MORTGAGE / loans
Our Mission — Today and Always
Let’s help you to finance your dream home
Union Perks is committed to providing our Union brothers and sisters with the services and tools they need when it comes to getting the funds you need. Whether you are looking to buy or refinance your home, we got you covered! Our highly qualified team of Lending Agents is ready to help!
Mortgage / Loans
Union Perks Mortgage /Loans is designed as a reward program to benefit Union Membership for their hard work.
By working through Union Perks Mortgage / Loans, members will be put in touch with a qualified lender who can help them when buying or refinancing a home purchase. Our mission is to become the mortgage industry standard by elevating customer relationships and service. We build our corporate platform on high morals and ethics, honor, and integrity. These are the reasons clients will be able to trust the information and service they receive is unprecedented.
Union Mortgage Services
Getting a mortgage can be confusing. There are lots of terms you may not be familiar with and of course major decisions to be made. Basically, loans fall into two main categories: government and conventional. Government loans include FHA loans (Federal Housing Administration), VA loans (Department of Veterans Affairs) and USDA rural development (United States Department of Agriculture). All other mortgages are considered conventional. There are several benefits to having a conventional mortgage. Because individual lenders – not the federal government – set the fees and rates, conventional financing can often have both lower fees and rates. Additionally, the lender may allow borrowers to offer collateral other than the property mortgaged. This is a particular benefit to borrowers with limited access to credit.
Improve your life by cashing in on your home’s equity.
Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow homeowners 62 years and older to convert part of the equity in their homes into cash without having to sell their homes.
A refinance, or “refi” for short, refers to the process of revising and replacing the terms of an existing loan or mortgage. When a business or an individual decides to refinance a mortgage, they effectively seek to make favorable changes to their interest rate, payment schedule, and/or other terms outlined in their contract. Borrowers often choose to refinance when the interest-rate environment changes substantially, causing potential savings on debt payments from a new agreement.
203 K RENOVATION LOAN
Have you been thinking about adding a deck to your home or installing new windows? Do you have big dreams for that fixer-upper you’re considering purchasing? If so, the Department of Housing and Urban Development (HUD) has a program that would allow you to get these home improvements done. The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single-family properties. This program is sometimes referred to as a “renovation loan.”
HOME EQUITY LINE OF CREDIT
A HELOC is a type of loan that you take out based on the equity you have in your home. Unlike a regular, cash-out refinance that comes with a fixed dollar amount, a HELOC is an open line of credit from which you can borrow at any time. In most cases, a HELOC is a type of second mortgage.
Ocean’s Lending specializes in VA loans, which are guaranteed by the Department of Veterans Affairs (VA). These loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation. This includes the Army, Navy, Air Force, Marines, Reservists, National Guardsmen, and certain surviving spouses. Also, if you are a disabled veteran, you may qualify for additional benefits on a VA home mortgage loan.
To promote homeownership, the Federal Housing Administration (FHA) offers FHA loans, which are backed by the FHA and provided by FHA-approved lenders. It is one type of federal assistance that has helped homeowners since 1934. With less stringent guidelines, lenders can issue loans on mortgages that wouldn’t usually fit standard underwriting requirements, allowing more people to become homeowners. They tend to be more lenient on areas such as credit, funds to close, and co-borrowers. At the same time, lenders are protected from losses suffered if the home goes into foreclosure because the federal government insures these loans.
The United States Department of Agriculture, or USDA, has developed a home loan guarantee program, aimed towards fostering rural development and helping qualified borrowers obtain mortgages in rural areas. With its many benefits and more accessible qualifications, USDA loans are a viable option for many people, including low-income families who may not otherwise be able to afford a home.
For a loan to be considered a “jumbo” mortgage, the loan amount must exceed conventional conforming loan limits, which are set by two government-sponsored enterprises – Fannie Mae and Freddie Mac. These two corporations set the limit on the maximum value of any individual mortgage they will purchase from a lender. Currently, the conforming loan limit is $647,200 for a one-unit home – meaning, if you need to borrow half a million dollars to buy a million-dollar home, you would need a jumbo mortgage.
For more information, please contact our Union Mortgage Team at: