HVFCU Mortgage Rates Review: Today’s Best Analysis

Joseph Meyer
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HVFCU Mortgage Facts

HVFCU is known in the community for being a great place to get a mortgage. They offer some of the best interest rates around and their process is very streamlined. They also offer a list of programs that could be right for you. With a good mix of features, variety, affordability, and efficiency, they have earned some of the best reviews from their customers.

If there are any problems with your application, everything that you need is in one place. It’s possible that things will go wrong, but if they do, you will be able to reach out to someone who knows exactly what they are doing and can help you sort things out quickly.

The thing that I like the most about HVFCU is not the interest rates themselves, but how they manage these rates. HVFCU know that you need a bit of leeway, so they don’t automatically renew your loan at a certain point. Instead, they check your balance and they make sure that they give you a new loan at the right interest rate. This way, you have the best of both worlds – you don’t have to worry about bouncing checks because your loan suddenly hit the maximum interest rate and you are not stuck with a high balance because your new loan rate is too high.

Overall

Mortgage Rates Are Historically Low!

If you are planning to buy a house, you should give yourself room to negotiate. Salespeople want to make a sale, and they will usually be willing to come down on the price if a customer is determined and able to walk away.

If you are paying cash for your home, you can negotiate, as well, and your chances of getting a good deal are even better. With cash, there is no financing to work out, and sellers often know that they only have a short time to get the house sold before you walk away, and they will be willing to give you a great price to show that they want your business.

Current Mortgage Rates

If you ask someone to name a bank they like, they will likely name a big bank. And there’s nothing particularly bad about that. But there’s a problem with that type of thinking. Big banks spend a lot of money on overhead and advertising just to gain your loyalty. And while they may have lower rates than smaller banks, they also have more hidden fees.

Let’s take a look at HVFCU vs a big bank like Wells Fargo! By getting a HVFCU mortgage, you can get the lowest rates with the best customer service at no additional cost.

Recent history in the banking industry has shown that the big B…companies aren’t as secure as they once were. Consolidation and big mergers create fewer choices for customers and a higher risk of financial calamity. So why would you would want to put your trust in a big bank when there are safer, more secure options out there?

One such option is HVFCU, a credit union with it’s headquarters in Saratoga Springs, New York.

HVFCU Loan Specifics

At Home Federal Credit Union, you are offered a few different types of loans. So far, we’ve covered the HVFCU¬Mortgage Loan Review, and the HVFCU¬Student Loan Review. On Thursday, we’ll take a closer look at the HVFCU¬Nursing Student Loan Review. However, there is another loan worth taking a look at: The HVFCU¬Personal Loan Review.

The Personal Loan offered by Home Federal Credit Union is a great option for those who are looking for a line of credit to be used for smaller, special weekend purchases.

Fixed-rate mortgages

Over the last three decades, interest rates for fixed-rate mortgages have trended down. Some of that change is related to the overall trend, but it also reflects credit quality, the supply and demand for loans, and the volatility of market interest rates.

When you are considering to get a mortgage, it is important to understand the current regulations and rules of the market. Some can leave you with high interest rates while others allow you to make informed decisions and get the best mortgage rate available.

Adjustable-rate mortgages

(ARMs)

Adjustable-rate mortgages have lower initial rates than fixed-rate loans, making them very popular among borrowers who need near-term lower payments to buy a house in a rising market.

What rate am I locked into?

ARMs have fixed rates for an initial period, similar to the way a fixed-rate mortgage is structured. The fixed period is called the “adjustment period” and it can be as long as one year or as short as a few months. The rate and payment can only change once during this period.

The adjustment period can be one, three, five or seven years, depending on the loan product. The number in the name is based on the length of the loan. A 2/28 ARM, for example, has a two-year adjustable-rate period followed by a fixed 28-year repayment period.

Will I get the lowest rate possible?

Typically, the initial rate is priced to be low enough to attract a large number of borrowers. But folks who get them early in the life of the loan risk paying more if interest rates rise after the initial rate adjustment.

Jumbo loans

Conventional conforming loan limits and FHA loan limits vary depending on where homeowners live. In a handful of states, there are no limits. Pretty much everywhere else, there are limits that are tied in some way to the median home sale price in an area.

Conventional conforming loan limits and FHA loan limits vary depending on where homeowners live. In a handful of states, there are no limits. Pretty much everywhere else, there are limits that are tied in some way to the median home sale price in an area.

