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Financing Dreams, One Home At A Time.
DuTrac Community Credit Union is strongly committed to providing home financing options that are fast, convenient and a value to our members. We offer in house loan programs with attractive payment options and sold loans with competitive rates. Whether you are looking to purchase a new home, refinance your existing mortgage, build from the ground up or simply adding a vacation home, our friendly, local staff will thoroughly discuss your options and help you make the right choice.
Whatever your real estate needs, DuTrac Community Credit Union is dedicated to getting our members into the home of their dreams-that's the DuTrac difference.
Buying a Home:
Refinancing:
Start here whether you are looking to lower your current rate or consolidate other debt.
Home Equity:
Take advantage of the equity in your home to help you with your next remodeling project, college loan, new car or just about anything you may need.
Real Estate Department
DuTrac Community has a full staff of real estate professionals to help you answer any questions you may have, along with the expertise to make your next home loan hassle free.
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The Low-Down on Low Down Payments
by Dianne Molvig
Like many people hoping to buy a home someday, you may have doubts whether you'll ever be able to afford it. Sure, you have a stable job and earn a good income. Your credit history is sound, and you've managed to save a little to cover emergencies.
The missing piece of the puzzle is the extra savings you'd need for the down payment, which can be a hefty sum with today's housing prices. You're thinking it will be years before you save enough--if you ever do. If prices climb even higher, the dream of home ownership might continue to be just beyond your reach.
On the other hand, you know that right now a monthly mortgage payment wouldn't be that much more than what you're spending on rent. But short of moving into a tent so you could sock away all your rent money for a down payment, there seems to be no way out of this predicament.
Visit your credit union for help with all your home-buying needs.Or is there?
More options than ever
Lenders used to require borrowers to pay at least 20% down on the purchase price of a house to qualify for a mortgage. That 20% requirement is history, as down-payment minimums have nudged steadily downward over the years ... to 5%, 3%, and even 0%.
In fact, some lenders offer 103% financing, which means the buyer can borrow the full purchase price of the house, plus 3% to cover closing costs--that is, the costs associated with closing the sale of the house. Thus, today a buyer might be able to get a mortgage without paying anything out of pocket.
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