Whether you're looking to consolidate your debt, remodel your home, pay for college tuition, take a vacation or have a new baby ... ISU Credit Union's Home Center can guide you through the process of home finance by providing you with the information and resources you need to make the best decision possible.
If you're looking to buy a home, check out our mortgage and low-rate home equity loan options:
Table data for Real Estate loans
1st Mortgage Purchase or Refinance
Rates effective 04-25-2019
ISU Credit Union offers two convenient ways to apply for your mortgage!
Simply complete the ISU Credit Union Mortgage application by clicking Apply Now below. Approval is fast!
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Do you have questions about mortgage loans? Simply give us a call and we'll help you through the process.
Glossary of Home-Buying Terms
- Adjustable-rate-mortgage (ARM): A mortgage having an interest rate that can change at designated intervals, based on a financial index.
- Annual percentage rage (APR): A rate that reflects the actual annual cost of a loan, incorporating the loan interest rate, private mortgage insurance, points, and fees.
- Appraisal: A professional assessment of the market value of a property.
- Cap: A limit set on an ARM as to how much the interest rate or monthly payments may increase.
- Closing: The legal procedure in which the transfer of property becomes final. Also called settlement.
- Closing costs: Costs incurred by the buyer and seller in transferring ownership of a property.
- Contingency: A condition that must be met before a contract is legally binding.
- Convertible ARM: An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
- Down payment: The part of the purchase price of a home that the buyer pays in cash up front; not included in the loan.
- Earnest money: A deposit given to the seller by the buyer when submitting an offer to show serious intent about buying a property.
- Escrow: The holding of documents and money (such as a deposit) by a neutral third party prior to closing. Also an account held by the lender into which a homeowner pays money for taxes and insurance.
- Equity: The difference between the market value of a property and the owner's outstanding mortgage balance; measures the degree of ownership.
- Fixed-rate mortgage: A mortgage in which the interest rate does not change during the entire life of the loan.
- Flood insurance: Insurance that will be required if a property is in a federally designated flood hazard area.
- Homeowner's insurance: An insurance policy offers liability coverage and protects the homeowner against physical damage to the property.
- Interest rate cap: A provision of an ARM that limits how much the interest rate can increase per adjustment period.
- Lifetime cap: A provision of an ARM limiting the total increase in the interest rate over the life of the loan.
- Lock-in rate: An interest rate the lender guarantees to the borrower provided the mortgage is closed within a certain time period. The borrower pays a fee for this guarantee.
- Margin: The set percentage rate the lender adds to the index rate to determine the interest rate on an ARM.
- Mortgage: A legal document that pledges a property to the lender as security for the payment of a debt.
- Offer to purchase: A formal document in which a buyer proposes to buy a property for a specified amount and under certain conditions. Acceptance by the seller creates a contract binding on both parties, subject to any contingencies.
- PITI: Stands for principal, interest, taxes, and insurance—the components of a monthly mortgage payment.
- Points: A one-time charge by the lender to increase the yield of a loan. Equal to one percent of the loan amount and paid at closing.
- Prequalification: The process of determining how large a loan a prospective home buyer can qualify for; this procedure is done before actually applying for the loan.
- Principal: The amount originally borrowed. Also that amount of the monthly mortgage payment that reduces the outstanding balance of a mortgage.
- Private mortgage insurance (PMI): Insurance provided by a nongovernment insurer to protect a lender against loss if a borrower defaults. Usually required if down payment is less than 20 percent of the purchase price.
- Real estate agent: A person licensed to negotiate and transact the sale of real estate; works on behalf of the seller, unless designated as a buyer's broker.
- Title: A legal document establishing the right of ownership.
- Title insurance: Insurance to protect the lender (lender's policy) or the buyer (buyer's policy) against loss arising from disputes over property ownership.
- Title search: A detailed examination of the title records to ensure that the seller of a property is the legal owner and that there are no liens or other claims outstanding.
Mail the forms to:
ISU Credit Union
Attn: Real Estate Department
921 S. 8th Ave., Stop 8029
Pocatello, ID 83209