bank. Credit Unions (like RMLEFCU) are owned by the members and run as close to cost as possible. Any profits earned don’t go into the executives’ pockets, members democratically decide where they go, which is usually to lowering rates and fees.

On a huge, long term loan like a mortgage, small fractional increases in interest rates can have an enormous impact on how much you will pay out over the life of the loan. Getting as low an interest rate as possible is a vital part of getting the best mortgage.

Better Service

Credit Unions are known for their great service. It all ties back to the business model; a Credit Union is owned by its members and decisions are made democratically. This involvement by members in the innerworkings of the business eliminates the divide between bank employees and you.

In addition, RMLEFCU is a local, Colorado credit union made up exclusively of law enforcement officers, support staff, and their families. Our loan officers understand the Denver real estate climate, your situation, and know you by name. Your experience applying for a loan will be much more personal and specific to you, not just how you add up on a piece of paper.

Make your dream of being a home owner happen sooner than you thought possible by getting a mortgage through a credit union. With no PMI and low rates and fees, you can’t afford not to!

20 May

How to Prepare for a First Mortgage Loan

First Mortgage Loans at Rocky Mountain Law Enforcement Federal Credit UnionFirst mortgage loans are currently still hovering at historic lows. By taking advantage of these low rates you could conceivably save a lot of money over the course of your mortgage with a fixed-rate loan. We’re not suggesting you over extend yourself and buy a home if you are not ready, however if you are in the market for your first home, now is a great time to get a first mortgage loan from RMLEFCU. As of the date this post was published, we are offering 30-year mortgages at 4.50% and as low as 3.625% APR*

So what should you do to prepare yourself for your first mortgage loan? Below are a few tips to help you get ready for one of life’s largest investments! Read More

27 Mar

Advice for the First Time Home Buyer

RMLEFCU Home LoansBuying a home is exciting! Well, at least finding a home is…

At RMLEFCU we are trying to help all of our first time homebuyers get the home of their dreams in any way we can. This article is designed to give you a few tips regarding the home buying process. If you ever have any questions concerning the loan process we strongly urge you to contact one of our mortgage specialists. This leads us to our first piece of advice, get pre-approved!

  1. Get Pre-approved – This initial consultation and pre-approval process will save you lots of headaches down the road and help you determine how much house you can afford. Getting pre-approved is easy and essential for a first time homebuyer. Once you have determined a budget, start looking for your new home! Bonus Tip: Another advantage to getting pre-approved is how quickly you will get the money to secure the home and get it under contract. Currently in the Denver market, homes are selling quickly. So do the best you can to be prepared. Click here to learn more about  the RMLEFCU loan processRead More