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Mortgage Loans: Discover Home Loan Financing Options

Whether you're purchasing your first home or refinancing your current one, taking out a mortgage is a big financial commitment.

Read on to find out more about Best Reward Federal Credit Union’s online application process and the home loan options we offer our members.

mortgage loan for first-time buyers

Why Choose Best Reward FCU For Your Home Loan?

Owning a home has long been part of the American dream. When your parents bought their first home, they looked to their trusted hometown lender for a mortgage.

At Best Reward Federal Credit Union, we know there's no place like home. By choosing us as your credit union, you can do the same with the people you know and trust. That's one of the main differences between a credit union mortgage and a home loan from a large financial institution.

Best Reward Federal Credit Union is dedicated to meeting your needs as a credit union member by providing you with excellent service. We'll work with you as a home buyer to provide you with the information and attention you need to make the best financial decision for you.

man applies online for home loan

Applying Online Is As Easy As 1-2-3!

Our online application requires three easy steps:

  1. Complete the application in as little as 20 minutes.
  2. Once you've completed the application, our team will review your information.
  3. A Best Reward Mortgage Consultant will follow up with you to get your application approved promptly. They'll also be available to answer any questions you may have about your mortgage loan.

Apply Now

Our goal is to deliver the highest level of service with competitive rates. If you'd like more guidance before submitting your application, our Mortgage Consultants are only a phone call away. Contact us today at 216-367-8000, ext. 225.

What Type of Mortgage Loan Do You Need?

The type of home loan you choose will affect your repayment schedule and interest rate. Best Reward Federal Credit Union offers several types of mortgage loans.

Fixed-Rate Mortgage

This mortgage option offers a fixed rate of interest over the life of the loan in a variety of terms.

This type of loan would be a good choice if you:

  • Want the security of knowing that your interest rate and mortgage payment will not change from month to month
  • Plan on staying in this home for several years
  • Don’t expect your income to increase significantly in the future

Adjustable-Rate Mortgage

This mortgage option offers a low initial interest rate that provides lower monthly payments with terms of up to 20 years. After the fixed term, however, the rates are adjusted annually.

You should consider this loan if you:

  • Want to maximize your buying power
  • Plan to pay off your mortgage within the next 5 to 10 years

Jumbo-Loan Mortgage

If buying your dream home requires a loan that is larger than the conventional loan limit, a Jumbo-Loan Mortgage may be the right choice for you. Jumbo-Loans are available with fixed and adjustable rates.

Best Reward Federal Credit Union will work with you every step of the way to ensure that the mortgage process goes as smoothly as possible – making you feel right at home before you step foot in the door!

family smiling about new mortgage loan

family with new home loan smiling

How Much Home Can You Afford?

Making smart financial decisions involves knowing your budget. Before taking on a mortgage, you should understand how different factors will influence your monthly payment amount and your long-term payment schedule.

Use our mortgage loan calculator to better understand how large of a loan you can afford to take out.

Calculate Your Monthly Mortgage Payment

Mortgage Loan Frequently Asked Questions

What information do I need to provide to qualify for a mortgage?

Mortgage lenders want to better understand both your current financial situation and your financial history when evaluating your ability to qualify for a home loan.

Typical information you'll need to provide during the mortgage application process includes:

  • Your income
  • The amount of the down payment you can afford
  • A summary of your debts
  • A list of your assets

What type of credit score do I need to secure a home loan?

As a rule of thumb, those with stronger credit scores will have access to better mortgage rates. This policy is the same for any type of loan. While different factors go into a mortgage lender's decision to approve you for a loan, you'll typically need a credit score of 640 or higher to be approved for a home loan.

How much should I save for my down payment?

The typical recommendation for a down payment is at least 20% of the cost of the home. Providing less than 20% could mean that additional fees will be added to your monthly mortgage payment. You will also likely be required to purchase private mortgage insurance (PMI) to cover the cost of your loan in case you default on your payments.

What debt-to-income ratio should I have when applying for a mortgage?

When considering your debt-to-income ratio, you should try to keep it at 45% or lower to qualify for a home loan. However, other factors such as your credit score, down payment, and calculated monthly mortgage payment will also be considered when you apply.

Get Pre-Qualified For Your Home Loan

See if you pre-qualify for a mortgage loan from Best Reward Federal Credit Union today.

Visit us at any of our branch locations or contact us at 216-367-8000, ext. 225 for assistance. Or get started on your application today using our simple online application.

Apply Online Mobile App