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Mortgage Loan Financing

If looking to buy your dream home or refinance your current mortgage, Hercules First Federal Credit Union is here to take care of you!  We can assist first-time and seasoned buyers to achieve their homeownership goals and dreams. Let our helpful and knowledgeable mortgage specialists assist you with customizing your loan, personalized to meet your financial goals.

HOME BUYING PROCESS:

There are a lot of details and steps in the home buying process.  Our mortgage specialists are here to assist with explaining and walking you through the process step by step.  Below is a quick reference to assist with the planning stages of achieving your homeownership goals and dreams. Hercules First Federal Credit Union is here to assist with all stages of the home loan process.

  1. Check your credit report and credit score.
  2. Figure out the home price you can afford.
  3. Get pre-approved by Lender.
  4. Start house shopping. Make an offer.
  5. Plan on a home inspection.
  6. Close on your home.

Find the best option and customize your loan to fit your specific homebuying situation and needs with our Conventional Mortgage loan.  Hercules First Federal Credit Union will work side by side with you to select the rate, down payment and terms that meet your financial goals. We have solutions and programs to assist with purchasing your first home, investing in a rental property or purchasing a second/vacation home. 

  • Up to 97% loan-to-value financing options.
  • Fixed-and-variable-rate terms.
  • Low Mortgage Insurance.
  • Available for second homes and investment properties (up to a four-plex).
  • Gift funds may be contributed by parents or other family members.
  • Seller can contribute toward buyers closing costs up to 3% (may be used for rate buy-down)

There are a variety of reasons to consider a mortgage refinance. Let Hercules First Federal Credit Union assist you with achieving your financial goals – whether it involves lowering your payment or changing your loan terms.  Below is a list of common reasons to consider a mortgage refinance.

  • Lower your monthly payment -Take advantage of current refinance rates to reduce your monthly payments.
  • Pay off your mortgage faster – Change the loan term to a shorter period and pay off your mortgage even faster!
  • Consolidate Debt – Utilize the equity in your home to help pay off debt faster.
  • Get Cash Out from your home’s equity – Use the equity in your home to obtain funds for other purposes and use as you choose.

FHA loans are backed by the Federal Housing Administration (FHA).  FHA loans allow for a lower down payment and lower closing costs than with a conventional mortgage.  FHA loans allow borrowers with less than perfect credit to qualify easier.  

  • Competitive FHA Rates typically lower than a Conventional Rate
  • Down payment as low as 3.5%
  • Fixed-and variable-rate terms.
  • Non-traditional credit accepted (detailed payment history on rental payments, utility bills, phone/mobile and television services).
  • Insured by the Federal Housing Administration
  • Gift funds may be used towards the down payment and closing costs (from acceptable donors)
  • Seller can contribute toward the buyer’s closing costs up to 6% (may be used for rate buy-down)

A home purchase is a big decision and Hercules First Federal Credit Union, and our mortgage specialists are here to assist and guide you through the home buying loan process and make it a smooth, seamless, and stress-free experience.

  • Up to 97% loan-to-value financing
  • Sellers can contribute towards buyers closing costs.
  • No repayment penalties
  • Fixed-and-variable-rate options.
  • Down Payment Assistance programs available for qualifying borrowers

Keep the great rate on your 1st mortgage, but get the cash you need out of your home by using the equity you’ve built up over the years.

Mortgage Rates

Term1.0% Origination FeeAPR
15 year6.125%6.283%
20 year6.125%6.251%
30 year6.500%6.597%

Rates as of:

June 15, 2024

** Rates, fees, and Annual Percentage Rates (APRs) displayed may change without notice. Actual rates, fees, and APRs may vary based on credit scores and other factors. Minimum down payment varies based on loan type selected. Mortgage loans are subject to closing costs. Loans with a Loan to Value (LTV) of 80% or higher are subject to Private Mortgage Insurance (PMI).

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You are leaving our site...

This link will transfer you to a site operated by one of our associates. This site is not operated by Hercules Credit Union and may have different privacy and security policies. If you choose to continue please review their policies once you arrive. Hercules Credit Union cannot be responsible for the content or activity of this site.

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This link will transfer you to a site operated by one of our associates. This site is not operated by Hercules Credit Union and may have different privacy and security policies. If you choose to continue please review their policies once you arrive. Hercules Credit Union cannot be responsible for the content or activity of this site.

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