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Did you know you can get pre-approved for a home loan right now? GNCU’s home lending subsidiary, Greater Nevada Mortgage (GNM), has all the tools and expertise you need to make an informed decision to apply for a mortgage on the home of your dreams.
Greater Nevada Credit Union Home Loans
Homeownership Dreams Start Here
A Passion for Helping Homebuyers
GNM’s home loan experts are ready to provide their insights and personal assistance for your next home purchase. Whether you’re a first-time homebuyer or looking to move, they’re here to guide you through the entire process.
Here to Help Your Mortgage Needs
Credit Union Home Loan Options
If you are in the market to buy a home, it’s important to do your research so that you can choose the loan that works best for your budget and lifestyle. When you work with our credit union’s home lending subsidiary, Greater Nevada Mortgage, you have a variety of mortgage options, from fixed rate to adjustable rate and even government-backed loans such as FHA, USDA and VA loans. Connecting with a local GNM Mortgage Consultant is a great first step to get an idea on what options could be available to you, including possible down payment assistance programs (which aren’t limited to only first-time homebuyers).
If you own a home and are seeking a better interest rate and/or lower monthly mortgage payments, a home refinance loan may be right for you. This is also a good approach for those looking to consolidate debt from high-interest loans into a single monthly payment through a cash out refinance, as well as for those who simply want to pay off their home on a different time table than what their original mortgage’s terms called for. Check out our loan refinance calculator to see how refinancing could work out for you, and connect with a local GNM Mortgage Consultant to have your refinancing questions answered.
A Home Equity Line of Credit, or HELOC, is another popular way to borrow money from a home you already own — and it’s not the same as a home equity loan. By tapping into your equity, you can borrow much like you would with a credit card with repayment only necessary on the funds you use, and the money can be used for home improvements, emergencies, debt consolidation and more. HELOCs are a good option for homeowners who have built up equity over time of owning their home. Connect with a local GNM Mortgage Consultant to have your HELOC questions answered.
Newer to homeownership and don’t quite have the equity built up to do a home improvement project? A RenoFi Home Renovation Loan may be worth exploring!
Affordable Entry Into Homeownership: Explore a 5/5 Adjustable Rate Mortgage (ARM)
Greater Nevada Mortgage’s 5/5 ARM makes homeownership more affordable for first-time homebuyers and those restarting the mortgage process. With a low fixed interest rate for the first five years, borrowers can enjoy predictable monthly payments and peace of mind. After five years, the interest rate adjusts to market conditions and continues to do so only every five years after that. Get started now with as little as 10% down and a FICO score as low as 640.
Types of Home Loans
When you borrow money to purchase a home, you have a lot of choices to make. The first — and perhaps most important — is which type of loan best suits your needs. Here’s a look at some of the most popular credit union home loan types.
Fixed Rate Loans
Stability and predictability are the hallmarks of these loans that carry a specific interest rate for the entire borrowing/repayment period.
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Adjustable Rate Loans
For those looking to lower their short-term mortgage payments because they are not planning to stay in that home for long, mortgages with adjustable rates can be a good option.
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Jumbo Loans
Dream homes can sometimes cost more than the average home (especially in highly coveted locations). That’s where loans for more expensive homes — known as jumbo loans — come into play.
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Government-Backed Loans
Have existing debt and need to make a lower down payment? Are you active duty, a veteran, or surviving spouse of someone who was in the U.S. armed forces? Are you looking to live in a rural area? An FHA loan, VA loan or USDA loan may be the right path for you.
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Applying for Your Home Loan
Follow the steps below to get started on your home loan.
Determine Your Needs
What do you need the loan for? What loan amount are you aiming for? Run a few test scenarios through GNM’s mortgage calculator.
Compare Loans
Fixed? Adjustable? Government-backed? What are the mortgage rates and possible monthly payments? Having a general idea of options available, including down payment assistance programs, will help you during the application process.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, GNM offers a handy mortgage documents checklist so you know what information to gather.
Explore With an Expert
A local GNM Mortgage Consultant will work with you to see what options work best for your goals and situation. You can also connect with one before starting your application.
What credit score do I need to get a home loan?
What kind of loan should I get?
How do I know how much home I can afford?
What information do mortgage lenders need?
How can I find out how much my loan will be?
Ready to Move Forward?
If you’re ready to proceed with applying for a home loan, we’ve got the tools you need to move from dreaming to owning! Visit the links below to get started.
Greater Nevada Mortgage | NMLS ID: 279738 | CA ID: 41DBO-61467 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act