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Buy, refinance or renovate your home with local service and great rates.
Buy my first home
Buy my next home
Refinance my home loan
Tap into my home's equity
Pay off high-interest debt
"Awesome response time and communication! Both Stacey and Kristie were quick and easy to help with all my questions."
More closing cost credit. More competitive rates. More local loan servicing.
Get a no-down-payment mortgage with the First-Time Homebuyer Program!
Heroes like teachers, military members, first responders and more can get the perks of the Community Heroes First-Time Homebuyer Program, including no PMI.
You could save money every month with a lower mortgage rate.
Utilize the equity in your home, condo, townhome, vacation home or investment property.
Struggling to make mortgage payments? Learn about programs that can help you get back on track.
What’s the difference between a HELOC and a mortgage refinance?
When you refinance your mortgage, you replace your old mortgage loan with a new one. The new loan will be under new terms – meaning the rate, balance and repayment term can change. There are several reasons why refinancing your mortgage could make sense, including lowering the interest rate, adding or remove someone’s name from the loan or cashing out some of your equity. If you choose to cash out equity with a mortgage refinance, you receive a lump sum once your loan closes.
When you use a HELOC to access your home’s equity, the new loan is separate from your first mortgage; it’s a second loan – and second lien – on your property. Unlike a mortgage refinance, a HELOC is an open line of credit with a specified limit and has separate terms from your first mortgage. You can draw funds from your HELOC, pay it off and draw more as you wish throughout a specified period, typically 10 years.
What credit score do I need to qualify?
The credit score requirements vary from lender to lender and depend on several factors, like the type of loan, property type, loan purpose and loan-to-value. Typically, qualifying for a HELOC or cash-out refinance will require a higher credit score than a no cash-out mortgage refinance. A good rule of thumb for a mortgage refinance is a minimum credit score of 620 for a conventional loan and 580 for an FHA loan. For a HELOC or cash-out mortgage refinance, it’s closer to 680 or 700.
How long does it take to close on my HELOC or mortgage refinance?
In most cases, mortgage refinances and HELOCs can close in 30 days or less.
Why choose a credit union over a bank or mortgage broker?
Because credit unions are not-for-profit organizations, they typically offer lower rates and fees than banks and brokers. Credit unions are also known for offering unique loan programs, especially for first-time homebuyers and jumbo loans. Many credit unions also service their own loans, which adds a level of convenience and gives you peace of mind knowing you can make mortgage payments directly to them.
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Annual Percentage Rate (APR) shown effective and is subject to change without notice. Visit our rates page for additional rate information and details.
The Real Estate Broker Program ("Desert Financial Home Plus") will match you with a participating real estate broker (“Participating Broker”) who will assist in the homebuying experience and will provide the applicable credit toward closing costs. Participating Broker shall provide a credit of 25% of the buyer’s agent commission toward the closing costs, up to a maximum of seven thousand five hundred dollars ($7,500) to be provided regardless of the lender utilized, and a credit of 25% toward the listing agent commission expense, up to a maximum of seven thousand five hundred dollars ($7,500), if the Participating Broker lists an applicable property with a real estate agent from the list of preferred providers. The Participating Broker will confirm each applicable credit is applied by the title company. These credits are applied as a discount from the commission payable to the broker. Use of a Participating Broker is completely voluntary and members financing the purchase of a home with Desert Financial Credit Union (“Desert Financial”) are under no obligation to participate in this Program. Desert Financial does not receive any benefit, monetary or otherwise, from the Participating Broker under this program. Participating brokers are non-affiliated third parties of Desert Financial, and Desert Financial makes no warranties or representations about the services provided by participating brokers.
