Introduction
If you’re considering taking out a mortgage, one of the things you’ll likely be focused on is the interest rate that you’ll be charged on the loan. Different lenders have different mortgage products, and the interest rate can vary greatly between them. That’s why it’s important to shop around and compare mortgage interest rates from different lenders. Patelco Credit Union is one lender that offers a variety of mortgage products, and in this article, we’ll take a closer look at Patelco’s mortgage interest rates and what you need to know about them.
How Interest Rates Work
Before diving into the specifics of Patelco’s interest rates, it’s important to understand how interest rates work. When you take out a loan, you’ll be charged an interest rate, which is essentially the cost of borrowing money. This rate is expressed as a percentage, and it’s typically a fixed rate, meaning it won’t change over time. The higher the rate, the more you’ll be charged in interest payments, and the more you’ll end up paying over the life of the loan.
Patelco Mortgage Interest Rates
Patelco offers a variety of mortgage products, including fixed rate mortgages and adjustable rate mortgages. The interest rates on these products can vary depending on the type of loan and the specifics of your situation. Generally speaking, Patelco’s fixed rate mortgages are competitively priced compared to other lenders, and their adjustable rate mortgages tend to offer lower rates than their fixed rate counterparts. Additionally, Patelco offers a variety of discounts, including a 0.25% discount for automatic loan payments, a 0.25% discount for enrolling in eStatements, and a 0.125% discount for setting up automatic payments for taxes and insurance.
Credit Requirements
Another factor that can affect the interest rate you’re offered is your credit score. Generally speaking, the higher your credit score, the lower the interest rate you’ll be offered. Patelco has a minimum credit score requirement of 620 for their mortgage products, but if your score is higher than this, you could be offered a better rate. Additionally, Patelco offers discounted interest rates for members with a score of 720 or higher.
Other Factors
In addition to your credit score, there are other factors that can affect the interest rate you’re offered. The type of loan you’re taking out, the loan term, and the loan amount can all have an impact on the rate you’re offered. Additionally, Patelco offers discounts for certain types of loan products and for loans that are used to purchase a home with energy efficient features. It’s important to be aware of these factors so you can get the best rate possible on your mortgage.
Conclusion
Patelco Credit Union offers a variety of mortgage products, and their interest rates can vary depending on the type of loan you’re taking out, your credit score, and other factors. It’s important to shop around and compare mortgage interest rates from different lenders to ensure you’re getting the best deal. Be sure to take advantage of any discounts offered by Patelco, such as automatic payments and energy efficient homes, to get the lowest possible rate on your mortgage.
