Enjoy lower interest rates for up to two years on your new loan
Don’t let interest rates stop you from achieving home ownership! Buying a home can be more affordable when your home loan contains a buydown. This feature provides you with lower interest rates for the first one to two years of your mortgage, so you’ll have lower monthly payments during the first years in your new home.
Here’s what a 2/1 Buydown can do for you:
- Your loan’s initial interest rate will be 2% lower than your permanent rate for the first 12 months.
- After the first 12 months of your mortgage, your rate will adjust to 1% below your loan’s permanent rate.
- When your buydown period ends, your loan’s rate will revert to the original, permanent rate from the third year onwards.
Apply today online or at any Liberty FCU location.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).