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Frequently Asked Questions

Frequently Asked Questions

Frequently Asked Questions

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. We can help you determine exactly how much you can afford.
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. We can help you evaluate your choices and help you make the most appropriate decision.
The costs associated with closing a Noble Credit Union mortgage loan are often much lower than other lenders.  By keeping the application process efficient, we can reduce the overall costs at closing.  Contact us for a one-on-one consultation.
The LTV ratio is determined by the amount of money you borrow compared to the purchase price or appraised value of the property.  For example: on a property with an appraised value of $100,000 and the loan amount of $95,000, this would result in a 95% Loan-to-Value.
PMI stands for Private Mortgage Insurance. This mortgage insurance protects Lenders against some or most of the losses resulting from a default on mortgage loans.  Noble Credit Union only requires PMI when the loan exceeds 80% Loan-to-Value.