Residential Mortgage Loan Springfield
It goes without saying that buying a home is going to be expensive. For some, a house will be the largest financial, if not the largest physical, purchase of their life. Since most people will not be able to buy a home solely through their own funds without a significant dent in the money needed for daily expenses, loans are often employed to make a residential mortgage in Hampden County more attainable.
Residential Mortgage Solutions
Residential mortgage loans are a form of home loan commonly used to ensure people have the money they need to buy a house. As with most financial products or loan options, residential mortgage loans come in a few different varieties that suit different needs.
- Fixed-Rate Mortgage: This features a fixed interest rate and payment amount and is ideal when you plan to stay in place for at least 10 years or are worried about interest rates going up.
- Adjustable-Rate Mortgage: These have lower initial interest rates than a fixed-rate mortgage but after a specified amount of time (two years, five years, etc.), the interest rate may be changed. This type of home loan is preferred if you plan on staying less than 10 years or aren’t overly concerned about a variable interest rate.
- FHA Mortgage: This type of mortgage is insured by the Federal Housing Administration, which makes it one of the easiest types of home loans to obtain from a FHA-approved lender. FHA loans tend to come with a minimum down payment requirement of 3.5% and are also assumable, meaning they can be transferred to a buyer if you end up selling your home before paying it off.
- VA Loans: This is a special type of mortgage reserved for current or past members of the military and is backed by the Department of Veterans Affairs. Among the benefits included, there is no down payment, no mortgage insurance premiums, competitive interest rates, and low closing costs.
Choose LUSO Federal Credit Union for Your Residential Mortgage Needs in Springfield
LUSO Federal Credit Union is a member-owned, not-for-profit financial cooperative that is dedicated to providing members quality financial services and products. We are a staple institution of Springfield, Westfield, and nearby area and take strides to help community members make a successful transition to home ownership through a variety of home mortgage options and other financial products. Feel free to contact our Lending Department HOTLINE at 888-848-5876.