Home Ready – A mortgage loan for low-income borrowers who don’t have a large down payment. As little as 3% down payment required. Income is capped at 80% of the area median income (AMI)

FHA – 15- and 30-year terms -A FHA loan differs from a conventional mortgage loan because it is designed to assist borrowers who may need more flexible guidelines to qualify.

USDA – No down payment required. Income and property must be eligible

VA – Offered to Veterans and active military borrowers

Adjustable-Rate Mortgages – 30-year terms – 5/5 and 15/1 options

Can I get pre-approved for a mortgage loan?

Yes, with a completed application

Getting pre-qualified and pre-approved with TRAX FCU before you start looking for a home can streamline the process and set you up for success. You’ll have a clearer understanding of the homes that fit your budget and needs, and being pre-approved can make you a more attractive buyer to sellers.

What is the difference between pre-qualification and pre-approval?

Pre-qualification: An estimate of how much a borrower may be able to borrow based on unverified information provided by the borrower, such as income, assets, and debts.

Pre-approval: A more detailed review in which the lender evaluates verified financial documentation—such as pay stubs, asset statements, and credit history—to issue a conditional approval for the borrower.

When should I refinance my mortgage?

You should consider refinancing your mortgage when the numbers and your goals both make sense. Common situations include:

Lower interest rates are available – common rule if the present rate can be lowered by .5 to 1% this is a good time to consider refinancing
Doing home improvements
Changing the term
Borrower wants to change the type of loan – ARM to a fixed rate, FHA to conventional
Borrower wants to use the equity for debt consolidation, buy a vacation home, college, etc.
The borrower wants to remove private mortgage insurance (PMI)

Open Account Apply For Loan

Phone

(800) 769-1424

Address

3710 N. 50th Street, Tampa, FL 33619

Routing Number

263183049

NMLS

236777

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