Current Rates

Yes, you can. Your credit score is just one of many factors that contribute to the types of home loans and the rates that you qualify for. Your down payment, debt-to-income ratio, work history, and the type of home loan you’re interested in are all extremely important as well. One type of home loan for those with lower credit scores are FHA Loans. FHA mortgages allow the homebuyer to put down as low as a 3.5% down payment AND have less-than-perfect credit. Get an idea of what you might qualify for with our Mortgage Loan Calculator. Standard underwriting criteria will apply.

When buying a home, the standard guideline is to pay 20% of the home’s purchase price upfront as a down payment. For example, if you bought a $250,000 home, you would need to provide $50,000 for a 20% down payment.

However, some types of home loans require less than 20% down payment. With a lower down payment you’ll pay more interest over time. And, you will likely be required to pay a monthly fee called a PMI until you’ve paid off 20% of your home’s purchase price.

You may also be eligible for down payment assistance in the form of low or no-interest loans, grants, tax credits, savings programs, and more. Standard underwriting guidelines apply.

Talk to us to decide what's the best for your situation.

The online payment center is a third party platform meant to provide a convenient way for UW Credit Union members to make fast payments on their loans. You don't need an account to make a payment, but you can make an account for even quicker access in the future (these credentials are not the same as a UW Credit Union online banking account). 

UW Credit Union online banking refers to our app and in browser Web Branch platform. All UW Credit Union members can set up an account to make use of its features. The advantages to setting up a online banking account include the ability to:

• Set up recurring payments
• Create payment reminders - email, text or push notification
• Set up payment received alerts - email, text or push notification
• Check your balance in real time

There are pros and cons to both fixed-rate and adjustable-rate home loans, depending on your situation and goals.

Fixed-rate mortgages provide a steady payment for the life of the loan. A fixed rate may be right for you if you plan to stay in your home for the long term, if you prefer a consistent payment, and/or if you think rates might go up and you want to lock in a low rate.

Adjustable-rate mortgages (ARMs), also called variable-rate mortgages, have a low rate that’s fixed for a certain amount of time. Once that period of time is up, the rate may adjust periodically up or down depending on the market. An ARM might be a good choice if you plan to move or refinance before your rate adjusts, if your budget could withstand potential rate increases, and/or if you expect rates to go down. 

Yes, your monthly home loan payment (the principal and interest) will stay the same for the life of the loan. Keep in mind though that other payments related to your home, such as property taxes and utility bills, are not fixed and may change over time.

See how much you can afford to borrow based on your annual income and purchase price on our more detailed Mortgage Qualifier Calculator. Reach out to our team and talk to us or apply online to receive the most accurate quote

A home loan is usually a letter provided by a lender stating how much money they would be willing to lend you for your home purchase.

To get preapproved for a home loan, you will need to complete a home loan application and provide some information about yourself. The lender can then determine how much money you would be eligible to borrow. This is not a guaranteed loan, but it gives you a good estimate of what you can afford. Standard underwriting guidelines apply.

A preapproval is often the first step before you make an offer on a house. It demonstrates to the sellers that you’re a serious buyer and have funds in order to make the purchase. Being a preapproved buyer can give you a competitive edge over a buyer who is not preapproved.