OnPath Credit Union
1st Time Home Buyer Loans in Lousiana
Home-ownership is a worthy goal, but once you’re in a position to finally take the plunge, what should you expect? Purchasing a home is a complex process and can be especially intimidating for first-time buyers. Fortunately, OnPath Federal Credit Union is here to help.
We offer first time home buyer loans to help our customers who want to become property owners. This financing is designed to help members that may be unfamiliar with the mortgage application process and offers several beneficial terms that traditional loans just can't compete with.
How Does a Mortgage Work?
A mortgage is a loan that provides funds to purchase a house. The property acts as collateral, which means that if you default, the financial institution can take ownership of your house. After receiving the funds, you have to repay the loan with interest via monthly payments. Mortgages are long-term obligations typically lasting up to 30 years.
How Are First-Time Mortgages Different?
Mortgages designed for first-time homeowners differ from traditional home loans in a few ways. For example, when you apply for a first-time mortgage, our loan officers understand that you’re new to the process and may need legal and financial concepts explained. Our loan officers can also guide you through each step of the application.
These types of loans may also be easier to qualify for and present fewer financial hurdles. Individuals who already own property have the advantage of using profits from the sale to cover fees and the down payment. First-time buyers have to come up with the funds on their own, and first-time mortgages can make adjustments to accommodate this.
What Are the Benefits?
At OnPath Federal Credit Union, we help our members become homeowners by providing excellent customer service, competitive home mortgage rates and a variety of other benefits:
- Easy pre-qualification
- Quick decision-making
- No Private Mortgage Insurance options
- No Money Down options
- Expedited mortgage process
We tailor our loans for flexibility, so even individuals whose needs aren’t met by traditional mortgages can fulfill their dream of homeownership.
Why Choose Us?
OnPath Federal Credit Union is your source for reliable, adaptable financing. When you choose us for your mortgage, you get the support and knowledge of financial experts. If you have further questions, you can reach our helpful professionals by calling 800-749-6193 or contacting us online.
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