Buying a home is a huge step in anyone’s life. It’s both an exciting and nerve-wracking process that only some have the privilege to experience. Purchasing a home is not a cheap process, however, and there are various fees and other financial doings that go along with it. One of the biggest parts of buying a home in terms of finances is paying for a mortgage. Now, you may be wondering, what is a mortgage? Below, we’ll look at everything you need to know to understand mortgage loans and what they are all about.
What Is a Mortgage Loan?
Simply put, your mortgage is what you use to pay for your house if you can’t pay for all of it upfront and with cash. In financial terms, it is a type of secured loan used for a financial property that is paid for monthly by the borrower. It is different from other loans in that if you do not pay your mortgage loan, the bank can foreclose on your home since your house is collateral. While you are paying off your mortgage loan each month, you do not technically own your home. However, the second you pay your mortgage off, you officially own your home. All these things are done with the help of credit unions. Choosing a reliable credit union that you can trust is imperative to saving money during the home buying process and planning for your future financially.
Mortgage Loans with BHCU
If you live in Glen Mills or the surrounding area, BHCU is the best credit union for mortgage loans. BHCU is here to offer excellent options to you whether you are buying a new home or just refinancing your existing mortgage. We can bring you top mortgage rates and services through our partnership with State Financial Network (NMLS# 1020019). Whatever your reasoning is for taking out a mortgage loan, we have options for you.
- NEW 5/5 ARM – get the lower rate advantage of an adjustable-rate mortgage but with a fixed interest rate for 5 years at a time.
- Low fixed-rate and adjustable-rate loans.
- First-time homebuyer program with as little as a 3 percent down payment.
- Special purchase programs, including vacation homes.
- Make payments directly from your BHCU personal banking account.
- Be sure to ask us about our loans for investment properties.
Begin Your Mortgage Journey with BHCU
Are you ready to start planning your mortgage loan or simply want to refinance your current mortgage? If you live in Glen Mills or the surrounding area, BHCU is the best credit union for mortgage loans in Delaware County. We have been improving the standard of living for people in the Delaware County community by providing them with financial stability since 1952. Contact us today to learn more about obtaining your first mortgage loan and our current loan rates. We can’t wait to make buying your dream home a financial reality for you!