Buying a brand new house can be an exciting time. However, it is important to make sure that you get the best possible home loan in order to get a good return on your investment. St Anne is a New Bedford Credit Union in Southeastern Massachusetts that provides a wide variety of loan services to members. Located in New Bedford, Massachusetts, we serve members that live and work in Plymouth and Bristol counties. From a basic credit union auto loan to a credit union home loan, home equity loan or refinancing opportunities, St Anne Credit Union is much more than just a provider of checking and savings accounts.
Understand All of the Variables
When it comes time to get a credit union home loan, refinance or get a home equity loan, it is important to understand and consider all of the variables. The variables will determine how much you will end up paying throughout the terms of your loan. As a member with a credit union checking account and Share savings account, you have a unique opportunity to get a lower interest rate loan with less fees and other opportunities that are not available through banks or other traditional loan sources.
Know How Much You Can Afford
Another step in making sure that you get the best home loan available through your New Bedford credit union is to determine how much you can afford. While you might be able to meet the criteria for a home loan at a higher payment, it is important to know how much you can truly afford to pay to ensure that you do not default on your loan or cut yourself too short on other monthly bills. Working directly with a representative to ensure that your credit union home loan is right for you will help you to avoid these pitfalls.
Consider how long you will live in your home, how much you can afford to put down and how much you can afford to pay each month. Also think about other expenses, such as home owner’s insurance, property tax and possible association fees.
Fixed Rate vs. Adjustable Rate Mortgage (ARM)
If this is your first time buying a home, you might not be familiar with all of the terms associated with a credit union home loan. A fixed rate loan sets the interest rate for your home throughout the entire term of your loan. An adjustable rate mortgage or ARM works just the way it sounds, the interest rate varies or adjusts according to the market. While a fixed rate loan might be higher interest than an ARM at the beginning of the loan, the ARM may adjust to a much higher rate in the middle of the loan, costing you more money each month. Speak with your St Anne New Bedford credit union representative for details on comparing fixed rate and ARM options for your credit union home loan.
Questions to Ask at St Anne
Members with a credit union checking account and savings account who want information on getting a credit union home loan or credit union auto loan, should meet with one of our local representatives for more information. It is important to ask questions and get answers for your biggest concerns, while making sure to pay attention to the details regarding your New Bedford credit union loan.
Some of the questions that you should ask include:
- Types of credit union home loan options available.
- What to expect during the application process and what is required to be approved.
- Options for easy home buying, such as pre-approved credit union home loans.
- Ask about pre-approved credit union auto loan options for vehicle purchasing as well.
- Find out about required documentation that is needed to be approved for a loan, home equity line of credit or for refinancing a credit union home loan.
- Ask about any expenses or fees associated with your new credit union home loan, credit union auto loan or other type of financing program, including closing costs.
St Anne Credit Union – Your New Bedford Credit Union
Contact your local representative to find out more about all of the loan and financial opportunities available to credit union members at St Anne Credit Union in New Bedford, Massachusetts. Our membership options are available to people who live or work in Bristol or Plymouth counties in Southeastern Massachusetts. Open up a credit union checking account or savings account to gain access to other services, such as credit union online banking, credit union auto loan or credit union home loan opportunities. Call us today at 508-993-0011 or stop by our local office in New Bedford for details.