The Case for Mortgage Pre-Approval
Making Your Next Home Loan Even Easier
Getting pre-approved for a home loan is all but a necessity in today’s hot real estate market. Considering you’ll need to be approved at some point in the buying process, getting pre-approved lets you know how much you can afford and gets a lot of the paperwork out of the way before you start your search.
Benefits of Pre-Approval
Sellers and realtors want to see it
Your offers hold more weight
You know exactly what price range you should be shopping in
You find out ahead of time if you have any potential problems
Your Next Step? Give Mark a Call!
Call RBCU Real Estate Loan Officer, Mark Oelschlager, at 612.798.7127 for a free analysis of your financial profile.
Mark has 17 years of mortgage writing experience and is offering his expert counsel to RBCU members. Long loans, short loans, big loans, little loans - there are loan options for every scenario and need.
His mission is to guide you through the pre-approval process quickly and correctly so you can focus on what’s most important: getting into your new home.
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Fixed-Rate Home Equity Loan
In today's rate environment, a Fixed-Rate Home Equity Loan appeals to some members more than the variable rate HELOC option. Especially if you intend to use the money all at once for a major purchase, remodeling project, or to refinance an existing loan.
With a Fixed-Rate Home Equity Loan, you will receive a lump sum amount with interest rates fixed for 5 years at a time. You can borrow on a 15-year or 20-year payment schedule depending on your situation.
Some things to consider:
Home Equity Line of Credit (HELOC)
You work hard on your home – isn’t it time it paid you back? Use your home’s equity to pay for college educations, home improvements, debt consolidation, or for nearly anything else you can imagine.
RBCU's HELOC requires no minimum balance and charges no fees for taking advances. You may qualify for a no closing cost option on a HELOCs up to $25,000. Instead of receiving one lump sum loan, with a HELOC, you only borrow what you need, when you need it. RBCU offers options for up to 80% loan-to-value and over 80% loan-to-value. Remember, home loan interest may be tax deductible. Consult a tax advisor regarding your specific situation.
Your neighborly credit union is happy to announce that members with a first mortgage through RBCU may establish an escrow account to pay for property taxes and/or hazard insurance (each, an “Escrowed Item”).
The purpose of an escrow account is to place a portion of the yearly amount due for an Escrowed Item into the account for payment(s) in the future.
If you currently have your mortgage through RBCU or are interested in getting a mortgage through RBCU, establishing an escrow account will provide unparalleled convenience and peace of mind.
If you are interested in starting up an escrow account or have any questions about one, please talk to an RBCU Real Estate Escrow Representative.