Adjustable-Rate Mortgages

We offer a variety of mortgage programs designed to fit your needs. We offer fixed- and adjustable-rate conventional mortgage programs, as well as land loans and loans to purchase a manufactured or vacation home.

Purchasing a home is one of the biggest financial decisions of a lifetime for many members. The type of mortgage you choose should depend on what will work for your particular situation. Some members purchase a home and know they are planning to move or buy a bigger home as their family grows. In this case, an adjustable-rate mortgage might make more sense, as the rate is fixed for a time period and then can change depending on the program. On the other hand, if you feel more comfortable knowing what your payment will be consistently and you plan on being in the home for a long time, a fixed-rate loan may be best for you. Our mortgage loan officers can help you make that decision and go over all your options when the time is right.

Although we don’t offer an official pre-approval program, we can provide you with a prequalification letter to present when making an offer on a home. This can be provided once you have completed an application with us. The prequalification letter is issued with the stipulation that the information you provided is accurate. If the information cannot be verified, the prequalification would be void.

Pre-qualifications are valid for 90 days. There is, of course, the option of extending the pre-qualification by notifying your mortgage loan officer. Many members use the pre-qualification letter to be able to put in offers on property they would like to purchase. The pre-qualification letter will have the date the commitment expires so members can refer to that as well.

3% is the least amount you would need to put down on the purchase of a home loan.

There are 4 key factors that we look at to determine if we can approve a mortgage:

• Credit history: It's important to pay your bills on time, and when you do, it gives the lender the impression that you will pay your mortgage on time as well.
• Income: Steady and consistent income is important and helps us determine if you can afford the loan amount and which mortgage product would best fit your needs.
• Job history: We like to see two years of history in your current position and no lengthy gaps in employment overall.
• Current debts: We use your current debts and add the mortgage payment—including taxes and insurance—to determine the loan amount that is right for you and your situation.

It's also important to note that we look at the whole picture when determining if someone will be approved for a loan. Everyone's situation is different, and we keep that in mind when reviewing a loan application. Please note that all mortgages are subject to an appraisal and must have clear and sufficient title.

Closing costs consist of a variety of fees, which can include a home inspection, an appraisal to determine the value, a title search to ensure there are no unknown liens or encumbrances on the property, along with recording and origination fees. Here at HRCU, we strive to keep your costs down as much as we can. Meeting with one of our mortgage loan officers would be the best way to get a more accurate picture of what those costs might be for you.

• Step 1: Log in to our Mobile Banking app or Online Banking via desktop. Go to your Dashboard and select Transfers to get started.
• Step 2: Click Make a Transfer to schedule a new transfer (or payment). You can also add an HRCU or external account. When you click From Account, you can select your HRCU account or add an external account you'd like to make the payment from. When you click To Account, click on your home loan that you would like to make a payment on.
• Step 3: Select where and how much you'd like to transfer between account. When making a payment, you can choose to make a Regular Payment, Pay Off, or Principal Only payment if paying on a loan.
• Step 4: Choose the frequency of the transfer as well as the start date. You can choose to make a One-Time Payment, or you can make recurring payments Daily, Weekly, Biweekly, Monthly, End of Month, Semi Monthly, Every Other Month, Every Four Weeks, Quarterly, Every Six Months or Yearly.

One of the main differences between these two types of loans is the home equity loan has a fixed interest rate while a home equity line of credit has a variable rate. Also, on a home equity loan you receive all the funds for the loan at closing whereas the line of credit allows you to draw the funds out when you need it. One of our mortgage loan officers would be happy to review both types of loans and help you determine which one meets your needs.

We offer manufactured home loans for homes that are 15 years old or newer. There are some requirements that have to be met for this type of loan in addition to the age to include it must be on its own foundation or slab. For other details on this type of loan, please contact one of our mortgage loan officers who will be happy to review all of the requirements with you.

Yes, we do offer land loans for an amount that is up to 70% of the appraised value or sales price, whichever is lower. The land must be a buildable lot and maximum term is 10 years.

We do not have a distance requirement for this type of loan as many people may live on the surrounding Seacoast area and purchase a vacation home on a lake or in the mountains. If you have questions, our mortgage loans officers are always willing to assist you.