If you are putting down at least 20% or have at least 20% equity on a refinance, you have the choice if you want to pay your taxes and insurance on your own. If you are purchasing a home and have less than a 20% down payment or you have less than 20% equity when you refinance, lenders require you to escrow your taxes and insurance as a part of your monthly payment. It is important to know that escrow accounts are regulated, and all lenders are required to follow the same rules. When you escrow the lender will add 1/12 th of your insurance premium and 1/12 th of your tax bill to your monthly payment, so the lender has enough set aside to pay the bills when they are due. With each monthly mortgage payment you make, money is held in an account by the lender, then those funds are used to make your annual property tax payments and home owners insurance payments on your behalf. So when you need assistance WE will be here to help.Īt Ascentra, we are your mortgage experts.Īn escrow is essentially an account that holds funds for your annual taxes and homeowners insurance throughout the year. That won’t happen at Ascentra because we service all of our loans locally. Or maybe you are just unhappy with your current lender because your loan is constantly moving from one investor to another. To borrowing against your home’s equity to make improvements or upgrades to your home.To consolidate other debts into one easy monthly mortgage payment.To pay off your loan sooner by shortening the term of the loan.To save money each month with a lower payment.Some reasons you might want to refinance are And often times, you can lower your payment or even the term of the loan down from, say, 30 years to 15 or even 10.īut while that may be a general rule, the most important question is “What is YOUR goal?” The general rule of thumb is that if you can save at least one point in interest (for example lowering it from 4% to 3%), you can definitely save money in interest. This is a very good question, especially if rates are low! We are here to guide you and make sure your home buying experience is as smooth as possible. We want to make the process as simple as we can. At Ascentra, we offer a $7500 first-time home buyer grant for qualifying individuals.*Īll down payment funds require documentation. Help may also be available in the form of down payment assistance programs. Additional sources for funds include gifts from family members, grants or secured borrowed funds. Oftentimes, people use assets like savings or retirement accounts. The down payment funds can come from a variety of sources. To avoid paying private mortgage insurance, a down payment of 20% is needed. With a larger down payment, the buyer needs to borrow less, monthly mortgage payments are lower, and less is paid in interest over the loan term.Īt Ascentra, a fixed-rate home loan requires a minimum 5% down payment and a first-time homebuyer adjustable rate mortgage loan requires a 3% down payment. It represents a percentage of the total purchase price, and the buyer will often take out a mortgage loan to finance the remainder. Stow all your reward points in your uChoose rewards account when you're ready, redeem gift cards or cash back.Īs you get ready to take off on your next great adventure, we hope you'll choose Ascentra for one smooth ride.Ī down payment is the initial cash you put down when you are buying your home. That's roughly 10% less than the average credit card interest rate. Please remain seated as this next feature is sure to knock you off your feet. If you're experiencing high interest on your current loan or credit card, please locate the nearest exit and head to your local Ascentra Branch. You can transfer a balance from another credit card or loan to a center, a visa credit card for a low rate of 2.99% APR for the first six months. We know this might take your breath away, but please remember to put the oxygen mask on yourself before helping others. Unlike other financial institutions, our credit card has no annual fee. The financial well-being and security of our members are of the utmost importance to our team.īut before you apply, please pay attention to all the benefits that accompany the Ascentra Visa credit card And thank you for considering Ascentra credit union for your credit card of choice.
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