Home Loans and Lines of Credit
Make Your Homeowner Dreams Come True
Buying a home is the biggest financial decision most of our members will ever make, but it doesn’t need to be a scary decision, nor should it lock up your finances. Read on to learn how we can help you buy a home and leverage its equity.
First Mortgages
Whether you’re a first-time homebuyer or are looking to purchase your fifth, The District Credit Union can help you achieve the dream of owning a home. Our first mortgage loans boast outstanding fixed rates for a specified period of time, so there are never any surprises. And if your mortgage isn’t something that fits in our spectrum, we partner with Pivot Lending Group to ensure you get the service you deserve.
Second Mortgages and Home Equity Lines of Credit
Our second mortgage (home equity loans) and home equity lines of credit provide you with funds up to the equity you have in your home. You can use these funds to make home improvements, consolidate high-interest debt, finance your education—any purpose really. Our second mortgages are a fixed rate for a specified period of time. If you prefer more flexibility, our variable-rate Home Equity Line of Credit (HELOC) can be drawn on at any time (like a credit card) for however much you need, for up to 10 years. With a HELOC, you can use what you need as you need it. The amount of your loan, with both a second mortgage or a home equity line of credit, is based on the equity you have in your home.
Manage Your Home Equity, Pay Off Loans Faster
Check out our free education center for more information on home equity and home loans.
Bi-weekly Payment Calculator
Using biweekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this calculator to compare a typical monthly payment schedule to an accelerated biweekly payment.
Payment Protection Credit Insurance
The District Credit Union offers Payment Protection Credit Insurance to help you protect more than just your credit rating. Payment Protection Insurance is designed to help you meet your loan repayments in the event that you are unable to work as a result of an accident, sickness or involuntary unemployment. Contact us about this program if you are applying for a loan.
First-Time Homebuyer?
Thinking about purchasing your first home, but not sure how to go about it? Start by having a conversation with your credit union. Together, we can walk through some of the scary questions that most first time homebuyers have.
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Why Buy?
There are many reasons to look at home ownership including tax deductions, appreciation on your investment, excellent rates, solid home values and control of your property.
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Am I Ready to Buy?
This is a hard question to answer, but if you have good income, good credit, and the savings for a down payment, now may be the time to buy. Just don’t forget to factor in your future plans (career, family, schooling, and if you plan to stay in the community). You can also use our Rent vs. Buy calculator to help you decide.
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What Type of Home?
Are you good with your hands…then you may want a fixer-upper, not so good at that type of stuff…maybe you want new construction, either way make sure you consider all aspects of the home, in all seasons.
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Are There Special Programs for First Time Homebuyers?
The District Credit Union and our partner, Pivot Lending Group, offer a variety of programs including first time buyer down payment assistance, closing cost assistance, and many more. Ask us today.
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How Much Can I Afford?
As a general rule, housing costs should not exceed more than 29% of your gross income. However, there are many things to consider when figuring out this question. The best idea is stop in today and get pre-approved. A pre-approval is possibly the most powerful tool you can have in the first time buyer process.