KIT FCU Mortgage FAQs
- At least 5% unless USDA or 3% for FHA
- Entire down payment can be gifted; most mortgage companies limit gifts for down payment and who they come from
- No PMI
Please keep in mind, just because you can afford the payment on a $200,000 house doesn't mean you can buy one--if the loan amount is $200,000, your purchase price would have to b at least $210,500 because you can't borrow more than 95%. That means you will have to put $10,500 down.
Yes, if it is a fixedrate loan. KIT will quote you a rate when you apply and it will be locked for 45 days.
Average 30 days but we will work with you and try to get it done sooner.
No penalty for early payoff.
Only if you refinance.
Either may be right for you.
"Servicing" means accepting the payments and managing the escrow account. KIT never sells their servicing, so if you make the loan directly with KIT, you will always make your payment to KIT (at KIT, online, automatically, or however you choose to pay.)
It is possible. Taxes and insurance can increase even on a fixed loan.
Varies widely. Plan on $3,500-$5,000. Not all of that is fees; some is a deposit to your escrow. Closing costs are lower with a KIT loan (no odd days interest, no overnight fees, etc.)