Mortgage Loan Resources
MORTGAGE LOAN EDUCATION & INFO
Are you a CFFCU member who resides in California?
Want to finance—or refinance—a motor vehicle?
Apply for a $5,000 to
$75,000 Cal Feminist Engine Equity loan. You may be able to take the
interest you pay as an itemized deduction (consult your tax preparer).
Advantages:
(a) your home won’t be appraised!
(b) you pay no annual loan fees, zero points, and only $150 up
front! To learn more, click on Engine
Equity loans.
At this time we do not make loans to buy or refinance homes.
Here's info to help you find good first mortgage loans through other
lenders. Please send us any
updated contact information on those listed below.
BEFORE YOU CONTACT LENDERS,
DO YOUR HOMEWORK:
Enroll in a Homebuyer Education Program
Through classes and/or counseling, learn:
questions to ask; what terms mean; pros and cons of variable and
fixed-rate loans; how to compare a loan at X% plus 2 points to a loan @ Y% plus
4 points; what kinds of special programs are available for 1st-time
buyers or particular neighborhoods.
In San Diego County:
o
Community Housing
Works: (760) 432-6878 or (619) 282-6647 ~ www.communityhousingworks.org
o
SD Home Loan
Counseling & Education Center: (619)
624-2330 ~
www.sdhomeloan.org
o
Union of Pan Asian
Communities: (619) 232-6454
Outside of San Diego, call the United Way or
a number above for a referral in your area, or visit: www.hud.gov/local/ca/buying/prgrmscounty.cfm
Know the Questions to Ask Each
Lender
Here are some of the questions (not a complete list). Make a chart. Call
each lender. Write down the name of
the person with whom you are speaking. Ask:
1. If I borrow $_______________________
from you:
a. How much will the down payment be?
b. How much in total dollars will I pay over the life of the loan,
including appraisal, title insurance, points, escrow, annual fee and all
other costs? I don't want any
surprises.
2. What is the rate on the loan? How much is the Annual Percentage Rate (APR)?
3. How could we obtain a lower rate through
you?
4. Is the rate fixed or variable?
5. If it is variable:
a. to which index—such as T-Bill rates--is it tied?
b. how often could it change?
c. which will change: my
payment amount or the number of months?
d. in the worst case, how high could my monthly rate--and total cost--be?
6. Tell me about any special loan programs
you have for first-time buyers or fixing up homes in certain areas.
7. How do you differ from other lenders?
8. May I:
pay this loan off in 15 or 20 years?
Pay half of the payment twice a month?
Pay more per month? If so,
how much less will my total cost be?
9. May a new buyer assume (take over) the
payments?
10. Do you require an impound fund for
property taxes and insurance?
11. Is there a balloon? How much? When will it be due?
12. Do you have any graduated mortgages
that permit me/us to begin with smaller payments that grow larger each year?
13. If I refinance, how much will my payoff
penalty be?
14. What is the most I/we can borrow
without having our loan sold to another lender?
How soon do you sell a loan?
15. What are the conditions that might
cause an appraiser to automatically decline our home for your loan?
Contact Low-Cost Lenders
Some
Resources for Lower-Cost Lenders*
A.
Credit unions in your area
will usually give you your lowest rates.
You may be able to join one based on living, working, worshipping,
attending school, or belonging to an organization in a certain locale.
To find a credit union:
·
In
·
The
rest of
B.
A mortgage lender several credit unions co- own:
Community Mortgage Funding, LLC
www.cmfloan.com
Tel. 877-915-3030 Fax
909-444-3137
C.
A mortgage lender for CU members in 4 states:
CU
West Mortgage
www.cuwestmortgage.com
D. Another mortgage lender owned by credit unions:
Patrion Mortgage
Tel. 866-571-5076 Fax 951-571-5947
*We
present these potential resources to stimulate your thinking. Naturally,
we can’t recommend or endorse them.
copyright
2006- 2008 Cal Feminist FCU