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.
Mortgage Interest Rates.
10 Years = 3.500%
15 Years = 3.500%
20 Years = 4.125%
30 Years = 4.500%
Loan example: 360 monthly payments of $5.07 per $1,000 borrowed at 4.500% APR. *
*APRs are based on typical loans. Your actual APR could be different, depending on your credit worthiness, the size of the loan, the amount of closing costs, and other factors.
To speak to a Real Estate representative please call 915-843-8328
Conventional loans can be used to purchase an owner occupied residence, second home or investment property.
TFCU uses two automated computer programs to streamline the mortgage loan process. These programs benefit members because we are able to approve more loans.
The maximum loan amount you can borrow on this program is $417,000.00. This loan program gives you the flexibility to use it for purchases, refinances and home equity loans.
Mortgage Interest Rates.
15 Years = 3.875% APR
30 Years = 4.000% APR
Loan example: 360 monthly payments of $4.78 per $1,000 borrowed at 4.000% APR. *
**APRs are based on typical loans. Your actual APR could be different, depending on your credit worthiness, the size of the loan, the amount of closing costs, and other factors.
To speak to a Real Estate representative please call 915-843-8328.
VA loans can only be utilized by eligible veterans as determined by the Veterans Administration.
To use the VA loan program for a home purchase the veteran must live in the home.
Veterans can usually qualify with no down payment. The veteran must have a certificate of eligibility issued by the VA.
There is a one time fee charged called a VA funding fee that can be financed into the loan. This fee is charged unless the veteran is exempt based on VA guidelines.
The maximum loan TFCU will lend on VA loans is $417,000.00.
This loan program can be used for purchases and refinances.