Securing the right mortgage is a critical step in the home buying journey. For those considering financing through a credit union, understanding the offerings at Partners Federal Credit Union, particularly their mortgage rates, is essential. Partners Federal Credit Union provides a range of mortgage solutions, striving to assist members in achieving their homeownership goals.
One notable aspect of Partners Federal Credit Union’s approach to VA home loans is their collaboration with Union Home Mortgage. This partnership allows Partners to leverage the expertise of a third-party originator to underwrite and close VA loans effectively. It’s important to remember that VA loan eligibility and product features are subject to specific requirements and restrictions. Like all mortgages, VA loans through Partners Federal Credit Union are subject to credit approval, and funding fees may apply. A Certificate of Eligibility is a necessary document for those seeking a VA home loan. It’s also worth noting that the Department of Veterans Affairs does not impose a limit on the number of VA home loans a borrower can have over their lifetime, potentially offering flexibility for repeat homebuyers or those with evolving housing needs.
Partners Federal Credit Union also incentivizes saving for your home purchase through their Dream Home Money Market Savings Account. This account offers a limited-time opportunity to earn lender credits. Specifically, members who maintain a Dream Home Money Market Savings Account open for at least six consecutive months with a minimum average daily balance of $2,500 can earn up to $1,500 in lender credits applicable towards home purchase mortgages (excluding home equity loans). The amount of lender credits earned is tiered and directly related to the average daily balance maintained in the Dream Home Money Market Savings Account. While there is no expiration date on earned lender credits, only one Dream Home Money Market Savings Account is permitted per qualified home mortgage. It’s also crucial to keep the account active, as it will be closed if the balance remains at $0 or below for 60 consecutive days or more.
To provide borrowers with confidence in their interest rate, Partners Federal Credit Union offers a Rate Confidence Commitment. This program allows members to request a one-time, no-cost float-down of their locked-in interest rate, up to 0.500% APR, based on prevailing Partners mortgage rates. This request must be made no less than 7 days prior to closing and is valid during the initial 60-day lock period for purchase or refinance mortgages. It’s important to note that VA and FHA loans are excluded from this Rate Confidence Commitment offer. Should a member wish to further reduce their interest rate after the initial float-down, Partners’ float-down policy applies, where a 0.125% APR reduction requires purchasing 0.250% APR discount points. The maximum allowable interest rate reduction through float-down is capped at 1.000% APR. As with all financial products, this offer is subject to change, and it is limited to one per member.
When considering mortgage rates and options from Partners Federal Credit Union, it’s advisable to directly consult with their mortgage professionals to discuss your specific financial situation and home buying goals. This will ensure you receive the most accurate and up-to-date information regarding rates, eligibility, and any applicable terms and conditions.
