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Home Mortgage Loans | Chartway Credit Union
Great rates, superior service, and convenient online tools.
Find the home financing that best fits your needs, budget, and lifestyle.
Choose from a variety of loan options, including fixed and adjustable mortgage rates. If you're confused about which program to choose, let us guide you. Our qualified mortgage lenders offer easy-to-understand explanations of our programs.
A loan officer is always just a call or an email away! Great rates, superior local service, the convenience of online tools, and a full range of mortgage loan options are what you can expect from us.
Chartway HomeAdvantage®
Search, buy, sell, and save on your next home purchase! HomeAdvantage is a free online tool that makes buying a new home or selling your existing one simple and easy. All at no cost to you. The benefits include:
- Save an average of $1,500 or more off real estate commission costs
- Get help finding experienced, reliable real estate agents near you
- Search for & save homes you're interested in
- Get customized alerts for new homes as they become available
- Plus many more resources
Mortgage Loans
The traditional 15-30 year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable-rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan. The shorter the term, typically, the lower the fixed interest rate.
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan, which is provided by an FHA-approved lender. FHA loans are a type of federal assistance. Historically, they have allowed lower-income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.
Frequently asked questions about home loans
What loan is best for first time home buyers
The best loan for a first time home buyer is dependent on your background. A conventional fixed-rate loan is always a great option if you have 20% saved for a downpayment. If you don't have money saved for a downpayment, you might opt for a first time home buyer loan, which lets you finance 100% of your purchase. If you have a military background, you can also get 100% financing with a VA loan.
Can you buy a house with no money down?
There are several loan options available, allowing you to get a home loan with $0 down. Our First Time Homebuyer Loan finances 100% of your purchase price without charging private mortgage insurance (PMI).
How do home loans work?
A home loan is a mortgage you get from a lender that loans you the money to pay for your property using your house as collateral. You must repay the loan with interest over usually 15-30 years.
What credit score is needed for a home loan?
Depending on the type of home loan you apply for and your lender, the minimum credit score will vary. In general, you want a score of at least 620, though some loans allow you to qualify with a credit score in the 500s.
How do I get approved for a housing loan?
To get approved for a home loan, you need to have your finances in order to prove to your lender that you can afford your home.
Before applying, you want to have this information on hand
- Your monthly income
- Your total monthly debts
- Your credit score
- Your maximum monthly mortgage payment
- Your down payment amount
With this information on hand, you can go into the home buying process prepared, which will increase your odds of approval.
Fast Pre-approvals
With a pre-approval, you can shop for your home knowing exactly what you can afford. The process is fast and easy.
Great Refinancing Options
If you're looking for a better rate, consolidating debt, or planning a home improvement project, we can help refinancing work for you!
Quicker Closings
We can get your mortgage approved in minutes— rather than days or weeks. That means you can expect to close sooner than you expected!
Today’s Rates
| Rate | APR | Points | Alert Me | |
|---|---|---|---|---|
| 30 Year Fixed Rate | 3.00 | 3.084 | 0.00 | Receive a notification when this rate changes |
| 15 Year Fixed Rate | 2.500 | 2.649 | 0.00 | Receive a notification when this rate changes |
| FHA 30 Year Fixed Rate | 2.250 | 3.226 | 0.00 | Receive a notification when this rate changes |
| FHA 15 Year Fixed Rate | 2.00 | 2.939 | 0.00 | Receive a notification when this rate changes |
| VA 30 Year Fixed Rate | 2.250 | 2.410 | 0.00 | Receive a notification when this rate changes |
| VA 15 Year Fixed Rate | 2.00 | 2.298 | 0.00 | Receive a notification when this rate changes |
| Refinance Rates | Alert Me | |||
| 30 Year Fixed Rate | 3.125 | 3.200 | 0.125 | Receive a notification when this rate changes |
| 15 Year Fixed Rate | 2.625 | 2.793 | 0.125 | Receive a notification when this rate changes |
| Click here for Required Disclosures *A $250,000, 30 year mortgage loan at 4.875% APR will have estimated monthly payments of $1,323.02. Payment does not include applicable taxes and insurance. | ||||
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