Real Estate Loans
TFCU offers fixed and adjustable rate mortgage loans. With a fixed rate loan, the monthly mortgage payment (principal and interest rate) remains the same throughout the life of the loan.
An adjustable rate mortgage enables the rate on the loan to adjust throughouft the life of the loan according to the terms agreed upon with the lender. Borrowers that do not plan to be in the home over a few years can take advantage of the lower monthly payment an adjustable rate mortgage loan usually offers the first few years of the loan.
Because interest rates change daily, TFCU offers an interest rate lock-in that guarantees a specific interest rate if the loan is closed and funded within the specific lock-in period and according to the loan terms. If rates go up or down, it will have no effect on the rate of your loan as long as you are locked in and the lock-in has not expired. If the lock-in time period has expired the borrower will have to relock the loan based on the rates available at time of lock-in.
TFCU offers 40 and 60 day lock-ins for existing properties and for new construction; the rate can be locked 30 days prior to completion. When a loan is not locked in, it is considered "floating." This means the rate is not guaranteed. Borrowers must "lock-in" loans prior to closing and must only choose from the rates offered on the day the loan is locked in.
All loans are subject to credit approval. Rates and terms may vary and certain restrictions may apply . All loan rates stated are Annual Percentage Rates.
To speak to a Real Estate representative please call 915-843-8328.
The maximum loan TFCU will lend on an FHA loan is $271,050.00.
This loan program can be used for purchases and refinances.
Pat A. Carrillo
Karla M. Patiño
CU NMLS # 247953
For further information and/or appointment please contact: