Oregon Community Credit Union Mortgage Rates – For many homeowners, improvements are inevitable. In 2015, Americans spent more than $320 billion on home renovations and renovations. Whether it’s replacing worn surfaces and materials, adding new features, or simply changing the aesthetic, renovating your home is a great way to maintain or even increase its value. The question is: what will this investment bring in?
As with most purchases, renovations are usually driven by both emotional and rational reasons. For example, 74% of people who upgraded their homes expressed an increased desire to stay there, and 64% expressed greater satisfaction with their upgraded living space. While it’s difficult to tie an exact amount to emotional outcomes, you can estimate the average costs of various projects and approximately what you can expect in return if you sell the house.
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Below are the ten most popular remodeling projects, along with cost estimates and performance percentages, according to the National Association of the Remodeling Industry and the National Association of REALTORS®. Although the numbers and percentages vary, the cumulative results show that home improvement is often worth the investment and effort.
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If you’re considering rolling up your sleeves or hiring someone to do the work for you, an OCCU Home Equity Line of Credit (HELOC) is a great way to make these home improvements.
Renovating your home may cost more. A large loan helps buyers compete in a hot market and borrow a larger amount than a traditional loan…
Saving for a down payment can seem difficult – that’s why we’re here to help. The sooner you start, the sooner you’ll be ready to go… When taking out a loan for a new home or car, it’s important to understand what constitutes your loan-to-value (LTV) ratio and how it can affect the terms of your loan. Our infographic on loan-to-value and loan-to-value will help you. We’ve explained what LTV is, why it’s important, and how it affects your mortgage, car, or home loan.
Loan-to-Value (LTV) is an expression of your loan amount as a percentage of the total value of the property purchased. For example, to determine your borrowing ratio, divide the loan amount by the value of the property.
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Loan terms are often influenced by the loan-to-value ratio. A lender may require a down payment to reduce the LTV ratio and reduce the likelihood that the amount you owe on the loan will be more than the value of the item you are financing.
Generally, the higher your LTV, the higher the interest rate on your loan. In most cases, if your mortgage LTV is greater than 80%, you will also need to have private mortgage insurance (PMI). PMI is usually part of your monthly mortgage payment, along with your principal, interest, property taxes, and homeowner’s insurance.
A lower LTV due to a higher down payment can help lower your interest rate or the number of payments on your loan. Unlike buying a home which will increase in value over time, the value of your car will most likely decrease. A lower LTV can help you owe more on your car than it’s actually worth.
The LTV of your current mortgage plays a key role in determining which equity product you qualify for. Some home loans only require a 95% LTV, while others require 70% or more to hold. As with mortgages, a lower LTV often means a lower interest rate on the loan.
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You are your children’s first and best teacher. You teach them to speak, to read, to exist in the world.
We all love a good DIY project. The trick is knowing which jobs are best left to professionals, like plumbers or electricians, and which…financing program is no reason to put off your homeownership dreams. You’ll return home sooner than you thought possible with zero losses and zero mortgage insurance.
OCCU’s new 100% mortgage financing offer is only available for primary residences, so it’s perfect if you’re a first-time buyer or have recently moved to the area.
We’re here to guide you through every step of the home buying process and answer your questions. Send us a message to get started.
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Take steps toward homeownership with OCCU’s Homebuying 101 Center. Follow the entire home buying process, from pre-qualification to handing over the keys. By the end, you’ll have a clear idea of what to expect on your home buying journey.
Are you looking for a house but worried about rising interest rates? We have a solution that will give you confidence when shopping in today’s real estate market. Learn more about our new Lock & Shop program – OCCU’s mortgage benefit that allows you to lock in your interest rate for up to 90 days. Contact our mortgage team today to find out more.
Standard closing costs and prepaid deposits apply. The borrower must put down at least $1,000 and this money can be used to cover closing costs. Borrower must have a minimum credit score of 680, other credit qualifications, conditions and restrictions apply.
A lock and trade agreement does not constitute credit approval or credit pre-approval; the borrower must be qualified and pre-approved for the loan; the loan must be closed and funded no later than the lock-up expiration date in order to benefit from the exchange rate stated in the lock-up agreement; rate lock is not available on all OCCU loan programs; Lock and Shop’s rate and points are subject to change based on certain loan factors, including loan amount, property value, credit qualifications, occupancy and property type.
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Example of 100% mortgage payment: a loan amount of $300,000 with an annual percentage rate (APR) of 8.454% for 360 months. The monthly payment amount would be $2,253.80. The payment example does not include tax and insurance amounts. The actual monthly payment will be higher.
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