The Benefits of Working with the University of Iowa Credit Union

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The SOLDwisch Team has teamed up with the University of Iowa Credit Union because there are some really great features they offer that we think would benefit our clients. There are many advantages to getting a mortgage through them.

They're business plan focuses on becoming the leader when it comes to having the lowest available rates and the lowest fees. Additionally, they offer zero down payment programs, which is fairly uncommon in today's lending environment. Based on the sheer volume of clientele that they work with, the level of expertise they have to have as loan originators helps them put together some pretty incredible financing options for the people they work with.

 

One thing the SOLDwisch Team has noticed is the fact that the University of Iowa Credit Union offers some opportunities for people that other banks don't. They handle their loans on a more case-by-case basis than most other lending institutions. They see it in two ways: secondary market loans where applicants need to fit into a predefined box of characteristics and in-house products that allow them to grant loans in situations where it simply makes sense. They simply want to help people accomplish their goals.

They work out of a leased office space in West Des Moines and are currently working on building their own location. They started out as a credit union for the employees of the University of Iowa hospital back in 1938. The rules and regulations have since changed and progressed so that as long as you live and work in a community they serve, you can join!

They cover a huge area in the state and are currently the largest credit union in the state of Iowa! Additionally, they are number two nationally in total return to member. This means that they were voted the most competitive when it comes to giving the best rates on mortgages, the lowest fees, and the highest rates on their deposit accountants. They are very proud of this distinction, and would love to help you benefit from their services!

If you have any questions or comments about today's topic, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!

Is It Ever too Early to Talk to a Mortgage Banker?

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Today, a special guest joins us to demystify the mortgage process. Eric Bokker, a mortgage professional with Lincoln Savings Bank, will share some tips that will help you prepare for getting a mortgage!

If you're planning on moving within the next year or so, it's never too early to talk to a mortgage banker. When you do, you'll learn how the entire process will play out; the mortgage professional will pull your credit and make sure you're in good financial standing before you begin looking for homes. If there are problems with your credit, coming in early will give you plenty of time to address them.

If you come in early and your finances are in good order, it's simply a matter of waiting for your lender to get you prepared with the right documentation. They will explain the funds you'll need in order to close, what kind of loan you are eligible for, and other minutiae of the process. Your lender will need two years of full tax returns, two years of W2s, your last 30 days of pay stubs, and also two months of bank statements.

Lincoln Savings Bank is a small community bank that started in 1902 in the Waterloo area. In 2011, they moved to the Des Moines Metro area, and are here in Central Iowa to serve the community. They pride themselves on providing more personalized service than the national banks, so be sure to check out what they're all about!

If you have any additional questions about the mortgage process, or if you need real estate help of any kind, give us a call or shoot us a quick email. We are always available to help you!

Are You Eligible for a Mortgage?

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P.S. Thank you to all our contributors for their real estate questions from our past email. You will all be receiving a $25 gift card! 

Lately, we've received many questions from first-time home buyers about how the mortgage process works. To demystify the process a bit, we brought in Jenny Green of Lincoln Savings Bank to answer some viewer questions.

How much money should you prepare to put down?
There are several products available for first-time home buyers. We have conventional loans (requires a 5% down payment), FHA loans (3.5% down), and USDA loans (0%), which are great for people who are looking to move into a rural area. Typically, we want our buyers to bring at least 3.5% of the down payment to the table.

Should buyers have an idea of their credit standing before beginning the process?
First-time buyers should contact a mortgage banker and get a pre-qualification before they start looking. This will let you know what you can afford and what kind of payments you can comfortably make.

What are closing costs?
Typically, closing costs include appraisals, title costs, settlement agent's closing fees, and the credit report. Sometimes, we ask the sellers to pay some of the closing costs, and it usually works well. Sellers are typically good about giving $2,000-$3,000 toward the closing costs, which typically covers them all.

Are there any incentives for first-time home buyers?
The Iowa Finance Authority has a number of incentives for first-time home buyers, as well as for second- and third-time home buyers. They have a $2,500 grant that can go toward your down payment, your closing costs, or any of the other fees associated with the transaction.

If you would like to speak with Jenny about this topic in more detail, you can reach her by phone at (515) 222-0123 Ext. 2506 or by email at JenniferG@mylsb.com. As always, if you need real estate assistance of any kind, don't hesitate to reach out to us! We would love to hear from you!