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First-Time Homebuyers

First-Time Homebuyers

Tips to get you started on the journey to homeownership

We are ready for you!

Start the approval process online, or reach out to us in one of the following ways:

We are with you every step of the way

Buying your first home is exciting — but there are many decisions to be made when it comes to financing. Don’t worry, though! The TDECU mortgage team is prepared and ready to help you.

Our mortgage loan advisors are here to guide you through every step of the process. We will walk you through everything you need to know, such as up-front costs, mortgage pre-qualification, and homeowner’s insurance, so that you can feel confident, informed, and ready to make your purchase.

Selecting the right home loan for you

One of the most important steps in buying a home is choosing the right mortgage. We offer a range of TDECU exclusive loans to fit your unique needs.

 

103% American Dream Mortgage ARM2

An adjustable rate mortgage (ARM) loan with no down payment requirement and an option to roll in up to 3% of the closing costs. Offers a fixed rate for the first 7 years of the loan term.

8.63%

Interest Rate

8.84%

APR

30 year

Term

 

Easy in 30 Purchase Fixed

A 30-year fixed rate loan with no downpayment requirements.

7.88%

Interest Rate

8.08%

APR

30 year

Term

 

Construction-to-Permanent
Mortgage

Converts to a permanent mortgage when your house is complete. Interest payments only during the construction phase, option to include lot purchase and one-time closing costs.

7.38%

Interest Rate

7.44%

APR

30 Year

Term

Conventional loan options

We also offer conventional loans including 30 and 15-year fixed, FHA, and VA loans.

Conforming 30-Year Fixed

This loan type is the most common, with a fixed interest rate and payments spread over 30 years. Even if rates rise, your payment will remain the same.

Interest Rate

7.38%

APR

7.44%

Conforming 15-Year Fixed

A fixed-rate loan with payments spread over 15 years. You pay more each month, but you build equity quickly and spend less in interest over the life of the loan.

Interest Rate

6.88%

APR

7.08%

FHA 30-Year Fixed

A loan insured by the Federal Housing Administration for low- to moderate-income home buyers with low down payments and lower credit score requirements.

Interest Rate

6.63%

APR

8.22%

VA 30-Year Fixed

A low-interest rate loan guaranteed by the Veterans Administration for veterans and active service members. Benefits include relaxed credit requirements, no or low down payment, and no private mortgage insurance.

Interest Rate

6.63%

APR

6.96%

Jumbo 7/1 ARM

An adjustable rate loan to purchase or refinance a luxury home. Also available as a home equity loan. Offers a fixed rate for the first 7 years of the loan term.

Interest Rate

7.63%

APR

7.82%

Amount

$641,201 - $2,000,000

The Home-Buying Process

Let’s start with an overview of the major steps of applying for a home loan.

Compare Rates and Loans

Use our rates chart and calculator tools to determine the best loan for you.

Get Pre-Qualified

Find out how much you’re pre-approved to borrow. Fill out the application online and get a decision within days.

Find a Home

Now that you know how much you can borrow, start looking for houses in your price range.

Submit Application

When you find the right home, submit your loan application. Your pre-qualification is good for 90 days.

TDECU Rate-Match Guarantee

We want to help you move into your new home

We believe our service is what sets us apart — but we also know rates matter. If you find a lower rate, bring it to us. If we cannot match it or beat it, we will pay you $2501.

Tips to avoid paying closing costs

Closing costs can be a major expense on top of your down payment, often totaling thousands of dollars. These additional fees can include appraisals, inspections, loan processing fees, and title searches. Here are some ways to help you cut down your closing costs.

Negotiate with the seller

If the seller is motivated to see the deal go through, you may be able to negotiate with them to pay the closing costs. 

Check with HUD

Your local office of Housing and Urban Development might be able to provide assistance.

Talk to a Mortgage Loan Advisor

Credit unions like TDECU have a range of home loan options to minimize closing costs.

What to expect when buying a home

Ever wonder what happens in the 30 days between applying for a loan and closing on a house? Download our Home Financing Roadmap to discover what happens during each step of the process.

Ready to get started?

We are ready for you! Start the approval process online, or reach out to us in one of the following ways: 

1We require a copy of the Loan Estimate and Closing Disclosure from the competitor for comparison purposes in order to receive the $250 if we cannot meet or beat your qualified rate. Offer cannot be combined with any other TDECU offer.

ARM = Adjustable Rate Mortgage. Loans subject to credit approval. Example for a 3.25% APR on a $160,000 loan will require a monthly principal and interest payment of $696.33 for 30 years. Payment does not include taxes and insurance so actual payment obligation will be greater. ARMs are variable and the rate may increase after the original fixed rate period. Certain terms and conditions may apply.

Prices are subject to change daily at 1:00 PM CT with market conditions. Rate provided above is the rate closest to par based on a loan amount of $125,000, owner occupied, single family dwelling, 80% LTV, standard origination fee, and a FICO score of 740+. Your rate and term depends on your unique credit rating, combined loan-to-value, amount financed and other factors. Rates and terms are subject to change without prior notice; other restrictions may apply. Adjustable Rate Mortgages (ARM) are variable and your rate may increase after the original fixed rate period. Contact TDECU Mortgage for additional information and loan criteria. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. For additional terms and programs call (800) 839-1154 ext. 4614.