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Current Interest Rates *, **
FIXED CONFORMING
PROGRAM RATES APR Pmt Per $1,000
30 YR 4.750%

4.784%

$5.22
15 YR 4.250% 4.309% $7.52
FIXED JUMBO
PROGRAM RATES APR Pmt Per
$1,000
30 YR 5.125% 5.150% $5.44
ARM Click any ARM product for more information.
PROGRAM RATES APR Pmt Per
$1,000
10/1 4.875% 5.046% $5.29
7/1 3.874% 4.620% $4.70
5/1 3.625% 4.687% $4.56
3/1 3.125% 4.775% $4.28
 
 
Current Interest Rates*, **
HOME EQUITY LINE OF CREDIT1
PROGRAM RATES APR Pmt Per
$1,000
20 YR 5.00% 5.00% $6.60
HOME EQUITY LOAN2
PROGRAM RATES APR Pmt Per
$1,000
10 YR 4.49% 4.49% $10.36
15 YR 4.74% 4.74% $7.77
20 YR 5.24% 5.24% $6.73
 
*Up to 80% loan to value.
Other rates and terms available
 
Current Interest Rates *, **
FIXED CONFORMING
PROGRAM RATES APR Pmt Per $1,000
30 YR 4.750%

4.784%

$5.22
15 YR 4.250% 4.309% $7.52
FIXED JUMBO
PROGRAM RATES APR Pmt Per
$1,000
30 YR 5.125% 5.150% $5.44
ARM Click any ARM product for more information.
PROGRAM RATES APR Pmt Per
$1,000
10/1 4.875% 5.046% $5.29
7/1 3.874% 4.620% $4.70
5/1 3.625% 4.687% $4.56
3/1 3.125% 4.775% $4.28
 
 
Current Interest Rates*, **
HOME EQUITY LINE OF CREDIT1
PROGRAM RATES APR Pmt Per
$1,000
20 YR 5.00% 5.00% $6.60
HOME EQUITY LOAN2
PROGRAM RATES APR Pmt Per
$1,000
10 YR 4.49% 4.49% $10.36
15 YR 4.74% 4.74% $7.77
20 YR 5.24% 5.24% $6.73
 
*Up to 80% loan to value.
Other rates and terms available

Low Down Payments and Mortgage Insurance

Simply put, mortgage insurance protects the mortgage company against financial loss if a homeowner stops making mortgage payments. Mortgage companies usually require insurance on low down payment loans for protection in the event that the homeowner fails to make his or her payments. When a homeowner fails to make the mortgage payments, a default occurs and the home goes into foreclosure. Both the homeowner and the mortgage insurer lose in a foreclosure. The homeowner loses the house and all of the money put into it. The mortgage insurer will then have to pay the mortgage company's claim on the defaulted loan.

For this reason, it is crucial that the family buying the home can really afford it, not only at the time it is purchased, but throughout the time period of the loan.

Although the cost of the mortgage insurance is paid by the home buyer, or borrower, the mortgage insurer works directly with the mortgage company. Mortgage insurance is available to commercial banks, savings & loans, and mortgage bankers, all of whom offer mortgage loans to home buyers.

Remember that mortgage insurance is not the same as credit life insurance, also called mortgage life insurance. This type of policy repays an outstanding mortgage balance upon the death of the person who took out the insurance policy.

The Secondary Market
The mortgage company's decision to use mortgage insurance is driven by the requirements of investors in the mortgage market. Because of the losses that could occur, major investors require mortgage insurance on all loans made with low down payments.

The three primary investors in home loans are Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Government National Mortgage Association (Ginnie Mae). By purchasing and selling residential mortgages, Fannie Mae and Freddie Mac help keep money available for homes across the country.

Unlike Fannie Mae and Freddie Mac, Ginnie Mae does not actually buy mortgages. It adds the guarantee of the full faith and credit of the U.S. Government to mortgage securities issued by mortgage companies.

The Two Choices: Government Insurance and Private Insurance
Now that we have explained how mortgage insurance works and why it is necessary, let's look at the basic kinds of mortgage insurance. Low down payment mortgages can be insured in two ways: through the government or through the private sector. Mortgages backed by the government are insured by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Farmers Home Administration (FmHA).

Although anyone can apply for FHA insurance, the other two government mortgage guarantee programs are much more targeted. The VA program is limited to qualified, eligible veterans and reservists. This program is very specialized, so contact your mortgage professional for the details. The FmHA insures loans for the construction and purchase of homes in rural communities.

Obtaining conventional financing is the alternative to obtaining a home loan backed by the government. Conventional mortgages are all home loans not guaranteed by the government, including those guaranteed by private mortgage insurers.

