Home and Mortgage Loans

Texas Federal Credit Union (NMLS#787584) provides mortgage loans by partnership with CU Members Mortgage, a division of Colonial Savings, F.A.(NMLS#401285). CU Members Mortgage offers competitive market rates on over 100 types of mortgage loans! Please contact them at 1-800-607-3474 or visit them at CU Members Mortgage Website.

Six Important Questions to Ask Your Mortgage Lender

At Texas Federal Credit Union it’s important to us that you get the best interest rate possible on your mortgage. However, shopping for an interest rate is no simple matter. Because there are so many factors involved, it’s hard to compare apples to apples. Ask these 6 questions when you shop and keep track of the answers.

If you have any questions or want to know what you qualify for, call CU Members Mortgage at 1-800-607-3474 for more information!

1. Can I lock in this rate today? If the person on the other end of the line starts hemming and hawing, you’ve got your answer.

2. Is that 60-day, 30-day, or 15-day pricing? Rates are lower if you lock in for 15 days, but you can only opt for a short lock once you’re closer to closing. Lenders may quote 15-day pricing before taking your application, figuring you probably won’t lock in yet.

3. What’s the APR on the rate you’re quoting? The Annual Percentage Rate (APR) is an indicator of the rate plus fees, and that’s what you should use in comparing interest rates to avoid lenders who quote a low rate but make up for it with excessive fees.

4. Will my loan be sold? If the lender will service your loan, you’re working with a direct lender. If not, you’re dealing with a broker, who has to make a profit. Eliminate the middleman by working with a direct lender such as your credit union.

5. Please review your fees with me. Which are third party expenses and which are lender fees? How much is the application fee? Does it include credit and/or appraisal? If the loan is denied, will the application fee be refunded? Fees can be confusing, so don’t hesitate to ask questions and get clarification from each lender you call.

6. Can you give me the names of three customers who closed loans with you recently? You should have no problem getting at least three references from a lender people are generally satisfied with.

Questions about your mortgage? Call CU Members Mortgage at 1-800-607-3474 for a free consultation!