Education is Essential

New Year, New Home: Find Out How a Mortgage Loan Can Make It Happen

A new year brings so many exciting opportunities. And for people who have longed to own their own home, it’s a great time to start taking those first steps. Of course, one of the most important steps is finding a trusted mortgage lender in Baton Rouge who can help you buy the home you’ve been wanting. At Essential FCU, we offer a variety of mortgage loans for first-time buyers and experienced homeowners. So, if you’re ready to own your own home, see how a mortgage loan from Essential FCU can make it happen in 2021.

What Is a Mortgage and How Can It Help?

In basic terms, a mortgage is a loan that can help you buy a home or real estate. And it often includes a fixed rate that can be paid off in 15 or 30 years. Of course, it’s important to have a deeper understanding of the loan process before beginning. 

Interest rates can go up or down with time, for example. Thankfully, average interest rates remained low in 2020, and it looks like that trend will continue in 2021. A fixed-rate mortgage can keep you locked in at the same rate throughout the course of the loan. So applying for a mortgage while average rates are low, like they are now, can pay off in the long run.

Other factors also contribute to interest rates for your mortgage. Your credit score can influence your rate. And the amount you put toward your down payment can have an impact as well. Essential FCU’s Financial Calculator can help you factor in your unique financial information to discover how much you can save over the course of your mortgage. And this can give you an idea of what to expect before you apply.

What Kinds of Loans Are Provided by Essential FCU?

We offer a variety of loans to meet the needs of potential home and real estate owners. Look over the options below to find the one that’s right for you.

  • Conventional – Fannie Mae and Freddie Mac. These programs are federally chartered organizations that offer lower interest rates and greater opportunity for approval.
  • Fannie Mae’s HomeReady Program. This program was created to help creditworthy, low-to-moderate income borrowers. And it offers expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.
  • FHA Home Loans. This highly flexible mortgage product has no income limits or location restrictions. It helps a diverse range of buyers become first-time homeowners.
  • Jumbo Loan Program. When you need a loan for an especially expensive home, this is the one. It provides financing up to 90% loan to value and has a lower FICO requirement than many other Jumbo loans in the market.
  • Rural Development. This is a great option if the home you want to buy is in a rural area. It requires no money down and can be completely financed.
  • Smart Saver Mortgage. Available for a limited time, this loan offers 100% financing and no PMI. In addition, borrowers get $1,000 lender’s credit!
  • VA Loan Program. This program is exclusive to Veterans. It offers 100% financing with no income limits or restrictions.

With so many loan options, you’re bound to find the one that offers you the best bang for your buck. So, why not let 2021 be the year that you purchase your home? With a loan from Essential FCU, you can get the financial resources to make it happen.

Essential FCU Is the Mortgage Lender Baton Rouge Relies On

Essential FCU is proud to assist both first-time and experienced home buyers in owning their dream homes. So if you’re ready to purchase a home this year, we can provide you with a loan to help you do it. Contact us at 225-353-8238 or send us an email at eservices@essentialfcu.org. If your New Year’s resolution included buying a home, we’re here for you.