So what exactly is this "equity" thing? It's basically the difference between your home's market value and the balance on your mortgage. It can serve as collateral for a low-interest DATCU loan or credit line. If you prefer, just call it "opportunity." Because it can be your ticket to pay for almost anything you can imagine.
Get a lump sum or access to a revolving fund.
Your home's value really works in your favor.
Use the money for whatever makes your life better.
Don't let the name fool you. You can spend the money on home improvements, but vacations, tuition, and debt consolidation are common uses as well. We give you a lump sump of money that you pay back in equal installments each month. Interest payments can be tax-deductible. Ask your accountant or tax advisor about that.
What if you could apply for just one loan, and then borrow money again and again, just when you need it? That's the beauty of a line of credit. You have a set amount available for pretty much any purpose, but you don't pay any interest on it until you actually use it. Tapping into these reserves is as easy as writing a check or accessing your account with online banking tools.
It's good to have a little predictability in life. Stable monthly payments combined with great rates mean less strain on your household budget.
Everyone gets excited about buying a new home. Finding a mortgage? Not so much. Really, we understand. That's why DATCU makes the process as easy as possible by providing a great choice of fixed-rate loans and all the help you need from lending experts who have years of experience.
Spend money on decorating, not on interest charges.
All those fees can really add up. We don't let them.
Fixed-rate loans for 10, 15, 20 or 30 years.
A new loan may help reduce your monthly payments.
When you're buying a home, there are as many mortgage options as there are architectural styles. One big advantage of a fixed-rate loan is that your monthly payment will stay the same over the life of the loan, making household budgeting more predictable. Plus, for most families, the interest payments are tax deductible. No need to take our work for it. Just ask your tax advisor or accountant.
Saving up for a first home? It might be easier than you think. We can get you into your own place with a smaller down payment and low closing costs.
Let's face it: Life is expensive. It's hard to pull together the thousands and thousands of dollars you need to purchase your first home. At DATCU, we can make the path to ownership a lot quicker and easier with loans that eliminate the need for a big down payment and hold down other costs.
Keep your monthly payments under control.
A few financial blips won't disqualify you.
Only about 3.5% of the purchase price.
Less money for paperwork, more for furniture.
Choose fixed-rate loans of 15 or 30 years.
Your First Mortgage
We understand the home-buying process can be confusing, especially for first-time buyers. That's why DATCU has experienced lenders to guide you through the process. Start off by filling out an online mortgage loan application. Soon, a loan officer will contact you to offer assistance and answer questions.
Not looking to move? You can still take advantage of DATCU's mortgage deals. Lower interest rates or a reduced monthly payment means more money in your pocket.