If you are in the market for a home loan, you’ve come to the right place. The members at First Pioneers Federal Credit Union expressed the desire to have multiple home loan products. We handle some in house loans and also handle longer termed real estate loans which are processed by First Pioneers Federal Credit Union and serviced by larger financial institutions. Both of our home loan products are competitive however, the shorter term loans offer the best rates. Whether you are interested in purchasing your first home or refinancing your existing home, we can help you. We also do construction loans and home equity lines of credit.
The American Dream. A home of your own.
First Pioneers Federal Credit Union can help you reach that dream.
All of our mortgage offerings have the following benefits:
- We can get you a commitment within 24 hours.
- We can generally complete and close the loan within 30 days.
- You are free to use your attorney and/or registered appraiser. If you do not have an attorney or appraiser, we have working relationships with people and firms who are professional, efficient and competitively priced.
- Loans are available on your primary residence or on a second home.
- Our fees are reasonable and we deliver friendly and professional service.
- The mortgage process can be complex and hard to understand. A wrong decision on your part can cost you time and sometimes, even thousands of dollars. Our knowledgeable and experienced staff will lead you through the process so that you will make the right decisions for you and your family.
We feel that the loan process is too complicated to have you just download a form from the website. To inquire about the loan process click on contact us and leave us an e-mail.
A HELOC loan is a home equity line of credit loan.
Everyone knows that the story of the goose that laid the golden egg is just a fable, right? Well, maybe not. Over the years you have been paying your house note and your loan balance has been dropping. At the same time, the value of your home has been going up. Hence, your golden egg. That’s right, you can borrow against the equity you have built up over the years to purchase a new car or maybe consolidate your debts. And Uncle Sam may even help you pay for it.
First Pioneers Federal Credit Union offers home equity line of credit loans for people who own their own homes. The way this works is that you take out a loan based on the difference between what your home is worth and what you owe on the mortgage. The rates are based on the prime rate at the end of each quarter. (The prime rate is the rate that the largest companies pay on money that they borrow). You use the money as you see fit. Now, here comes the best part. If you itemize your deductions, you can almost always deduct the interest charges from your income tax.
Let’s use an example. Say you usually maintain a $2000 balance on your charge card. You are paying about 22% in interest or $440/ year. That interest is not tax deductible. Instead, you make a home equity line of credit loan with First Pioneers Federal Credit Union, pay out Sears but maintain the same balance. The current HELOC rate is 6.25%. We have two home equity line of credit options. You can borrow 80% of the value of your house at the prime rate mentioned above. If you need a bit more money, we will loan up to 100% of the value of your home at a rate of prime +1%.
Some people use home equity lines of credit to make major purchases. That is certainly allowed. From a financial standpoint, however, you should consider whether you really want to pay for 10 years on an SUV that will probably not last more than 6 or 7 years.
The whole process is easy to accomplish. Just click on contact us and send us an e-mail. Or, you can give our loan officers or loan manager a call at the First Pioneers Federal Credit Union main number.(337-233-8833)
More information on Home Equity Regulations (Reg Z 226.5 B & Reg 226.16 ).