Mortgage Frequently Asked Questions
Questions About TDECU Mortgage
Why choose TDECU Mortgage for my Home Loan?
TDECU Mortgage has a wide range of competitively priced loan programs to fit your families needs. Using the latest technology, we have made the borrowing process simple and convenient. We can offer you a competitive rate and eliminate fees associated with a loan arranged through a broker. Our commitment is to provide top quality service to our members.
How much help should I expect from a TDECU Mortgage Loan Advisor?
Our commitment is to provide top quality service. Our mortgage loan advisors have a full range of loan programs to offer and can provide the very latest technology to expedite the loan process. They will listen to your needs and make sure they understand you completely, then discuss your options and make sure you thoroughly understand them. From application through funding, we make the loan process simple and convenient... for you!
Questions About Mortgages
How do I know which mortgage loan is right for me?
This is what our personal service is all about... helping you make the best loan choice for your specific needs. Our mortgage loan advisors are experienced professionals with knowledge covering a wide range of mortgage programs. Each advisor is able to explain the advantages of appropriate loan programs considering the specific financial goals of the member.
What if my credit is less than perfect?
TDECU Mortgage offers programs for members whose credit has been impaired in the past. If you have a history of bankruptcy, late payments or other credit problems, we are here to help you determine possible financing options.
What is equity?
Equity is the difference between the amount for which a home can be sold and the amount still owed on the mortgage. This important difference represents the homeowner's financial interest in the property. A homeowner can borrow against the equity in their home with a home loan and use the funds for virtually any purpose, from debt consolidation to major purchases to home improvements. Because the loan is mortgage-based, interest on the home loan may also be tax deductible. If you have a TDECU Mortgage and don't want to borrow against their equity, a Home Advantage Personal Loan might be right for you. Consult your tax advisor to see which option applies to you
What is the difference between a fixed rate and adjustable rate mortgage?
A fixed rate mortgage provides a rate of interest that remains the same for the life of the loan. An adjustable (or variable) rate mortgage has an interest rate that adjusts periodically on the basis of changes in a specified financial index. Typically, adjustable rate mortgages start out at somewhat lower rates than fixed rate mortgages. They can fluctuate up, raising the monthly payment, or down, lowering the monthly payment, depending on the activity of the index to which they are tied. Our mortgage loan advisors can discuss the advantages of both types of mortgages to help you decide which product is best for you.
Does it make sense to refinance if I recently obtained a mortgage loan?
It might be a good time to refinance your home even if you recently obtained a mortgage. Given today's favorable interest rates, a rate lower than the one on your current mortgage may be available and may result in savings every month. By consolidating your existing first and second mortgages . . . as well as outstanding credit card balances and other debt into a single mortgage loan payment, you might be able to save a considerable amount. You can also benefit from the convenience of one single monthly payment. Our mortgage loan advisors can help you determine if this option works to your best advantage!
How much can I afford in mortgage payments?
How much you can afford depends entirely on your specific personal financial situation. Our mortgage loan advisors can help you find out exactly what that amount may be. For a quick estimate, use the Mortgage Calculators conveniently located on our website.
What is an APR?
These three letters stand for Annual Percentage Rate...that is the total cost on a yearly basis in interest as a percentage of the loan amount. This figure includes such items as the base interest rate, primary mortgage insurance and the loan origination fee.
What is the minimum down payment required for a home loan?
It really depends on the loan program you choose. For example, we offer a 103% financing home loan program that will allow you to finance 100% of the purchase price plus 3% of the closing costs. We offer home loans with low down payment requirements as low as 3.50%. That would be a $3,500 down payment for a $100,000 purchase price.
How do I get started?
It couldn't be easier. Just give us a call, or use the TDECU Mortgage Simplified app to get started.
What if I have questions about all of the acronyms I am seeing while deciding which mortgage is right for me?
We have complied a list of common mortgage terms into a glossary.
Do I have other options if I don't want to borrow against my home's equity?
If you have a TDECU Mortgage and don't want to borrow against your equity, a Home Advantage Loan might be right for you.
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What if I have other questions?
Please email mortgage@tdecu.org with all of your questions or call us at 877-774-2657.