First steps to a 1st Mortgage

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Stepping into a new home could be easier than you think, as long as you know where to begin. Getting pre-approved can help you determine how much you can afford and will put you in a favorable position with sellers, ahead of other buyers.

The application process will be faster if you’re prepared before you start. Here’s what you’ll need.

• Income & Employment Documents – Your current base salary and a two year history of any other income sources such as bonuses, commission, self-employment, or rental real estate.
• Assets – Current balances for your checking, savings & other deposit accounts, as well as the vested balances of any retirement/brokerage accounts.
• Debts – List of monthly debt payments or financial obligations not shown on your credit report (child support, alimony, IRS installments, etc.)

Mortgages for first time home owners

If you’re moving into a starter home and might move within a few years, an Adjustable Rate Mortgage (ARM) might be a good fit for you. ARMs tend to start out with lower rates than fixed rate mortgages for a set period of time, usually 1, 3, 5, 7, or 10 years. Once the initial period ends, the loan will adjust annually based on the terms of the initial loan agreement.

For a limited time, Proponent is offering a rate of 2.99%* when you refinance or purchase a home with a 5/1 Adjustable Rate Mortgage. Simply use the promotional code 51ARM when applying online.

To learn more about ARMs watch our video. Plus, follow us on Facebook, LinkedIn, and Instagram for updates!

Click here to view eligibility information and special offers for new members, or fill out our request form to be added to our email list.

*4.932% APR = Annual Percentage rate. Rates are for qualified members and are subject to credit approval. The APR and closing costs may vary due to an individual’s credit worthiness or other factors. Maximum allowable loan amount to be eligible for the promotional 2.99% rate is $647,200. Promotion excludes pre-approvals. Only valid for 5/1 Adjustable Rate refinances and 5/1 Adjustable Rate purchase Mortgages under contract and scheduled to close within 60 days.

Rates and promotions are subject to change without notice at the discretion of the credit union.

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