Are you in the market for a new home, or looking to refinance your current mortgage? ORNL Federal Credit Union, or ORNL FCU, is an excellent option for those seeking an affordable mortgage rate. ORNL FCU has been providing banking services for more than 80 years, and is one of the leading financial institutions in the area. ORNL FCU is a full-service credit union, offering a variety of banking services, including mortgages.
Why ORNL FCU?
As a credit union, ORNL FCU is a not-for-profit financial cooperative that provides competitive mortgage rates and services. Since ORNL FCU is a member-owned institution, it is able to offer competitive rates that are often lower than what you can find at other financial institutions. ORNL FCU also offers a variety of mortgage product options, including fixed-rate mortgages, adjustable-rate mortgages and jumbo loans.
ORNL FCU Mortgage Rates
When it comes to mortgage rates, ORNL FCU offers some of the best rates in the area. The current mortgage rates for a 30-year fixed-rate mortgage are 3.375% for a loan amount of $150,000. For a 15-year fixed-rate mortgage, ORNL FCU offers a rate of 2.625% for a loan amount of $150,000. In addition, ORNL FCU offers adjustable-rate mortgages (ARMs) with rates as low as 3.375% for a loan amount of $150,000.
ORNL FCU also offers jumbo loans, which are loans that exceed the conforming loan limit of $510,400. The current jumbo loan rate for a 30-year fixed-rate mortgage is 4.000% for a loan amount of $750,000. For a 15-year fixed-rate mortgage, the jumbo loan rate is 3.750% for a loan amount of $750,000.
ORNL FCU Mortgage Process
The mortgage process with ORNL FCU is simple and straightforward. You can apply for a mortgage online or at one of the ORNL FCU branches. Once you have submitted your application, it will be reviewed by a mortgage loan officer. The loan officer will contact you to discuss the details of your application and help you decide which mortgage product is best for you.
After the loan officer has reviewed your application and discussed your options, you will be given a loan estimate. This is a document that outlines the estimated loan amount, interest rate, and other terms of the loan. Once you have reviewed and accepted the loan estimate, you will be asked to provide additional documents to verify your income and assets.
Once all of the documents have been reviewed and approved, you will be given a closing disclosure. This document outlines the final loan terms and will give you an opportunity to review the details of the loan before closing. Once you have accepted the closing disclosure, the loan documents will be prepared and you will be ready to close on your mortgage.
ORNL FCU Mortgage Programs
In addition to offering great mortgage rates, ORNL FCU also offers a variety of mortgage programs. Two of the most popular mortgage programs offered by ORNL FCU are the First-Time Homebuyer Program and the HomeReady Program. The First-Time Homebuyer Program is designed to help first-time homebuyers purchase a home with a low down payment and flexible terms. The HomeReady Program is designed to help those with low to moderate incomes purchase a home with a low down payment and flexible terms.
Conclusion
ORNL FCU is an excellent option for those seeking an affordable mortgage rate. With competitive rates and a variety of mortgage products, ORNL FCU is a great choice for those looking to purchase or refinance a home. ORNL FCU also offers mortgage programs designed to help those with low to moderate incomes, making it a great option for all types of home buyers.
