Why get a mortgage loan at Democracy FCU?
Mortgage loans ensure people can secure and purchase their perfect home. These loans have no collateral other than the home itself. This means that until the borrower successfully pays off the home, the lender still retains ownership of it. They can sell it to recoup finances if the borrower is unable to make payments. Mortgages are long-term investments, often ranging from 15 to 30 years. Borrowers are responsible for both the initial amount borrowed, also referred to as the mortgage balance or principal, and any interest accrued over time. Borrowers must also make an initial down payment to secure the loan, as well as submit an application based on a pre-approval for the lender to gain a sense of the amount owed with respective interest. To apply for a traditional mortgage loan, you typically need to provide proof of income, tax returns, a list of assets, any sustaining debts, credit reports, and financial gifts or help from friends or family.
Democracy FCU is here to simplify the process. We have a range of mortgage and home equity loans available. Our home equity loans are based on a fixed monthly income with loan amounts between $10,000 to $250,000 or 85% of your home’s market value. We also offer fixed-rate mortgages, where the monthly principal and interest rates stay the same for the entirety of the loan. Furthermore, you can consider an adjustable-rate mortgage (ARM mortgage), which has a lower interest rate adjusted based on index rate trends. ARM mortgages can be cost-efficient solutions for those looking for lower interest rates than fixed rates. Democracy FCU is proud to offer even more options than these, such as reverse mortgages, first-time home buyer options, and 5/5 ARM mortgages. We’re the leading financial credit union for mortgage loans, so call us to learn more about our credit services today. We proudly serve the metropolitan DC area!