Although government and private insurance are based on the same concept of allowing families to get into homes with less cash down, there are many differences between the two. Often, your mortgage professional will play an important role in suggesting and deciding which insurance is selected.

Home buyers must make a down payment of at least 5% of a home's value to be considered for private mortgage insurance. However, under some special programs, the down payment requirement allows the buyer to use a gift or grant to cover 2% of the 5% down payment required by private mortgage insurers. The gift or grant may come from a friend, relative, community group, or other organization.

Private mortgage insurance is available on a wide variety of home loans and there is no preset limit on the loan amount. Although differences such as these may affect whether the mortgage company prefers to work with government or conventional mortgages, your mortgage professional will discuss which one would be better for your situation.

With the wide variety of loans available, home buyers have the freedom to choose the type of loan that best suits their needs. Early on in the home buying process, it is a good idea to meet with several companies to compare the types of mortgages they offer and shop for the best price and terms. Best of all, working with a mortgage insurer can be very easy, whether your loan is insured by the FHA or a private mortgage insurance company, because your mortgage professional handles all of the arrangements.

By making lending money to home buyers safer, mortgage insurance helps more families get into homes of their own.

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NMLS#: 406108 | Federally insured by NCUA up to $250,000. | Shares and Deposits in excess of NCUA limits are fully insured by MSIC. | ehl Equal Housing Opportunity

Copyright © 2017 Jeanne D’Arc Credit Union.  All rights reserved. Jeanne D’Arc©, MoneyStrong© and the phrase. We Share a Common Thread©, are federally register trademarks owned by Jeanne D’Arc Credit Union, and may not be used, displayed or reproduced by any other party without the express written permission of Jeanne D’Arc Credit Union.

** Rates are effective September 19, 2018 are subject to change at any time. Conforming loan sizes up to $453,100 on one unit properties. Conforming rates and APR based on $453,100 loan amount with FICO credit scores of 780 and loan to value no greater than 75%. Jumbo rates and APR based on a $630,000 loan amount with FICO credit scores of 780 and loan to value no greater than 75%. For adjustable rate mortgages, rate may increase after consummation.

1 APR = Annual Percentage Rate. For all Home Equity Line of Credit terms see Important Terms of our HELOC link above. $5.00 Membership Account Required. Up to 80% loan to value. Other rates and terms available.

APR = Annual Percentage Rate. 3.99% APR rate for a 10-year term and an 80% loan to value on your Primary Residence. Other rates and terms up to 20 years available and/or borrow up to 95% loan to value. The 3.99% APR is repayable in 120 monthly payments of $10.12 per $1000 borrowed. Borrow up to 95% (75% for Second Homes) of your home's current value less any secure debt secured by your home with a minimum of $10,000 and a maximum of $250,000. Home Equity Loans are only available on Primary Residence and Second Homes. Rates as of June 17th, 2016 and are subject to change without notice. $5.00 Membership Account Required.

 

NMLS#: 406108 | Federally insured by NCUA up to $250,000. | Shares and Deposits in excess of NCUA limits are fully insured by MSIC. | ehl Equal Housing Opportunity

Copyright © 2017 Jeanne D’Arc Credit Union.  All rights reserved. Jeanne D’Arc©, MoneyStrong© and the phrase. We Share a Common Thread©, are federally register trademarks owned by Jeanne D’Arc Credit Union, and may not be used, displayed or reproduced by any other party without the express written permission of Jeanne D’Arc Credit Union.

** Rates are effective September 19, 2018 are subject to change at any time. Conforming loan sizes up to $453,100 on one unit properties. Conforming rates and APR based on $453,100 loan amount with FICO credit scores of 780 and loan to value no greater than 75%. Jumbo rates and APR based on a $630,000 loan amount with FICO credit scores of 780 and loan to value no greater than 75%. For adjustable rate mortgages, rate may increase after consummation.

1 APR = Annual Percentage Rate. For all Home Equity Line of Credit terms see Important Terms of our HELOC link above. $5.00 Membership Account Required. Up to 80% loan to value. Other rates and terms available.

APR = Annual Percentage Rate. 3.99% APR rate for a 10-year term and an 80% loan to value on your Primary Residence. Other rates and terms up to 20 years available and/or borrow up to 95% loan to value. The 3.99% APR is repayable in 120 monthly payments of $10.12 per $1000 borrowed. Borrow up to 95% (75% for Second Homes) of your home's current value less any secure debt secured by your home with a minimum of $10,000 and a maximum of $250,000. Home Equity Loans are only available on Primary Residence and Second Homes. Rates as of June 17th, 2016 and are subject to change without notice. $5.00 Membership Account Required.