Mortgages
DuTrac Community Credit Union is strongly committed to providing home financing options that are fast, convenient and of value to our members.
When you are buying a home, you are faced with a large number of choices including: rates, terms and options. DuTrac’s real estate lending staff provides sound advice and can help make your selection process easier.
Secondary Market Loans
Secondary market loans are loans completed at DuTrac and then sold to an investor. These loans offer long-term financing at a fixed rate and are a popular option. DuTrac selects investors that assure very high levels of service to borrowers. DuTrac goes to lengths to make sure that loan servicing is retained by the investor and that borrowers are not continually sending payments to new payment centers. Regardless of the investor, we never sell you out. DuTrac will always be there and work on your behalf to resolve any issues with investors.
“In-house” Mortgage Loans
“In-house” mortgage loans are loans where DuTrac is the investor and the loan is serviced locally. These loans offer very attractive rates and payment options that are much more flexible and provide significant savings to the borrower. For example, if a borrower chooses to make payments bi-weekly, up to six years can be taken off the term of a thirty-year mortgage. Just think of the savings!
Fixed Rate Mortgages
Fixed rate mortgages offer three popular features: Fixed interest rates and a fixed monthly payment, and scheduled amortization. With a fixed-rate mortgage the loan will be fully paid off by the end of the term. Standard mortgages allow home owners to lock in interest rates for up to 30 years, although shorter terms are available.
Adjustable Rate Mortgages
Adjustable Rate Mortgages (ARM) are loans where the interest rate is tied to a specific index and can change every year…or every three, five or seven years with payments going up or down accordingly.
Refinancing
DuTrac can refinance your current loan. In the world of real estate, the rates and terms can change hourly. Refinancing your existing mortgage could make sense for a number of reasons:
- Takes advantage of a lower rate
- Reduces your monthly payment
- Consolidates your debt
- Takes advantage of a once in a life-time opportunity
- Helps a family member with educational expenses
As you can see, the reasons for refinancing your existing real estate mortgage can vary.
Whatever your real estate needs, the DuTrac Community real estate lending staff are dedicated to getting DuTrac’s members into the homes of their dreams.
If you have further questions regarding DuTrac Community Credit Union’s Mortgage Loans, please contact our highly qualified real estate department by e-mail at realestate@dutrac.org, by phone at (563) 582-1331, or 1-800-475-1331 to schedule your appointment.
