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Today's Mortgage rates as low as:

Updated: 11/13/19

30 Year Fixed

4.000% Rate

4.202% APR

Estimated Payment: $484.12

15 Year Fixed

3.500% Rate

3.777% APR

Estimated Payment: $728.67

30 Year FHA

3.625% Rate

4.525% APR

Estimated Payment: $449.21

HomeReady: 1st Time Home Buyer

3.750% Rate

3.934% APR

Estimated Payment: $457.04

All rates provided are with no points. Rates are subject to change without notice and are not locked in until confirmed by your loan officer. APR is based on loan amount and credit tier and may be different than shown. Estimated payment is based on $100,000 loan amount, excellent credit, and includes principle and interest. Property taxes, homeowners insurance, and mortgage insurance are not included in estimated payment. Additional programs are available. Rates quoted are for primary residences. Not all applicants will qualify for published rates.

Contact CTCU at 847-662-2050 x296 for further details.

By submitting an online application you are authorizing credit to be pulled on each borrower

1. How do I know how much house I can afford? Answer
2. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
3. How is an index and margin used in an ARM? Answer
4. How do I know which type of mortgage is best for me? Answer
5. What does my mortgage payment include? Answer
6. What is the minimum down payment requirements? Answer
7. I have heard due to new regulations, closings can be delayed, how so? Answer
8. Does CTCU offer VA loan financing? Answer

Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Community Trust Credit Union can help you evaluate your choices and help you make the most appropriate decision.
 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
  • PMI (private mortgage insurance) is required if a less than 20% down payment is put towards the purchase.
  • Additional items that may be added to your monthly housing expense is flood insurance (if required) HOA (home owners association) dues if applicable, and maintenance or upkeep of the property.
  •  
    Q : What is the minimum down payment requirements?
    A :

    While most programs require a minimum of 5% down if not more, there are a few programs that allow as little as 3% down, including the first time home buyer program known as HomeReady, as well as FHA products. Contact a loan officer for additional details. In addition to the down payment, make sure to budge for the following:

  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
  •  
    Q : I have heard due to new regulations, closings can be delayed, how so?
    A : In 2014, and then again in 2015, the CFPB (Consumer Financial Protection Bureau) released new regulations to assist the borrowers in understanding the terms and finances of purchasing a new home. In turn, lenders, title companies, and attorneys have additional requirements which has added some additional time to closings. We recommend allowing for a minimum of 45 days from the time the contract is signed to an agreed closing date.
     
    Q : Does CTCU offer VA loan financing?
    A : Currently, CTCU does not offer VA financing. However, please check back with us to see if we add this product in the future.
     

    Staff

    Jeff Dempski

    Vice President of Lending

    jeff.dempski@ctcu.org

     

    Lisa Cooper

    Mortgage Specialist

    lisa.cooper@ctcu.org