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LifeStyle Home Loans |
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Purchasing or refinancing your dream
home requires an emotional and financial commitment. It
also requires a trusted financial partner - Toyota Federal
Credit Union. Our home loan solutions offer you superior
features from a lender you can trust:
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- Highly competitive market rates
- No prepayment penalties
- No balloon payments
- 30-day escrows
- A wide selection of fixed and adjustable loan programs
- Loans up to 95% based on loan-to-value and credit
evaluation
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Pre-Approval Puts You in Control |
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When you start searching for your
dream home, make sure you're prepared and pre-approved.
Our home loan pre-approval process is fast, so you and
your real estate agent immediately know what homes you
can afford. Once a Pre-Approval Certificate is issued,
it is valid for up to 45 days, and may be renewable. |
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Home Loan Options |
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Purchasing a home is a big step - one
of the most important you will ever make. Our home loan
consultants can guide your through the process, and advise
you on the best loan to suit your specific needs. |
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Fixed Rate Home Loans
If you plan to keep the loan for at least 10 years,
a fixed rate loan is the most common choice. Toyota
FCU offers fixed rate loans for 10, 15, 20, and 30-year
terms. With a fixed rate loan, you will enjoy the
security of steady interest rates and consistent payments.
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Adjustable Rate Home Loans (ARMs)
Planning on a shorter stay? Consider an adjustable
rate mortgage (ARM). With an ARM, the initial monthly
payment is generally lower and you can continue to
pay less by locking in the initial rate from 3, 5,
or 7 years - after which point the rate adjusts. Compared
to a 30-year fixed rate mortgage, a 3-year intermediate
ARM can save you about $200 per month, based on a
$200,000 loan amount. Variable rate ARMs are subject
to market rate fluctuation.
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Jumbo Mortgage Loans
When your financing needs exceed $300,700, a Jumbo
Mortgage loan is the option for you.
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Combination Financing
Combination financing (80/20, 80/10/10, 80/15/5) is typically used to eliminate
the need for private mortgage insurance (PMI). For
more expensive homes, this strategy can help a buyer
avoid a jumbo mortgage loan by reducing the first
mortgage to the conventional loan limit. Variations
on combination financing include:
80/20 - the most common combo. 80% loan-to-value
first mortgage, 20% down payment
80/10/10 - 80% loan-to-value first mortgage,
10% home equity loan, 10% down payment,
80/15/5 - 80% loan-to-value first mortgage,
15% home equity loan, 5% down payment
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