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The wonders of modern commerce allow us to enjoy tropical bananas during a frozen Wisconsin winter. But some things, like your home mortgage, are too important to ship out—even across state borders.
With Pioneer Credit Union, you enjoy an entirely local process. And thanks to our non-profit status, we can offer remarkably low rates. So whether you apply online or come in person, we'll personally match you with the best mortgage for your needs.
Due to the high volume of mortgage applications, please allow at least 48 hours for one of our mortgage specialists to contact you.
We're always available for personal service. But you can dive into your own research 24/7 with our online Mortgage Web Center.
Can you really save money by paying more often? It seems counter-intuitive to some people at first. But, with the right bi-weekly program, it really can save you tens of thousands of dollars!
With bi-weekly payments you pay half your monthly mortgage payment every two weeks. This saves money two ways. The first has some heavy mathematical formulas involved, but the concept is simple enough. By applying payments every two weeks, your remaining balance is reduced more rapidly. So the interest is calculated on a lower balance for two weeks out of the month compared to traditional monthly payments—multiplied by every month of the loan!
The second money-saver is even bigger. Because of the way weeks fall on the calendar, you wind up making an extra mortgage payment every year. Again, this means your loan is paid off quicker, thereby reducing the amount of interest you pay over the life of the loan. We're not talking chump change either. Bi-weekly payments can shave 6 years off your loan and save close to $70,000!*
Even if you plan on re-selling before paying off your loan. The money saved means you will keep much more of the selling price in your pocket instead of using it to pay off the remaining balance.
The nature of bi-weekly payments that creates the extra payment each year means that there are two months out of the year where you will actually pay the half-payment three times. We will provide you with a calendar of when this occurs so it doesn't sneak up on you. But it is important you are prepared for those months.
The bi-weekly payment option is not available on FHLB loans.
Not every financial institution treats bi-weekly payments the same. Some don't actually apply the funds every other week. Instead, they collect them bi-weekly, but only apply them at the end of the month. This cheats you out of your interest savings. Others still charge you for this convenience, which defeats the purpose of saving money.
Rest assured, Pioneer Credit Union offers bi-weekly payments to save you money. We will apply your bi-weekly payments as we receive them, and we offer this service for free.
*As an example for illustrative purposes: A 30-year fixed rate at 7% on a $200,000 loan utilizing bi-weekly payments would be paid off 75 months sooner than a once-a-month payment plan, creating a total of $68,925 in interest savings.
An adjustable rate mortgage (ARM) is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes, up or down, are based on market conditions at the time of the change. Most often they are limited by a rate change cap and a lifetime cap. If you apply for an adjustable rate mortgage, the lender is required to provide you with an ARM Program Disclosure, which spells out the terms of the loan. People seek ARMs because they can provide more buying power up front, usually with lower initial rates. It is especially ideal if the buyer plans on selling within a relatively short timeframe, before rates could possibly increase.
A short-term, fixed-rate loan that involves smaller payments for a certain period of time and one large payment for the entire balance due at the end of the loan term.
Sometimes called a "swing loan," a bridge loan is generally a loan that is secured by a borrower's current residence to obtain the funds needed to purchase a new home if the current residence will not be sold prior to the purchase of a new home.
A mortgage insured by the Federal Housing Administration (FHA). FHA loans are also known as government mortgages. These are sometimes easier to qualify for and could require a lower down payment.
Perhaps the most common type of mortgage, a fixed rate loan simply means the interest rate is fixed for the whole term. This provides stability in your monthly payments and ensures your rate won't increase. Fixed rate mortgages are often offered with terms of 10, 15, 20, and 30 years. The longer the term, the less your monthly payments but the more interest you'll pay in total.
A refinance loan that provides the borrower with cash that exceeds the amount required to pay off existing mortgages on the home. This additional cash can be used by the borrower for any purpose.
The loan term is the number of months that you will make payments. If the loan term is the same as the payment calculation term, you will pay the loan in full during the loan term and no balance will be due. If the payment calculation term is greater than the loan term, a balance or "balloon payment" may be due at the end of the loan term.