Mortgages & Refinancing
Learn about the benefits of home mortgages and refinancing with Tri-Lakes Federal Credit Union
Fixed-Rate Mortgages
Adjustable Rate Mortgages
Federal Housing Administration (FHA) Loans
Veteran Affair (VA) Loans
USDA Loans
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Tri-Lakes FCU & Owners Choice Funding
Financing to Empower Homeowners
Tri-Lakes FCU’s local lenders have teamed up with Owner’s Choice, a team of experienced mortgage professionals dedicated to helping our members navigate the complex world of home loans. From pre-approval to closing, we are with you every step of the way, providing personalized service and expert guidance.
Owner’s Choice lets you take advantage of customized solutions and tools that will help you secure your mortgage, including access to: Featured Daily Rates, Application Status, Customized Mortgage Quotes & Personal Service.
First-Time Homebuyer Programs
Purchase & Refinance Products
Personalized Service
Making Mortgage Easier
Whether you’re a first-time home buyer or are refinancing your loan, we’re dedicated to providing you with the necessary tools to simplify the mortgage process. Discover our wide range of home loan options tailored to meet your unique needs with provided in a seamless, stress-free experience.
Easy Application Process
Onging Support
Diverse Mortgage Products
Mortgage & Refinance FAQ's
There are a couple of reasons to get preapproved for a mortgage. First, you’ll find out how much you can comfortably afford which can help when looking for homes. Second, having a preapproval before making an offer may give you an edge over other buyers.
You’ll need to take several things into account when determining how much you can comfortably afford. Consider how much you make, your monthly expenses, how much money you have saved, how much you can put towards a down payment, current interest rates and current home values.
You should also think about how much you feel comfortable paying each month for a home. Don’t forget to include other expenses for things like cars, food, gas, groceries, entertainment and clothes. Write everything down and review your budget so you can see how much you bring in versus how much you spend each month.
Your credit score plays an important role in determining whether or not you qualify for a loan, as well as the type of loan you may qualify for and the interest rate. Lenders use your credit score to determine risk. While higher credit scores usually mean better rates, you may still qualify for a mortgage loan even if your score is less than perfect.
Before you apply for a mortgage, check your credit report and make sure it is accurate. If you find any issues, take care of them immediately, as this can take a while. Contact the credit bureaus and provide any information they require so you can clean up your report and improve your credit score. Make sure to pay all of your bills on time as well.
When purchasing a home and getting a loan, the down payment is the money you pay upfront. This amount goes toward the total principal which lowers the amount of your mortgage. Putting a higher amount down may lower your interest rate and build equity in your home faster.
Refinancing makes sense if the financial benefits, such as a lower interest rate, outweigh the closing costs. A good rule of thumb is to refinance if you can lower your interest rate by at least 0.75% to 1%.
Whether you want to lower your monthly payment, pay off your loan faster, or get cash for a major expense will determine the best refinancing strategy for you.
