GPO home lending 101: Mortgage options


♪♪♪♪ At GPO, people mean
much more than money. We go the extra mile to
build financial solutions around the needs of
real people, like you. We’re committed to
providing you with competitive, convenient
and responsible home lending
options. With choices, flexibility
and personal service, let our expert mortgage
team help you decide which mortgage
works best for you, your budget
and your lifestyle. Whether you’re
purchasing your first home or refinancing an
existing mortgage, trust your
credit union. Free mortgage analysis.
Affordable closing costs. Easy application process,
in-person or online. Get a mortgage
pre-qualification With a mortgage
pre-qualification, you’re one step ahead
of other home buyers. This will help you
know how much home you can
afford to buy. It should be
the first step to your
home-buying process. Based on information
received from you with no
commitment, a pre-qualification
is free and can be done right
over the phone. If you’re looking
for a new home, contact a member of
our mortgage team and get
pre-qualified today. Picking the
best mortgage GPO offers a variety
of mortgage options … They include
FHA, fixed-rate, adjustable rate, VA, USDA and
lifestyle mortgages. An FHA
loan is a Federal Housing
Administration mortgage available for those
who are first-time home-buyers or
have limited funds available for a
down payment. This program also
allows gifts to help cover the down-payment
and closing costs. Those with lower
minimum credit scores may qualify for
an FHA mortgage, but will still need
a regular income and employment
stability. If you prefer
regular payments with no surprises, fixed-rate mortgages
could be your choice. It’s a good option
for those with limited or fixed
income and who plan to stay
in the home for a long time or for times
when rates are low. Features include
terms up to 30 years; extended
rate locks; purchase or refinance
existing mortgages; second home and
investment properties; and one-to-four
family homes, condos, manufactured
homes, housing and urban development
properties and planned unit
development properties. 25-year conventional
mortgages are available with
down payments as low as 10 percent,
no escrow and and no
mortgage insurance. If you want to
free up money in the short term
for other investments, plan to move
or refinance within a few years,
an adjustable-rate mortgage may
fit the bill. You may qualify
for a larger loan amount than with
fixed-rate mortgages. Features include
attractive capping structure; one-year
adjustable-rate mortgages that
are convertible; extended rate
locks; and up to 95 percent
financing available. Eligible veterans,
service members and spouses may qualify
for VA mortgages. This option doesn’t
have a down-payment requirement under
certain conditions, and private mortgage
insurance is not required. A USDA mortgage
is for low- and moderate-income,
rural home buyers in qualifying regions. There is no down
payment required, and seller’s concessions
are allowed. GPO’s in-house
lifestyle mortgage is the perfect option
for members who want to pay off
their mortgage quickly. It accelerates
the payoff of a current
mortgage, while locking in
today’s low rate. This first-lien mortgage
will give you the option of five
to 25-year terms; fixed-rate
mortgages; easy payment
plans including bi-weekly
payments; up to 90 percent
financing; no points; 45-day rate
lock; and average closing
costs are less than typical secondary
market closing costs. Looking to build
your home? You dream the
home; let GPO handle the loan fast
and hassle-free. We’ll save you
time and money with our
construction loans. You can use the
value of your land as equity to
finance your home. Secure the best
possible interest rate with lock-in
and float options. From custom-designed,
stick-built and modular homes,
GPO will walk you through the process
without leaving you in the dark. Updating your home? Your home is
one of the biggest investments that
you will ever make. Benefit from that
investment when you need to make
home improvements, take a vacation or
pay college expenses. With a GPO home
equity, you’ll get competitive fixed
or variable rates, flexible payment
terms up to 15 years, payment protection
plans, and local service with
quick turnaround. Borrow funds as
you need it, and only pay interest
on what you borrow. You can even apply
in-branch or online with our GPO
At Home application. For more
information about home lending
products, call our mortgage team
at (315) 724-1654 or online
at gpofcu.com. ♪♪♪♪

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