Competitive Rates. Affordable Options
Whether you're buying a new home, remodeling or wanting to lower your monthly payments, WPCCU offers a variety of competitive mortgage loans and helpful services to suit your needs.
Request a free consultation with a WPCCU home loan specialist today and find the best option for you or call 213-580-1600.
Types of Home Loans
Home Equity Line of Credit:
This is a 25 year term usually in second position for owner occupied single family homes, condominiums, or PUDs. The interest rate is based on the Wall Street Prime Rate plus a fixed margin. You will have a 10 year draw period and required to pay interest only for that period. After the draw period, your remaining balance will be amortized for the remaining 15 years. Our product has no upfront costs or fees and has no pre-payment penalty if you close the line at any time. All loans are subject to credit approval. HELOC promotional rate of 0.99% Annual Percentage Rate (APR) is for the first six months. Rates after the promotional period will vary based on Wall Street Prime rate plus a margin of 1.00%, currently 5.75% APR. Maximum loan amount is $200,000. Maximum LTV is 90%. Annual $50.00 fee is waived for first year. Other restrictions apply. Please request a consultation for more details.
Thirty-Year Fixed Rate Mortgage: The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Fifteen-Year Fixed Rate Mortgage:
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great. We also have 20-year FIXED, 10-year FIXED and 5-year FIXED products available.
Hybrid ARM (Adjustable Rate Mortgage) - 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM:
These increasingly popular ARMS—also called 3/1, 5/1 7/1 or 10/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs. When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
An FHA insured loan is mortgage loan that is backed by the Federal Housing Administration. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, an upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the base loan amount at closing is required, and is normally financed into the total loan amount by the lender and paid to FHA on the borrower's behalf. There is also a monthly mortgage insurance premium (MIP) which varies based on the amortization term and loan-to-value ratio. We also have FHA Streamline refinance programs available.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The loan is issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to help veterans purchase properties with no down payment. The VA loan allows veterans 103.15 percent financing without private mortgage insurance or a 20 per cent second mortgage and up to $6,000 for energy efficient improvements.