What First Time Home Buyer loans do you offer?

• First Time Home Buyer loans have become a key marketing term used in the mortgage industry for years now.  Generally lenders offer a low down payment option to help a first time buyer get into a home without needing to save a 20% down payment.  These options can change so it’s important to reach out to a Mortgage Loan Officer to find out what options you have.

 
How do I get started if I want to buy/refinance a home? 

• We recommend you start by gathering some of the needed items to buy/refinance and to complete a mortgage application. If you aren’t quite ready for that step; you can always start by talking to one of our Mortgage Loan professionals who are readily available to answer any of your questions.   

 
What items will you need from me to get started?

• The needed items really depend on your specific situation however, there are some general documents that most all borrowers will need to provide.  We recommend you take a look at the list here and gather as much as possible as early as possible.   

 
How much loan can I qualify for?

• There is no general answer to this question except to say that “it depends on your particular situation.”  But, the good news is that we are here to help!  Generally the size of the loan you qualify for is determined by your debt to income ratio.  Contact one of our Mortgage Loan Officers today and we can help you determine what you qualify for.

 
What are your current mortgage rates?

• Our general rates are posted online. The rate you qualify for is very specific to you and your particular situation.  We offer many different loan types and lots of different options within each loan type.  Speak to one of our Mortgage Loan Officers for a more detailed idea of the rate you would qualify for.

 
Why should I choose Maps Credit Union for my home loan?

• You aren’t just a number or a transaction when working with our team. We know you have goals, needs, and wants, and we are here to help you reach those! Rooted in teaching, we want to make sure you know all of the options you may have for your unique scenario. As your local not-for-profit credit union, we pride ourselves on educating our members so they can make the best financial decisions possible.  We pride ourselves on helping our community and we do so by offering our loans with low fees and hard to beat rates.  

 
What if I’m pre-approved already with another lender but want to switch to Maps?

• We think that could be a great plan!  However, where you are in the overall process could create some challenges so make sure you speak with one of our Mortgage Loan Officers first before you cancel or stop the loan process with your existing lender.  We want to earn your business but, more than that, we want you to be successful when buying your new home, no matter whom the lender is. 

 
Is it good to “rate shop?”

• The interest rate on your loan is only one part of your overall mortgage terms and may not be the most important part in the end.  However, getting the best rate you qualify for is smart business.  If you are rate shopping, make sure you know what to look for and don’t shy away from asking questions.  Are you familiar with “Points?”  Generally, most borrowers qualify for a range of interest rates.  If you stop there though, you may find out that the “low” rate you were quoted may actually be costing you thousands of dollars to get.  It’s important to always make sure you are comparing apples to apples when rate shopping.  Always ask for the RATE and FEES when shopping; just understand, this process make take a little more time. 

 
Is now the right time to purchase a home or should I wait?  

• The simple answer is the right time to purchase a home is when you are ready to purchase a home.  Waiting to buy for “rates to get better”, “home values to go down”, or to “save up a larger down payment” may end up costing you more in the long run.  Unless you can accurately predict the future we wouldn’t recommend anyone waiting for an event that may or may not happen.  Talk to one of our experienced Mortgage Loan Officers and they can help you determine if you are ready.