FOR IMMEDIATE RELEASE –Choice One Credit Union, with offices in Plains Township, Wilkes-Barre, and Hazleton, announced that it is waiving its $400 mortgage loan processing fee on all new home purchases. This is a tremendous saving for borrowers when applying for a new mortgage loan.
With interest rates expected to rise again, this is coming at the ideal time for homebuyers to still take advantage of a low-rate mortgage loan and now save on fees as well. If you are in the market for a new home, here are some things to consider.
Considerations when buying a new home
A good rule of thumb for knowing what you can afford on a mortgage payment is not to spend more than 28% of your monthly gross income on your mortgage. This includes property taxes and insurance. To figure out this amount, just take your monthly gross income and multiply it by .28. This will give you a rough estimate of what you afford to spend a month on your mortgage.
Keep an eye on interest rates. As we mentioned above, rates are expected to rise again, so be aware as you are shopping for a home. Shop lenders and compare rates. While low rates are always important, keep fees in consideration when comparing lenders as well. While Choice One Community Credit Union is waiving its $400 mortgage loan processing fee, other lenders may tack on a hefty fee. Ask for all mortgage loan fees and costs in advance, so you can use it as another determining factor, along with interest rates.
Benefits of a Choice One mortgage loan
- Waived mortgage loan processing fee
- Low fixed rates
- Qualified borrowers finance up to 95% LTV (Loan To Value)
- Flexible terms
- FHA (Federal Housing Administration) mortgages are available with as little as 3.5% down if qualified
- Low closing costs
Choice One Credit Union serves more than 13,000 members. If you live, work, worship, attend school or own a business in Luzerne, Lackawanna, or Wyoming Counties, you are eligible to join the credit union. In addition to mortgage loans, Choice One offers financial products and services for every stage of life. This includes loans for every need, as well as online and mobile banking, checking, savings, and investment products.
Read some helpful financial tips in these Choice One blogs