Purchase a New Home, Refinance Your Existing Mortgage, or take out a Home Equity Loan with the Century Federal Home Team and score big!
The Home Team: Why Century Federal should be your preferred mortgage lender
For most of us, buying that first home, refinancing, or cashing in on your home's equity is a stressful experience. It can also be a lengthy, and sometimes, confusing process where potential, and sometimes very costly, pitfalls trip up unprepared consumers. Luckily, the Century Federal Home Team makes your home lending experience easier, with a dedicated team to help you learn about, and get started with, all of your mortgage lending needs.
With mortgage rates at historic lows, now is a great time to consider refinancing your home. Additionally, with home values on the rise, this may be the perfect combination for lowering your payments or shortening the term on your mortgage. You can even cash-out refinance to tackle those home improvement projects you've been wanting to get started!
Should I Get Pre-Approved?
When looking for a new home, a pre-approval is ideal to find out how much you’re qualified to borrow and lets the seller know that you’re serious about buying.
- Shop for a home with confidence, knowing that you have a firm lending commitment.
- Show sellers and agents that you’re a serious buyer.
- Streamline your home search by looking at homes in your price range.
to take our Mortgage Quiz to find the right Century Federal mortgage loan for you.
to calculate how much home you can afford, or how refinancing can help you save money each month, take time off of our mortgage, or possibly both!
How Much Home Can I Afford?
Before you purchase your first home, there are important things to do and know.
Refinance Your Mortgage and Save!
With mortgage rates at historic lows, now is a great time to consider refinancing your home. Additionally, with home values on the rise, this may be the perfect combination for lowering your payments or shortening the term on your mortgage.
Refinancing a mortgage means paying off your existing home loan and replacing it with a new one. There are many reasons why homeowners refinance:
- To obtain a lower interest rate
- To shorten the term of their mortgage
- To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (or vice versa depending on how long you plan to stay in your current home)
- To tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, pay for college, or consolidate debt
- Click here to determine how low your monthly payments could go after refinancing with Century Federal!
Did You Know?
Even if you have a mortgage with another lender, you can bring that mortgage over to Century Federal to refinance and save big!
Rapid Rate Reduction
If interest rates drop during your loan application process, your rate drops...automatically! And, if rates go back up, your rate will remain locked in at the lower rate, which guarantees that your mortgage is financed at the lowest rate possible! For instance, if the rate is at 3% when you apply for your loan, and rates drop to 2.75% before closing, your rate will automatically drop as well. Take advantage of these historically low rates today!
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. In other words, your monthly principal and interest payments won’t change. This is an option to consider for those who plan to stay in the home they want to purchase for 15+ years.
You only pay $250 in closing costs with our low-cost mortgage product! This is right for you if you aren’t wanting to spend a ton of money on closing costs.
An adjustable-rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. This is an option to consider if you plan to stay in your home for 15 years or less.
Affordable mortgage options with FHA, VA and USDA
Century Federal has partnered with myCUMortgage® to offer VA and FHA loans to our veterans, and to members seeking more affordable home loan options. The down payment requirements with these loans types is typically as low as 3.5% of the current market value of your home.
Let our mortgage professionals help you determine the mortgage product that best meets your needs. Get started today and contact our Mortgage Loan Consultant at 216-535-3211.
A second mortgage is a loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. This is a good idea for you if you’re thinking about debt consolidation, home renovation projects, paying off student loans or wanting to take a vacation.
HELOC - Home Equity Line of Credit
A HELOC is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. So technically, it works like a credit card. Similar to a second mortgage, you borrow against the value or equity in your home. This is a very versatile loan type and can be used for all the same purposes as the Term-Second Mortgage.