Home Loans

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HOME MADE MEMORIES

Open the door to your dream with a home loan from EXCEL! Whether you’re looking to purchase a home or wish to unlock your equity in the place you already own, our financing options may help.

For many, the possibility of owning a home may only be a dream, and buyers with poor credit may struggle to obtain a home loan. Finding your first dream home can be a reality with EXCEL.

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Convenient online application

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Flexible terms and competitive rates

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Down payment assistance

EXCEL offers two types of Home loans: Mortgages and Home Equity Line of Credit. While these two types of loans seem to provide the same outcome, they are actually very different. A mortgage is the original loan used to purchase a home.  A Home Equity Line of Credit is used after you have already bought a home and started to accumulate equity by making monthly mortgage payments. Rather than having a fixed sum offered upfront by the bank or credit union, you will have a sum that acts more like a credit card, with the equity in the home standing as collateral for the loan. This means that you can draw on it as needed and pay it back over time.

Have questions? We have answers! Here are some FAQs:

ARE CREDIT UNIONS BETTER FOR HOME LOANS?

If you are looking to buy a house, one of the first things you should do is get approved for a loan. Doing this before you start looking at houses allows you to provide real estate agents and sellers an approval letter stating you can afford the house, find out how much house you can afford, and make the rest of the home buying process go more smoothly. These days, home loans are available just about anywhere. From home loan brokers, banks, and online home lenders, it may be tough to find the best available option with so many resources. Fortunately, making the decision to get a home loan through a credit union provides a few advantages. 

WHY CHOOSE EXCEL FCU FOR YOUR HOME LOAN?

Buying a home can be stressful and most likely one of the most important financial decisions you will make.  You want a lender  you can trust to help you along the way and to answer any questions that come up. Excel Federal Credit Union offers many advantages to partnering with us including:

  • Access to other banking resources
    • Having a single provider that can handle all your banking needs is convenient and less stressful than having to deal with multiple providers. Excel provides a great way to consolidate all your banking needs  into one location. In addition, Excel  is set up to handle any investment type or loan you need – including auto loan, mortgage loan and home equity loans. 
  • Access to Home Equity Loan or Home Equity Line of Credit. 
    • You can Apply for a  home equity loan or line of credit at any time during a home ownership process. Whether you are buying a home and are looking to use a home equity loan as part of the down payment in order to avoid private mortgage insurance – or you have owned your home for awhile and you would like to renovate, having access to a credit union you already have a relationship with can make this process much easier.  
  • Less likely to sell your mortgage loan
    • If you already have a mortgage, then you are probably aware of the fact that lenders routinely sell the loans to different lenders or servicers. As a homeowner, this can be highly inconvenient, as each time your mortgage is sold, you have to begin making your monthly payments to a new company and location, and there is always the chance that a mistake occurs along the way. Unlike lenders, credit unions are less likely to sell your mortgage meaning you have a higher chance of dealing with the same servicer for the entire lifespace of the loan. 
  • Personalized service
    • A huge advantage of getting a home equity loan from a credit union is being able to visit the branch in person if you have any issues with the mortgage process or questions. Excel  works to provide excellent customer service by anticipating, understanding and  meeting the needs of our members. Our size allows us to be nimble and agile – able to pivot quickly to adjust interest rates, terms or answer customer questions. 
  • Approval rates are higher
    • One of the benefits of being a member at a credit union is that they are more likely to approve mortgage applications. Even if your credit score, income and assets are not in the greatest shape, credit unions are more likely to customize a mortgage package for their members. In addition, if you are already a member of the credit union when you apply for the mortgage or home equity line of credit, you may be pre-approved based on your previous account history with them. 
  • Interest  Rates are typically Lower
    • Credit unions are able to offer lower interest rates than what’s offered by lending agencies because they hold your loan “in house” and operate as nonprofit institutions. Credit unions tend to  offer more reasonable, customer friendly interest rates and can save you money in closing costs, insurance, fees etc. Contact Excel Credit Union today to learn how we can work with you on your home loan interest rate.
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Found a home loan that looks right for you? Let’s get started!