|
About Sun Federal
Mortgages
Types of Mortgages
Other Mortgage Services
Common Mortgage Terms
About Sun Federal
Mortgages
Members' needs are always first priority at Sun Federal. With
a variety of mortgage loan options and a professional and
friendly loan staff at your service, Sun Federal can help you
choose the loan that's just right for you.
In addition to expert advice you can trust, Sun Federal's
mortgage loan program is designed to fit your needs with
special benefits including: Zero Money Down, Varying Terms,
Competitive Rates, Various Rate Lock Options, No Prepayment
Penalty, Payment through Direct Deposit, Interest Only Option,
Principal Payments Accepted, Purchase or Refinance Loans,
Swing or Bridge Loans.
Home insurance is also available.
Compare Insurance rates!
Piggyback or subordinate financing gives members an
alternative to paying private mortgage insurance (PMI). Check
out the new options:
- 80/10/10 - borrow 80%, put
10% down, take second mortgage for 10%
- 80/15/5 - borrow 80%, put
15% down, take second mortgage for 5%
- 80/20 - borrow 80%, take
second mortgage for 20%
Call or visit your
local branch for complete information, or e-mail
Sun Support.
Return to Top
Types of
Mortgages
At Sun
Federal, you're sure to find a mortgage loan that suits your
needs and makes it easy for you to purchase or refinance that
home of your dreams! Choose from:
Fixed Rate
Terms from 7 to 30 years. Your rate, principal and interest
payments never change.
Shorter term loans can really save money! For instance,
payments on a 15 year loan can be as little as 28% higher than
30 year payments.
Adjustable Rate
Initial rate is lower than fixed rates. Qualifying can be
easier at a lower, adjustable rate. Yearly and lifetime caps
on rate changes. Some options can be converted to a fixed
rate. Some options are assumable.
Balloon
Features a lower rate than the fixed rate option, whereby the
rate remains fixed for 5, 7 or 12 years. Availability to
continue the loan through maturity at an adjusted fixed rate.
Recommended for members planning to reside in their home for a
short period of time.
Note
Similar to a balloon, the rate on this loan is generally
lower. Fixed rate terms are available in 5, 7 or 12 years. The
loan must be refinanced at the end of the term.
Special
Jumbo loans with varying terms for larger mortgages.
Construction loans with the option of a one-time closing which
saves money and time. Swing or Bridge loans to assist in
closing on your new home before your old home is sold.
Affordability programs with down payments as low as 3%. Loans
for investment property, second or vacation homes, and one to
four family homes.
Return to Top
Other Mortgage Services
Pre-Qualification
Before you start looking for a home, simplify your home
shopping process by coming into the Credit Union. An
experienced loan officer can help you determine how much money
you will be eligible to borrow.
Call or visit your
local branch for complete information.
Pre-Approval
Let us pre-approve your loan so you can look for a home with
the peace of mind that your mortgage is already approved.
Pre-approval can allow you to close on your new home more
quickly, saving you time and money!
Call or visit your
local branch for complete information.
Home Insurance
Sun Federal offers affordable home insurance through our
partner, Liberty Mutual
Insurance Company and its affiliates. Get a free quote,
understand coverages, and keep your home safe.
Get a
free insurance quote online
Calculators
Calculate your mortgage payments and compare fixed and
adjustable rate options.
Do I want a Fixed or Adjustable Rate Mortgage?
What Will My Monthly Mortgage Payment Be?
Return to Top
Common Mortgage Terms
Amortization
The gradual reduction of your mortgage balance through the
payment of the principal and interest over the term of the
loan, according to the type of mortgage you choose. A mortgage
amortization schedule is available upon request.
Discount Point(s)
Equal to 1% of the mortgage amount per point, this is a means
to prepay interest and lower the interest rate on your
mortgage.
Origination Point(s)
Fee paid to the lender for processing the loan where each
point is equal to 1% of the mortgage amount.
Premium Point(s)
Same as discount points, however, the money is given to you
from the lender at settlement to assist you in paying closing
costs. As a result, your interest rate is higher.
PMI
(Private mortgage insurance) is required by lenders when the
borrower does not have a 20% downpayment. It covers the life
of the loans, however, the borrower may request to drop it
when the outstanding mortgage balance is less than 80% of the
market value of the property.
APR
(Annual Percentage Rate) calculates your note rate to include
the cost of prepaid finance charges. Typical prepaid charges
include origination fees, points, PMI costs, interest paid at
closing and underwriting fees. APR enables you to compare
different rates and points to determine which is the best rate
Find more financial terms in our
glossary.
Return to Top
|
