UNDERSTANDING YOUR HOME BUYING AND REFINANCING OPTIONS THE PATH TO YOUR FIRST HOME AND TIPS ON WHEN TO REFINANCE AND WHY
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YOUR GUIDE TO HOME BUYING AND REFINANCING OPTIONS
We know that owning a house or the home of your dreams can sometimes feel out of reach. Whether it’s because your credit score isn’t high enough, you don’t have enough saved for a down payment, or you simply don’t know where to begin. The good news? You’re not alone. And you may qualify for a home loan without even realizing it! At St. Cloud Financial Credit Union, we’re more than just a financial institution — we’re your local, trusted partner you can count on during every step of your financial journey. We’re here to support you and enable you to step confidently into your new home or investment future. With SCFCU, your real estate options and aspirations are in the best of hands. Let’s explore some of the ways you can get started, from first-time home buyer loans and programs to refinancing options that make homeownership more attainable, and more.
THE PATH TO YOUR FIRST HOME scfcu.org
Purchasing a home for the first time can seem like a daunting task — and the number of complex mortgage products available can make things even more overwhelming. However, our team of experts at SCFCU are here to make the process easier and more affordable for you as a first-time home buyer. These loans and programs often include lower down payment requirements, reduced interest rates, and even assistance with closing costs.
FHA LOANS
VA LOANS
FHA loans are a popular choice for first-time buyers. With a lower credit score and down payment requirements, this option helps make homeownership possible for those who might not qualify for conventional loans.
Veterans and active-duty military members have access to VA loans, which offer no down payment and competitive interest rates. These loans are a way to honor your service and help you achieve homeownership.
LAND LOANS
If building is your desired path, we offer land loans that will help you obtain the land you need for future plans you’re making. Land loans can be used for future building, hunting, recreation and lake lots and include a 10% down payment, low rates and closing costs, no acreage limits, approval within 24 hours and more.
CONVENTIONAL LOANS
MINNESOTA HOUSING PROGRAM We want you to realize the dream of home ownership now — without years of waiting to save for the down payment. Our Minnesota Housing loans offers up to 105% financing to cover down payment and closing costs on purchases.
With a low down payment and expanded financing flexibility, the HomeReady Program offers an ideal solution that works for today’s creditworthy borrowers, whether you’re buying your first home or upgrading to your next.
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If you already own a home, refinancing could be a smart financial move. Refinancing means replacing your current mortgage with a new one, potentially with better terms. Are you looking to accelerate your journey to mortgage freedom? Our range of refinancing options at SCFCU includes 30, 20, 15 and 10-year loan terms, empowering you to reduce the overall duration of your loan. This not only helps you pay off your mortgage sooner but also unlocks a world of financial freedom for you. REFINANCING: WHEN, WHY YOU SHOULD scfcu.org
Lower Your Interest Rate SOME COMMON REASONS TO REFINANCE If market rates have dropped since you first secured your mortgage, refinancing could save you thousands of dollars over the life of your loan.
Switch Loan Types
Transitioning from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can provide stability in your monthly payments.
Tap Into Home Equity
A cash-out refinance lets you borrow against the equity in your home for major expenses like renovations or debt consolidation.
Shorten Your Loan Term
Refinancing can be a smart strategy for those looking to fast-track their financial goals. SCFCU is here to help you to find the best solution that will save money on your mortgage! Moving from a longer-term loan to a short-term mortgage can help you pay off your home faster and save you money by minimizing the interest accrued over time.
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The first step in your home-buying or refinancing journey is to understand your financial situation and explore your options. Here are a few tips to get started: HOW TO GET STARTED 1. Check Your Credit: A healthy credit score can unlock better loan terms, but don’t worry if your score isn’t perfect — programs like FHA loans are designed to accommodate members with lower credit scores. Stay up-to-date with your credit score with our free Credit Score solution, available in our online banking. 2. Save for Upfront Costs: While some programs require minimal down payments, it’s helpful to have some savings set aside for other costs like inspections and appraisals. 3. Talk to a Mortgage Specialist: Our team of experts can help you evaluate your options and guide you through the application process. We’ll work with you to find a loan that fits your budget and goals. 4. Get Pre-Approved: A pre-approval letter shows sellers you’re serious about buying and gives you a clear idea of how much home you can afford.
YOUR DREAM HOME IS CLOSER THAN YOU THINK Whether you’re buying your first home, refinancing your current one, or just exploring your options, we’re here to assist you in making informed decisions that align with your aspirations. In a world where details matter, where your dreams are significant and where financial decisions carry weight, SCFCU will support you every step of the way so you can make informed financial decisions. For questions or to learn more, visit scfcu.org , give us a call at 320-252-2634 or visit one of our branch locations and let’s make your dreams a reality! Experience Uncommon at
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