A great place to start is by downloading our Home Buyers Guide to understand the home buying process from beginning to end.
Interest is calculated by multiplying your outstanding balance by your interest rate divided by 12. Interest is recalculated every month based on the outstanding balance, interest rate, and 30 days’ worth of interest.
A first mortgage is the main loan on your home, typically used to purchase it. A second mortgage is an additional loan taken out using your home’s equity. The main difference is the order they are recorded, based on the date and time each mortgage or deed of trust is filed. First mortgage payments are usually due on the 1st of the month, while second mortgage payments are typically due around the 15th. Second mortgages often have a shorter repayment term than first mortgages.
The number of days from application to closing can range from 30-60 days depending on a number of factors.
To apply, you must qualify for membership, and the property must be located in Yolo, Sacramento, Placer, or El Dorado counties or within 50 miles of our corporate office.
To qualify for membership, you must live, work, worship, attend school, or looking to purchase your primary residence in Yolo, Sacramento, Placer, or El Dorado counties.
You can obtain a free copy of your credit report from annualcreditreport.com