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Mortgage Loans
First Mortgage Loan Promotion
First Mortgages
Reverse Mortgages
Home Equity Loans
Auto & Homeowners Insurance
Q&A with our Mortgage Loan Officer
Top 5 Mortgage Myths
SMARTMOVE Real Estate Rebate Program
Find out more about being a first-time homebuyer, purchasing or refinancing.
First Mortgages
Whether you are buying your first home, refinancing an existing mortgage, moving to a new location, or buying your retirement home, consider the credit union for financing your mortgage. Our professional staff can assist you from wherever you live! Receive competitive rates and terms, friendly service, and peace of mind when you finance your home through Entrust Federal Credit Union. Take advantage of our Mortgage Calculator to explore various financing options.
Is purchasing a home in your near future?
Click here to complete your Mortgage Loan application on-line.
Reverse Mortgages
A Reverse Mortgage is a unique loan that allows homeowners age 62 years and older to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments.
A variety of payment options are available for reverse mortgages. These payment options can include:
A monthly annuity
A single lump sum payment (cash advance)
A line of credit
Or a combination of all these options
Home Equity Loans
Make the dollars invested in your home work for you. A home equity loan allows members to use the equity in their home to purchase a new vehicle, consolidate debt, help finance a child's education, or make home improvements-just to name a few possibilities. Both a variable rate line of credit and fixed rate, closed-end loans are available. Discuss the details of each program with a loan officer to determine which suits your needs the best. Home equity loans are now available nationwide (formerly Virginia residents only).
Click here to view current rates.
13 Ways to Use a HELOC
1. Add an addition to your home for your in-laws when they come for a visit.
2. Put little Johnny through college.
3. Finally remodel your kitchen for the space that you need!
4. Start your own business - haven't you always wanted to be a boss?
5. Restore an old car and enter it into a car show.
6. Put new windows in your house to save money on heat this winter.
7. Pay off high-interest credit cards (and then talk to Entrust's Loan Department about which low interest rate Entrust Visa Credit Card is right for you).
8. Reduce your tax burden.
9. Use it when an emergency arises.
10. Buy that home in Florida for a winter stay.
11. Take that vacation to Alaska that you've dreamed about.
12. Purchase a time share.
13. Consolidate debt.
Auto & Homeowners Insurance
You trust Entrust Federal Credit Union to provide you and your family with quality products and services to meet your financial needs. We've joined with a dedicated team of insurance professionals to bring you the MEMBERS® Auto and Homeowners Insurance Program.
MEMBERS Auto and Homeowners is the property and casualty coverage solution preferred by the most credit unions and their members.
Convenient e-service, pay your bill or make changes to your policy, even report a claim.
Receive fast, easy access to claims service 24-hours a day.
Obtain a free no obligation quote or locate an agent at the local Liberty Mutual sales office.
Click here for more information.
Q&A with our Mortgage Loan Officer
Q - I hear news reports that say "the market is tough" and how bad the economy is. Is this a good time to buy a house? Bob A., Richmond, VA
A - Yes, this is a great time to buy a house.
According to the Federal Reserve, 30 year
stabilizing fixed-rate conventional mortgages
haven't been this low since July of 2005. Plus,
home prices are stabilizing. If you're renting now, you're in the driver's seat because it is a buyers market.
Q - I currently have a mortgage on my home. Should I refinance? Sharon E., Raleigh NC.
A - If you've had your mortgage for more than 2 years, it is in your best interest to consider refinancing. Rates are still historically low, and this may be a great opportunity to move from an adjustable rate or interest-only loan into a conventional, fixed-rate loan. It depends on your situation so it's best to talk one-on-one with one of our Mortgage Loan Officers.
Q - I'm planning on doing some improvements to my house in the spring, how do you suggest I pay for this? Elden R., Kansas City, MO
A - A Home Equity Line of Credit (HELOC) is always a great way to let your house "pay" for the improvements. Most HELOC rates are tied to the Wall Street Journal's Prime Rate, which has dropped significantly in the last two months, making this an attractive option for paying those home improvement costs. Entrust has many options for tapping into your home's equity, from lines of credit to fixed rate, fixed payment loans.
If you have questions about your home, contact Laura McAlister, Entrust.s Mortgage Loan Officer, at lnmcalister@entrustfcu.com, 804-353-8012 or 800-944-3622.
Top 5 Mortgage Myths
1. I need to put 20% down to buy a house.
A down payment of 20% of the purchase price means you won't have to pay private mortgage insurance, but many people can't put down 20%. There are several different loan products available to fit your individual needs. Check out our mortgage calculator to see what works best with your budget.
2. Obtaining a mortgage loan is complex and confusing.
Entrust Federal Credit Union's mortgage department are experts in mortgage loans, and their goal is to make it easy and understandable to everyone - even the first-time home buyer. They will walk you through the entire process and explain what to expect, such as what is in your budget (check out our mortgage calculator), how much your closing costs are (typically 2-3% of the loan), and how long it will take to close on the loan (on average 4-5* weeks).
3. The lowest interest rate is always best.
Having the lowest interest rate does not mean you have the best loan. Some financial institutions charge excessive fees with their loans to offset any potential savings you might receive by a lower interest rate. Ask our mortgage department for information.
4. Fixed rate loans are always better.
If you don't plan to stay in your home for the entire loan period, have your lender run the numbers for adjustable loan rates, and discuss the impact of market conditions on adjustable rate loans.
5. I can't get a home - my credit history isn't good.
You may be able to buy a home with less-than-perfect credit. Get and read your credit report (www.annualcreditreport.com) and correct any errors. Insert a 100-word statement explaining the circumstances if you've experienced medical debt, unemployment, and so on. Entrust Federal Credit Union is your trusted partner, and we are here to help you through improving your credit over time.
WHAT IS THE TOP MYTH ABOUT REFINANCING FIRST MORTGAGES? "There is a large up-front cost to refinancing a First Mortage." Actually, in most cases there is no money required at closing. The closing costs are financed into the loan.
*This is the average time it takes to close a loan. There may be circumstances that make the process faster or slower.
SMARTMOVE Real Estate Rebate Program
Through our partnership with SMARTMOVE, our members can receive cash rebates whenever you buy or sell real estate through SMARTMOVE. In addition to generous rebates, you will also receive outstanding service from accredited real estate professionals and a personal move counselor whose only job is to be an advocate on your behalf throughout the transaction. If you use SMARTMOVE to buy and sell real estate, you can receive a rebate on both transactions. It's easy and it's FREE. So, if you are considering buying, selling or investing in real estate, be sure to make SMARTMOVE your first call. To register with SMARTMOVE or to learn more about the program benefits call toll free 877-645-6560 or click here.
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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