For homebuyers in the San Francisco Bay Area and the rest of California, Patelco Credit Union offers a home loan with five benefits that will surely aid savings in addition to the buying and refinancing process.
Patelco Credit Union’s comprehensive online application process makes shopping for a home loan simple. The institution provides handy purchase, refinance and second mortgage preapproval checklists for potential homebuyers to complete depending on their circumstances, equipping them with all the tools they need to manage the loan-seeking process.
The credit union is also known for its competitive rates and innovative products. Patelco offers a wide variety of fixed-rate, adjustable-rate and Jumbo mortgages, guiding customers seamlessly through the selection process with comprehensive online guides. Using Patelco’s resources, users can create “3D” pictures of themselves to understand which payment option makes the most sense for each financial situation.
Here are just a few of the other reasons Patelco Credit Union makes the home-lending process simple and stress-free:
1. Biweekly Payment Options
By choosing a biweekly payment option from Patelco Credit Union, borrowers can reduce the principal amount faster by making 26 instead of 12 payments a year. Each of the 26 installments is equal to half of the usual monthly mortgage payment.
This means that borrowers can pay off the loan earlier, thus saving them thousands on interest and helping them build home equity faster. Added to this is the fact that Patelco Credit Union does not charge a fee for biweekly payments.
2. 5/5 Equity Builder Adjustable-Rate Mortgage
With the provision that an adjustable-rate mortgage can only be adjusted up or down by 2% every five years, or 5% over the life of a loan, this program offers borrowers better rate stability. Additionally, Patelco’s no closing costs policy saves borrowers up to $2,600 in a given period.
3. 4.125% for 30-Year Fixed-Rate Mortgage
As of Nov. 14, 2013, Patelco offers an incredibly competitive interest rate for a 30-year fixed rate mortgage at 4.125%, with 1.000 points and an APR of 4.286%.
4. Start-to-Finish Consultants
Patelco’s consultants aren’t there to provide one-time assistance. They walk borrowers through every step of the lending process, providing guidance and refinance analysis with no cost at all.
5. Financial Hardship Assistance
For borrowers who have a financial difficulty, Patelco offers repayment and recapitalization plans, loan modifications, short sales, and deeds in lieu of foreclosure as the situation warrants.
Other Types of Home Loans Offered by Patelco
The credit union also offers loans from the Federal Housing Administration (FHA), Veterans Affairs (VA),, and Home Affordable Refinance Program (HARP). Home equity loans and lines are also offered. For mortgage loans on properties outside of California, the loan process can be started with a very minimal credit report fee.
The current housing trend can really save borrowers a good sum of money. If an existing mortgage is wearing you down, or if you’re ready to pay and take care of a home, consider applying for a home loan through Patelco Credit Union.