 Have
you been saving for a new home for years? Is it time to relocate?
Do you need to upsize or downsize? Or are you consolidating
debt, remodeling, buying new appliances, or updating your
home office? No matter what you want to do, Knoxville TVA
Employees Credit Union has a mortgage loan for you.
Your Credit Union offers a wide variety
of mortgage loans. One of them is just right for you. Come
in and speak to one of our friendly loan officers at your convenience. Click
here for more information and to apply.
An ADJUSTABLE RATE MORTGAGE, commonly referred to as an ARM,
has a fixed rate for a specific period of time, after which the interest rate
adjusts annually to the prime interest rate set by the Federal Reserve. For
example, a 5/1 ARM has a fixed interest rate for five years, then beginning
with the sixth year, the interest rate adjusts annually. Depending on how long
you are planning to stay in your home, an adjustable rate mortgage can help
you get the lowest interest rate possible.
The BALLOON MORTGAGE typically offers low rates for an initial
period of time, after which the balance of the mortgage is due or refinanced
by the borrower.
The BRIDGE (or SWING) loan is a second trust that is secured
by the borrower’s current home (which is usually for sale) that allows
the proceeds to be used for closing on the new house before the present home
is sold. If you’ve found the home of your dreams, but haven’t sold
you current home, this may be an option for you.
A CASH-OUT REFINANCE is when the amount of the new loan exceeds
the amount needed to pay off the old loan, closing costs, points and the amount
required to satisfy any outstanding subordinate mortgage liens. With this loan,
you can receive extra money and use it any way you want. This is a great way
to get money to remodel your house or take the vacation of a lifetime.
The UNIMPROVED LAND LOAN will help you buy all the vacant
land you want. Ask us how!
A CONVENTIONAL LOAN is a private sector loan that is neither
secured nor guaranteed by the U.S. government.
The CONVERTIBLE ARM is a type of adjustable rate mortgage
that includes an option for the borrower to change the mortgage to a fixed
rate mortgage. Some fees are involved and conversion must usually be requested
within a specific time frame.
A FIXED RATE LOAN locks in a particular interest rate for
the entirety of the loan. So no matter what the prime rate adjusts to annually,
your interest rate remains the same, usually resulting in the same mortgage
payment each month. Fixed rate loans are available in several time frames,
the most popular being 15 and 30-year options.
The HOME EQUITY LOAN is a closed end loan, meaning you borrow
a specific amount of money (“lump-sum”) at the time the loan is
closed. It is secured by a mortgage on your principal residence and is generally
used for some non-housing expenditure.
 A HOME
EQUITY LINE-OF-CREDIT is a loan secured by real
property that allows you to receive the loan proceeds in
the form of multiple advances up to a limit that represents
a maximum percentage of the equity in your property. This
is a great loan to help you get started on those long-awaited
home improvements. Need cash fast? Apply TODAY, get an
answer TODAY!
When you are ready to start talking about
the best Mortgage Loan for you, simply contact the Lending
office at 865-544-5409 or 800-467-5427. |