But jumbo loans, as their name suggests, exceed conventional conforming loan limits. The jumbo loan limit is typically set at 1.5 to 2.0 times the median home price in the area, and it is typically reserved for people with higher earnings.

What about the types of jumbo mortgages available?The most common are fixed-rate loans and adjustable-rate loans.

Fixed-rate loans, as the name suggests, do not vary in interest rate during the length of the loan. It is possible for a fixed-rate jumbo loan to have an adjustable rate of interest if that interest rate is temporarily at or near the rate of the fixed rate.

FHA loans

Can be a great option for applicants with mild to moderate credit issues. They are also a great option for people looking to purchase a home for the first time. FHA loans subject the borrower to lower credit standards due to the way the loan amount is calculated. The total debt-to-income ratio is assessed and not the individual debt-to-income ratios of the applicant.

VA loans

Are the best type of home loans for military veterans. If you’re looking to buy your first home, are a member of the military, or are a spouse of a military veteran, find out how this loan program may provide you with financial benefits.

USDA loans

If you are looking for housing assistance, you may have heard of USDA loans. These loans are administered by the United States Department of Agriculture (USDA). It focuses on rural areas, although some urban areas get some loan money as well. The loans are used by rural residents to finance a wide variety of housing needs, from a condominium down payment to an entire new farm with an attached home.

Because most families who live in rural areas don’t need a lot of space, the main types of loans that cover this small housing market are the single-family housing mortgages. Rural families work hard for what they have, so there is a preference for owner occupied loans. While the USDA will provide some home improvement loans, these are generally through state housing agencies.

HVFCU Mortgage Customer Experience

Friendlier, Faster, Easier

HVFCU mortgage rates meet the rate needs of the best of our members. ³Best in market rates are offered without the need for a Credit Union membership or minimum savings,² said Julie Allen, President and CEO of Home Valley Federal Credit Union. ³We can provide the best rates to our members because of our strong financial position and consistent growth.²

With a combination of experience in the mortgage industry, new technology, and the devotion to quality customer service, HVFCU is dedicated to take the guesswork out of mortgage rates and help our members find the right loan for their needs. HVFCU offers competitive rates with very little or no points and fees. We work with you to find a loan that’s right for you.

HVFCU Lender Reputation

There are several different institutions offering home mortgage loans, but not all of them are of the same quality. Some may offer attractive rates at first, but once you close the loan, you’re likely to be hit with hidden fees, surprise expenses, and unexpected interest rate increases.

The way you can tell if a lender is trustworthy and credible is by checking the numerical ratings given to them by three separate agencies: the Better Business Bureau, the CFPB, and FICO. On the HVFCU website, you can look up 70 different financial institutions to get an idea of how they have performed over the years.

HVFCU Mortgage Qualifications

Have you considered an HVFCU mortgage? The following information will prove helpful in squaring away details should you choose to apply. If you’re interested in a mortgage and don’t already have one, don’t worry, the Home Equity Line of Credit shouldn’t be confused with a traditional mortgage. In fact, you could qualify for an HVFCU® Home Equity Line of Credit even if you have bad credit or are denied a traditional mortgage.

The minimum requirements you must meet to get a home equity line of credit from HVFCU are as follows:

  • · Be an HVFCU member for at least six months
  • · Have an HVFCU checking or savings account
  • · Show an ability to repay the loan
  • · Be employed or hold a job
  • · Have income to repay the loan
  • · Have a secondary source of income
  • · Have a verifiable source of income
  • · Have a valid Social Security or Tax Identification Number
  • · Be at least 18 years of age
  • · Have collateral
  • · Have proof of income

HVFCU Phone Number and Additional Details

If you are in the market for a home mortgage and are unsure which of your local credit unions you should get a deal done with, I recommend you start your search on Lending Tree. Lending Tree provides their users with a feature that allows you to compare credit unions and banks by making a side-by-side comparison based on your individual criteria.

Also, Lending Tree has been in business for more than 30 years and will provide you with the option for many reputable local credit unions. So don’t sweat it, the choice is yours.

One of the top Lexington, Kentucky credit unions you might want to consider is the HVFCU. The HVFCU (Harrison Valley Federal Credit Union) is a not-for-profit financial institution serving the needs of the Greater Lexington area since 1964. The company was established on July 4, 1964 by a group of Lexington citizens and has a long-standing tradition of being the go-to financial institution for the people of the area.