Home Loans | Perfect Circle Credit Union

PCCU offers a wide variety of home loans to meet your individual needs! From pre-qualification through to closing, and beyond. Whether you’re buying your first home, trading up to your next home, or refinancing your current home, we will work with you to make the process easy for you! Call us today at 800-582-7228, or start your application.

Conventional Fixed Rate Home Loans

Best Choice If:

You plan on staying in the home long-term.
You think interest rates will increase.
You don’t expect your income to increase significantly over the coming years.

Advantages:

Excellent fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.

Disadvantages:

You end up paying more in interest charges over the life of the loan.

No Closing Cost Fixed Rate Home Loans

Best Choice If:

You have limited money for the down payment and closing costs.
You plan on staying in the home long-term.
You think interest rates will increase.
You don’t expect your income to increase significantly over the coming years.

Advantages:

The only out-of-pocket costs you pay at closing are your interim interest and prepaids (such as insurance, property taxes, PMI, etc.)
Excellent fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.

Disadvantages:

You will pay a higher rate than if you paid the closing costs yourself.
You end up paying more in interest charges over the life of the loan.

FHA Home Loans

Best Choice If:

You plan on staying in the home long-term.
You need your monthly principal and interest payments to remain fixed over the life of the loan.

Advantages:

Low or no down payment.
Low origination fees.
Reduced interest rate.
Level principal and interest payments for the full term of the loan.

Disadvantages:

Additional mortgage insurance may be required.
Only available to those who qualify for Federal Housing Administration (FHA) loan.

Home Ready Home Loans

Best Choice If:

You have limited funds to invest in a down payment.
You are a first-time homebuyer with good credit but can only afford a 3% down payment.

Advantages:

Fixed interest rate.
Low down payment required.
Level principal and interest payments for the loan’s full term.
No risk that changing market conditions will increase your monthly payments.
Down payment and closing costs can come from your own funds, a gift, grant or other permitted sources.

Disadvantages:

Borrowers must meet Area Median Income limits where property is located for qualification.
May not be able to refinance loan during first few years because of the high loan-to- value ratio at inception.
You pay more interest over the life of the loan.