Gundersen Credit Union is committed to helping you find the right mortgage product to fit you and your family's needs. We help make the process of securing a mortgage simple and straightforward by offering you tools to assist you in making sound financial decisions.
Whether you're a first time home buyer or a current homeowner looking to leverage your home's equity, Gundersen Credit Union is ready to help you!
Explore fixed-rate and Adjustable-Rate Mortgage (ARM) options to find the loan that fits your personal needs.
NMLS Consumer Access
A free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state.
Homebuyer Education by Freddie Mac
Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
Fannie Mae – Home Buying Process
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets. Home Buying Process guide on their website offers valuable information about buying a home. This website also provides important information for home owners.
U.S. Department of Housing and Urban Development – Buying a Home
U.S. Department of Housing and Urban Development website provides extensive information about buying a home including affordability, borrower’s rights, tips and tricks for shopping for a loan, and details about different home buying programs including FHA loan programs and other special programs.
United States Postal Service Official Movers Guide
What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help make the moving process easier.
HUD Approved Housing Counseling Agencies
The U.S. Department of Housing and Urban Development (HUD) provides a list of approved agencies that you may contact for your counseling needs including educational workshops for potential homebuyers. Narrow down your search for an agency near your work or home.
Consumer Handbook On Adjustable-Rate Mortgages
This handbook explains how ARMs work and discusses some of the issues that borrowers may face. It includes ways to reduce the risks. Important ARM terms are defined in the glossary. The Mortgage Shopping Worksheet can help you ask the right questions and figure out whether an ARM is right for you. Ask a Gundersen CU Mortgage Representative to help you fill out the worksheet so you can get the information you need to compare mortgages.
Frequently Asked Questions
Q1 : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
Q2 : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
Q3 : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Gundersen Credit Union can help you evaluate your choices and help you make the most appropriate decision.
Q4 : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company
Q5 : How much cash will I need to purchase a home?
A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase or refinance a house