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Ready to embrace homeownership?

RCU is here to answer your questions so you can make the best decision for you.

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From renting to homeownership

If you’re tired of apartment restrictions and increasing rent prices, you’re not alone. Many people across the country are making the transition from renters to homeowners. But like any big decision, homebuying comes with its own considerations, such as housing prices and mortgage rates. Our dedicated team lives in your community and is here to help you determine if homeownership is the right fit for you.

Things to love about homeownership

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Build equity

Equity is the current market value of your home, minus what you owe.

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Enjoy flexibility

Whether you want to renovate or redesign, you can make your home your own without needing to worry about a landlord.

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Turn over a profit

Down the line if you sell your home, your equity and upgrades can help you earn a profit.

Buying or renting: Which option works for you?

Before jumping into a decision, it’s important to consider the benefits and drawbacks of both options.

    • You build equity with each payment, building long term wealth and allowing you to borrow against the equity in the future
    • You can make updates and improvements to your property to create your dream home
    • Homes typically increase in value, so you may be able to sell your property for more than you paid for it
    • Being a homeowner also helps you build your credit history
    • If you don’t sell your home, it creates generational wealth when passed down to those you love
    • Similar to a rent payment, you are still responsible for the monthly mortgage payment with the additional responsibility of taxes and insurance
    • You’re responsible for the cost of maintenance
    • The value of your home will fluctuate with the market, which can be a drawback if you must sell in a down market
    • You’re not bound to the property
    • It’s easier to move to a different place
    • The landlord is responsible for the property’s upkeep
    • Rent often increases every year
    • Most properties have rules and guidelines tenants are expected to follow
    • Your rental agreement is a contract, and it binds you to the predetermined restrictions, such as no pets
    • You are investing in your landlords financial growth rather than own
Suggested For You

Getting Preapproved

Getting preapproved can help you understand your mortgage options and show agents and sellers you are a serious buyer.

Learn More

Here’s what you need to get into your next home

Mortgage Learning Center

Explore the resources you need to succeed in your home loan journey.

Visit Our Mortgage Learning Center
First-Time Home Buyers

We recommend taking a look at all our helpful tools and resources on our first-time home buyer page!

See What We Offer
Competitive Loan Options

Ready to get started? Check out the types of loans we offer!

Explore Home Loan Options

Explore your options

Want to buy a home but unsure if you can afford one? Let us go through the numbers with you. No purchase or obligation necessary. Simply fill out the form below or give us a call at 1 (800) 609-9009 and a team member will be in touch!

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Purchase Rates

Purchase Rates

 

Looking for additional mortgage rates? Our team is here to help. Contact us to learn about all our home loan options.

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  • 1Certain restrictions may apply. Maximum Combined Loan to Value (CLTV) for rates listed above is 95%. Maximum CLTV for investment (non-owner occupied) is 80%. Rates and max CLTV assumes property is a single unit, primary residence, non-manufactured home. RCU mortgages are available only CA properties only. ARM rates are subject to periodic adjustments after loan closing, per the terms of the note.

    Rates are effective April 26, 2024 and are subject to change without notice.

    Payment examples provided do not include taxes or insurance, actual amounts may be greater.

    Non-Closing cost product requires a minimum balance of $200,000 and includes a potential savings of $2,600 in closing costs.

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Schedule an appointment

Meet with a mortgage specialist to choose what’s right for your needs.

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Contact our mortgage team

Fill out our contact form and we will be in touch soon.

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PPP Forgiveness Application Deadline

Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:

  • PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
  • RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
  • Your correct deadline will be reflected in your online banking account.

If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.

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