Purchasing a Primary or Second Home
A Streamlined, Stress-Free Process from Application to Closing.
Types of Mortgage Loans
This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed".
A Fixed-Rate Mortgage Loan May Be A Good Choice If You:
- Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change
- Plan to stay in this home for several years
- Don't expect your income to increase significantly in the coming years. Fixed-Rate Mortgage Loans come in various terms such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider total amount of interest you want to pay over the course of your loan.
For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10, 15, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to longer loan term. With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments. If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30-year term. Another option to decrease the amount of interest you pay is to get a 30-year loan, so you don't lock yourself into higher payments, but pay a little "extra" each month towards the principal when you are able to do so.
Backed by the federal Housing Administration, FHA loans are mortgage loans that have lower down payment and credit requirements, making them accessible to more people. Depending on where you live, you can get an FHA loan with as little as 3.5% down. The downside of an FHA loan is that you're required to pay an upfront mortgage premium equal to 1.75% of your total loan value, followed by monthly mortgage insurance payments. Depending on the size of your down payment, you may be paying monthly Mortgage insurance for the life of your plan.
The U.S. Department of Veterans Affairs backs VA loans. VA loans are only for veterans, current military personnel and qualifying surviving spouses. The approval process will require you to have a valid certificate of eligibility (COE) as proof that you qualify for the loan. Like USDA loans, VA loans don't require any down payment when buying a home. However, both types of loans still require the homebuyer to pay closing costs.
USDA loans are government-backed loans that can help you buy a home in a suburban or rural area. USDA loans don't require down payment with a qualifying credit score. The home you want to buy must also be in an eligible rural area; you can check your potential home's eligibility on the USDA website.
Helpful Home Buying Tips
Review our mortgage application checklist
One of the most tedious parts of home buying is gathering the right documentation, but prepping beforehand makes it that much easier.
Read MoreLearn more about building your credit score
A good credit score is key to getting approved for a home loan and securing a low interest rate, so it’s important to start out strong.
Read MoreFind out more about insuring your home
Homeowner’s insurance is a must-have for protecting your home and belongings, and it’s important to understand what it covers.
Read MoreLearn more about the home buying process
Thinking about buying a place to call home? Then it’s time to think through the home buying process.
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Home Equity Line of Credit
Put your home equity to work & pay for big expenses like home renovations.
Learn MoreBluCurrent Credit Union Home Loans FAQs
Remote service options remain available to connect with our mortgage and business service teams, while you also have the ability to visit them in person at our S. National location.
An escrow account helps you conveniently manage your property taxes and homeowners insurance. It works like a dedicated savings account that your mortgage servicer oversees. With each mortgage payment, a portion is set aside in escrow account to cover your real estate taxes and insurance premiums when they are due.
PMI protects the lender against financial loss if a borrower defaults on their home loan. It is required when a loan exceeds 80% of the property’s purchase price or, in the case of a refinance, when the Loan-to-Value (LTV) ratio is above 80%. The cost of PMI is added to your monthly mortgage payments. In certain situations, federal law allows you to request cancellation of PMI or requires it to terminate automatically. Ending PMI does not change your responsibility to maintain any other required insurance.
A loan estimate outlines an itemized projection of your closing costs based on the information available at that time. Keep in mind that these figures are approximate. Your final closing costs may vary depending on final third-party invoices. For example, appraisal, title, property taxes and homeowners insurance.
Homeowners insurance protects your home from losses caused by natural events, like storms, as well as unexpected events such as theft. BluCurrent requires this insurance on any property used to secure your mortgage, and the coverage must meet current Fannie Mae guidelines.
A flood zone is an area identified on FEMA-developed flood maps that indicates the likelihood of flooding. These maps outline regions within the 100-year flood boundary—which does not mean flooding occurs every 100 years, but rather that there is at least a 1% chance of that flood level being reached or exceeded in any given year. An appraiser will make an initial assessment of the property’s flood zone status, and BluCurrent will obtain an official flood determination report. If the property is located in a flood zone, BluCurrent will require you to secure flood insurance before closing.
Title insurance protects both you and BluCurrent from errors or issues related to property ownership. A title search confirms that the seller legally owns the property and ensures there are no undisclosed liens or claims against it.
Yes, funds from a home equity loan can be used for any purpose. Whether you want to buy a car, pay for college, take a vacation, or consolidate bills, the choice is yours.
Your credit score plays a major role when applying for any loan, especially a home loan. It’s a key factor in the pre-approval process and can affect your costs. For example, if you finance more than 80% of the property’s value, Private Mortgage Insurance (PMI) may be required, and your credit score can influence the amount you pay.
Getting pre-approved for a home loan is a smart step if you’re serious about buying a home and want to start your search with confidence. The process with BluCurrent is simple and straightforward. You can complete an application online, or contact one of our loan officers.
Your potential savings vary depending on your current interest rate and your reasons for refinancing. If your existing rate is higher than current market rates, refinancing may be beneficial. Contact a BluCurrent loan officer for a personalized estimate and expert guidance..
Yes. Typically, a refinance will pay off any second mortgage and combine both loans into a single new first mortgage, so you’ll only have one monthly payment. If you want to keep your second mortgage in place, BluCurrent may be able to work with the second lender through a process called subordination, which may include a fee.
Refinance transactions generally take 30 to 45 days, depending on the complexity of your loan and documentation requirements.
One perk for first-time homebuyers is the ability to put down as little as 3% on a conventional loan. You may also qualify to take a homebuyer education course, which can help reduce your Private Mortgage Insurance (PMI) costs and may even lower your interest rate.
BluCurrent provides a range of mortgage options to meet different needs. These include Conventional Fixed‑Rate Mortgages, government-backed loans such as FHA, VA, and USDA, and Home Equity Lines of Credit (HELOCs), which offer flexible access to your home’s equity for expenses like home improvements or debt consolidation.
- Complete Loan Application - Online, over the phone, or in the person.
- Pre-Approval - BluCurrent will request personalized documentation to review your mortgage loan options before issuing pre-approval.
- Find a local Realtor - Having an agent is key when negotiating a contract, inspections, or navigating a multiple offer situation.
- Processing & Underwriting - Includes the appraisal, income verification, and title search.
- Loan Approval - All underwriting conditions cleared
- Closing - Sign documents, pay closing costs, and get your keys!
Refinancing without taking cash out can help you adjust your mortgage to better support your financial goals by improving stability and long-term affordability. Homeowners often refinance to switch from an adjustable-rate mortgage to a more predictable fixed rate, shorten their loan term to pay off the loan sooner, remove a co-borrower, or eliminate private mortgage insurance (PMI). It can also be a useful tool when life changes such as shifts in income, credit profile, or household needs require a more predictable or better-structured payment. These options help strengthen your financial foundation without increasing your loan balance.
Refinancing your mortgage can reduce your monthly payment or interest rate by replacing your existing loan with a new one often at a more favorable rate or with updated terms. This can add flexibility to your finances by lowering what you owe each month, reducing the total interest paid over time, or both. Depending on your goals, refinancing may allow you to secure a lower interest rate, extend your loan term, or access lender options that offer competitive rates, personalized service, and low fees.