First Time Home Buyer Information
Premier Source Federal Credit Union has partnered with Allanach/Mortage Group Corporation NMLS:2894 to assist our Members with their mortgage needs. Together we work to offer a comprehensive selection of loan programs with competitive rates and terms.
7 Steps to Buying Your First Home
From credit scores to closing, the seven steps to owning your first home
Mortgage FAQs
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Do I need a home appraisal to get a mortgage?
Yes, a home appraisal is a component of reviewing your mortgage application. You will need to have a bank appraisal, which is an unbiased professional opinion of your home’s value.
What is the difference between a home equity loan and a home equity line of credit?
The two major differences between a home equity loan and a home equity line of credit are the interest rates and repayment policies associated with each plan.
A home equity loan usually has a fixed interest rate (amount paid on loan remains same every month) while a home equity line of credit has a variable rate (amount paid on loan each month may vary).
Home equity loans generally have a fixed monthly payment that will remain constant throughout the repayment plan. In the case of home equity lines of credit, monthly interest rates can fluctuate, which may affect the amount owed on the loan for any given month.
How much can I borrow using a home equity loan or home equity line of credit?
PSFCU offers a maximum loan of $250,000 and offers a maximum loan-to-value of 80%. In determining your actual credit limit, PSFCU will consider your ability to repay the loan by looking at your income, debts, and your credit history.
Will interest rates on my mortgage change?
This answer depends on the type of mortgage that you have.
Some examples of loans in which your interest rate will not change are FHA loans and fixed rate loans. Any loan that is characterized as a fixed rate loan will have constant interest rates.
However, other types of mortgages, such as adjustable rate loans can result in interest rate changes. These types of loans will generally have a set amount of time in which the interest rate is fixed. At the end of this period, the rate will be subject to change.
Consumer Financial Protection Bureau’s First Time Home Buyer’s Guide
Tools, guides and consumer protection information