Get Pre-Approved

If you are serious about searching for a home to purchase then you want to get pre-approved for a home loan from the credit union. Why? Pre-approval gives both real estate agents and home sellers confidence that you mean business. This gives you negotiating power.
There are two ways to get pre-approved:

  1. Meet with one of our real estate loan officers in person. Or,
  2. Start the application process on-line. If you go this route the system will know you are looking for a pre-approval rather than a specific mortgage approval when you do not input information on the specific property you want to purchase.

Access Our Home Ownership Resources

Our Homeownership Center is loaded with useful information about the home buying and mortgage process. In addition to many other resources you will find there some handy calculators and a detailed glossary of industry terms.

What Type of Mortgage Meets Your Needs?

Fixed-rate loan (30 years) – The most popular mortgage option is a 30 year, fixed interest rate loan. This drives monthly payments down to a lower level than with a shorter term loan and creates long-term stability in the amount of the monthly payment. The credit union offers a variety of 30 year, fixed rate loans.

Fixed-rate loan (25, 20, 15 and 10 years) – For those who can afford a shorter term loan, but still want stability in the amount of the monthly payment, these can be a great way to reduce the total amount of interest paid across the life of the loan. They also provide a route to owning your home sooner. Rates on these shorter term loans are typically lower than is the case for the 30 year fixed rate loan.

Adjustable Rate Mortgage (5/1 ARM and 5/5 ARM) – An ARM is typically offered at a lower initial interest rate than most fixed rate loans. The trade-off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly. In other words, an increase in interest rates in the economy will likely lead to higher monthly payments. That doesn’t necessarily make an ARM a bad thing. In particular, an ARM may be right for you if your income is likely to increase in the future and/or if you only plan on being in the home for, say, three to five years.

Montana Board of Housing – The Montana Board of Housing sponsors some excellent home loan programs for first time home buyers. These programs can drive down the cost of homeownership and make loans affordable to Montana residents where they might not otherwise be affordable. To learn more about these loans please meet with one of our real estate loan officers or visit the MBOH’s website for program eligibility.

FHA Mortgage – This is a mortgage that is insured by the Federal Housing Administration (FHA). FHA loans are available even at very low down payments. These loans are a good option for first time home buyers.

Rural Development Loans – Rural Development loans are available to help low-income individuals or households purchase their primary residence in rural areas with 100% financing. To learn more about these loans please meet with one of our real estate loan officers or visit the USDA’s website.

VA Loan – This is a mortgage that is insured by the Veterans Administration and offers 100% financing for veterans.