Securing affordable financing for a home purchase is not always an easy task. Mortgage lenders need to feel confident in your ability to repay the loan over a number of years. If you have questionable credit history or low income, lenders may view you as a higher risk and ultimately charge you more for the mortgage loan through a higher interest rate. As your financial situation poses less risk to mortgage lenders, refinancing your mortgage loan can be a viable solution for reducing your monthly payment as well as the total cost of borrowing.
Currently, Wasatch Peaks Credit Union is making the refinance process less costly by offering a free appraisal for new refinance applications. The offer is available for mortgage loans not currently held with the credit union up to $417,000 for conforming loans and $2,000,000 for jumbo loans. The appraisal offer is credited at the time of closing on the new mortgage and is available for up to $450. Other closing costs may or may not be covered by Wasatch Peaks Credit Union.
Mortgage loans available through Wasatch Peaks Credit Union include 7, 10, 15, and 30 year fixed options. Depending on the loan-to-value ratio for the home used as collateral for the mortgage, private mortgage insurance may be applied. The credit union offers mortgage loans with down payment options as low as 5%, as well as FHA streamlined refinance program loans.
Borrowers must qualify based on credit history, income verification, and the home’s loan-to-value ratio (not to exceed 97% for some home loan programs). In addition to credit requirements, borrowers must be eligible for membership with Wasatch Peaks Credit Union. Individuals who qualify for membership include the following:
Wasatch Peaks Credit Union was established in 2011 after a merger of regional credit unions was approved. The credit union offers access to mortgage loans, personal and auto loans, deposit accounts, and other financial services to more than 32,000 members throughout the state of Utah. The credit union operates eight full-service branch locations as well as a vast network of fee-free ATMs.
Homeowners interested in the free appraisal offer from Wasatch Peaks Credit Union may gather additional information by visiting a branch location, by calling a member service representative at 1-800-331-7549, or by visiting the credit union online.
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