Belco Community Credit Union

Qualifying for a mortgage is a big step on the way to becoming a homeowner. Here’s what you need to know about credit checks, pre-qualification, income verification, and down payments. How to Qualify for a Mortgage Qualifying for a mortgage means you are firmly on the road to becoming a homeowner, but getting there can be a nerve-wracking process! Let’s take a look at what goes into a typical mortgage approval process and answer some of the questions you may have. What Do You Need to Qualify for a Mortgage? To qualify for a mortgage you’ll need to demonstrate to your bank or credit union that you’re willing and able… read more »

Paying off your mortgage early comes with a variety of benefits like eliminating debt, saving money on interest payments, and increasing your cash flow! Your mortgage payment is likely to be your highest monthly payment amount.  Keep reading below where we cover some tips and strategies for early payoff. Take these into consideration to help you achieve your goal of paying off your mortgage early. Benefits of Paying Off Your Mortgage Early The sooner that you pay off your mortgage, the less interest you’ll have to pay on the loan. This can save you thousands of dollars over the course of your loan regardless of your chosen term!  Using your… read more »

Buying a home is an exciting experience! And, it doesn’t have to be overwhelming when you understand the steps. Whether or not you’ve been through the process, if you’re considering buying a home, now is the time to brush up on what to know about mortgages before applying. Here, we’ll walk you through how mortgage payments work, the application process, and what mortgage options you have once you’ve made the purchase. How Mortgage Interest Works When it comes time to purchase a home, you’ll hear a lot about rates. Think of an interest rate as the price you pay for using someone else’s money. More specifically, your mortgage rate is… read more »

With interest rates trending downward over the last several months, refinancing is all the rage. For many, refinancing an existing mortgage to a home loan with an interest rate that’s lower than their current rate, could hack hundreds of dollars off their monthly payment. This can easily add up to thousands of dollars in saved interest paid over the life of the loan. However, refinancing is not always a good idea. Here are six bad reasons to refinance a home loan. 1. To extend the term of the loan Refinancing a mortgage with a lower interest rate can save you money each month, but be sure to look at the… read more »

If you’ve been paying off your current mortgage for a while, it may be a good idea to refinance. By refinancing, you pay off your current loan and replace it with one that (ideally) has more favorable terms. However, it’s important to know whether it’s worth it to refinance your mortgage. During refinancing, you’ll go through the entire application and approval process over again, so it should at least balance out the costs in the end. The Best Times To Refinance A Mortgage Typically, the best times to refinance a mortgage are those that will net you large savings over the life of the loan. These circumstances include: Market rates… read more »