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My CU is Offering Good Rates

February 15th, 2012 at 05:10 pm

I decided to look up what my primary credit union is offering on mortgage rates last night. I was really surprised to see them offering 3.097% for a 15 year mortgage and 3.397% for a 30 year mortgage. They also have 20 year, 25 year, 10 year, 5 year, and 40 year (ouch) mortgages for similar interest rates. I was really surprised. I mean, I know (in my head) that they have always been good, but I didn't realize they were that good.

I hope they still have such low rates next year. They are also offering these loans for as low as 3% down with 1.5 points. I don't like that idea so well. I don't like seeing it go below 10% downpayment, and of course 20% is preferrable. Of course, they have much stiffer requirements on who can actually get these loans than your standard bank, but it makes me a bit uncomfortable to see them offering 3% down because of all the foreclosures and short sales in this town. I don't want to see my financial instituition become insolvent.

Posted in | 4 Comments »

4 Responses to “My CU is Offering Good Rates”

  1. PauletteGoddard Says:
    February 15th, 2012 at 05:33 pm 1329327193
    1329327193

    A house-hunting woman I know will be happy to see some places still offering 97% LTV mortgages. We were thinking the banks and credit unions were approving only 10+% down payment mortgages, and 20+% down payments on income-producing rental properties.

  2. MonkeyMama Says:
    February 15th, 2012 at 09:26 pm 1329341167
    1329341167

    Lord knows I still don't know anyone buying with any money down. (To be fair, I've seen a lot of VA loans - $0 down). But I think FHA is only 3% down. It's ridiculous.

  3. LuckyRobin Says:
    February 15th, 2012 at 11:23 pm 1329348211
    1329348211

    They are really strict on the debt to income ratio and your income, etc. They really want to be sure you can afford it, but if you can't afford a 10% downpayment, I just don't think you have any business getting a loan.

  4. rob62521 Says:
    February 16th, 2012 at 12:06 am 1329350773
    1329350773

    It worries me when prospective home buyers do not have to have much of a downpayment...it often means these folks feel it is easier to walk away when things get tough because they don't have much money invested.

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