Consider your long-term plans and financial preferences when choosing between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
- Fixed-rate mortgages have consistent monthly payments – perfect if you plan to stay in your home long-term.
- Adjustable-rate mortgages offer a low fixed rate for an initial term and adjust semi-annually thereafter and are best if you plan to relocate within five to seven years.
- No mortgage insurance requirement for borrowers who can afford a larger down payment, conventional mortgages eliminate the need for costly private mortgage insurance (PMI).
Federal Housing Administration (FHA), Veterans Affairs (VA), and grant-backed mortgages for eligible borrowers that offer lower down payment requirements and flexible credit criteria. Ideal for low-income, first-time borrowers, DACA, ITIN, and active military, veterans, and their surviving spouses.
- Low minimum down payments and loan options with no money down
- Lower interest rates and closing costs
- Higher debt-to-income ratios relative to other loan types
- No private mortgage insurance (PMI) requirements on some loans
- No prepayment penalty on some loans
Buying a home is exciting – but complex. Count on our team of experienced home-lending professionals to guide you through every step of the process. We put together a guide to help you buy your first home with confidence. Find everything you need to know all in one place, including:
- Home buying basics and loan options
- Step-by-step application process
- Post-closing next steps
Thinking of using a real estate agent to help you buy or sell your home? Need more convincing? Take a look at what USC Credit Union’s Right Move program offers home buyers and sellers in Los Angeles and Orange County:
- Rebates on home sales and purchases1
- Discounts on escrow services and home warranties1
- Guaranteed on-time mortgage loan closing1
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1Rebate payment is made by First Team Real Estate and is credited to your benefit at the close of transaction. Purchase price must be greater than $200,000. To receive the 25% rebates, the home sale and purchase transactions must take place within six months of each other. Rebates applicable to California properties only. Members receive a 20% rebate if they sell or purchase a home with a First Team Agent. First Team Real Estate is not affiliated with USC Credit Union. Ask for details. On-time closing guaranty paid by Hallmark/Coast Cities Escrow at the close of transaction. Hallmark/Coast Cities Escrow is not affiliated with USC Credit Union.
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