If you’re looking for a mortgage, you may have heard of UW Credit Union. UW Credit Union is a not-for-profit financial institution that offers a variety of mortgage options with competitive rates. In this article, we’ll take a closer look at UW Credit Union’s mortgage rates and what you need to know if you’re considering applying for a mortgage with them.
What is UW Credit Union?
UW Credit Union is a financial institution that serves the University of Wisconsin community, as well as anyone who lives or works in the state of Wisconsin. Founded in 1931, UW Credit Union has grown to become one of the largest credit unions in the state, with over 300,000 members and $3.8 billion in assets.
One of the key benefits of choosing a credit union like UW Credit Union is that they are not-for-profit organizations. This means that instead of paying dividends to shareholders, they reinvest their earnings back into the credit union to offer better rates and services to their members.
Mortgage Options at UW Credit Union
UW Credit Union offers a variety of mortgage options to suit different needs and budgets. Here are some of the most popular mortgage types they offer:
Fixed-Rate Mortgages: With a fixed-rate mortgage, your interest rate stays the same for the entire length of your loan term. This can be a good option if you want to have consistent monthly payments and want to know exactly how much you’ll be paying over the life of your loan.
Adjustable-Rate Mortgages: With an adjustable-rate mortgage, your interest rate can change over time, depending on market conditions. This means that your monthly payments can go up or down, depending on the interest rate at the time. This can be a good option if you’re comfortable with a bit of risk and want to take advantage of lower interest rates when they’re available.
FHA Loans: FHA loans are backed by the Federal Housing Administration and are designed to help people who might not qualify for traditional mortgages. These loans have lower down payment requirements and are generally easier to qualify for than other types of mortgages.
VA Loans: VA loans are available to veterans and active-duty service members and are backed by the Department of Veterans Affairs. These loans have a range of benefits, including no down payment requirements, lower interest rates, and no private mortgage insurance.
Jumbo Loans: Jumbo loans are available for people who need to borrow more than the conventional loan limit. These loans are typically used for high-value properties and can have higher interest rates and stricter eligibility requirements.
UW Credit Union Mortgage Rates
Now that you know a bit more about the mortgage options available at UW Credit Union, let’s take a closer look at their mortgage rates.
As of March 2023, UW Credit Union’s mortgage rates are as follows:
- 30-Year Fixed-Rate Mortgage: 3.500% (APR 3.569%)
- 20-Year Fixed-Rate Mortgage: 3.375% (APR 3.469%)
- 15-Year Fixed-Rate Mortgage: 2.875% (APR 3.012%)
- 10/1 ARM: 2.875% (APR 3.101%)
- 7/1 ARM: 2.625% (APR 3.031%)
- 5/1 ARM: 2.500% (APR 3.006%)
It’s worth noting that these rates are subject to change, and your actual rate may vary based on factors such as your credit score, down payment amount, and the type of mortgage you choose.
UW Credit Union is a not-for-profit financial institution that offers a variety of mortgage options with competitive rates. Whether you’re looking for a fixed-rate or adjustable-rate mortgage, FHA or VA loans, or jumbo loans, UW Credit Union has options to suit different needs and budgets. Their mortgage rates are currently competitive, and their application process is relatively straightforward. By working closely with a loan officer and gathering all the necessary documentation, you can increase your chances of being approved for a mortgage at UW Credit Union with favorable terms and rates.