By clicking on our Mortgage Portal, you'll find answers to frequently asked questions (FAQs) along with rates, calculators and applications. You can also get a no-cost/no-obligation quote or prequalification.
We can also schedule a no-cost/no-obligation consultation to help you better understand the mortgage loan process. Just call (937) 558-9070 to speak with, one of our Mortgage Loan Officers.
KH Credit Union has helped make the dream of home ownership come true for many of our members and right now mortgage rates are at record lows. Now is a great time to purchase or refinance your mortgage!
The mortgage process can be intimidating, but we're with you every step of the way.
We offer Fixed-Rate Mortgages at competitive rates and we can help you find the right mortgage loan option for your specific needs. We also offer refinancing for your current mortgage to save you money.
Home Equity Loans are available for homeowners who desire low-cost financing for a variety of reasons.
We offer Fixed Rate Closed-End Loans as well as Variable Rate Open-End Line of Credit Loans.
How Our Home Equity Line of Credit Works
Understanding Timing: Borrowing vs. Repaying
Subject to Final credit approval and direct deposit with KH Credit Union. Actual rate based on credit history. Other terms and conditions may apply. See specific loan disclosures for each type of lein for details.
The biggest difference between a mortgage and a home equity line of credit is
A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example; Your debt-to-Income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed.
Auto Loan $ 100
Other Debts $ 400
Monthly Debt Payments $2000
The Debt-to-Income Ratio is 33 percent. ($2000 is 33% of $6000.)
Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments.
If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however, you should weigh carefully the costs of a home equity line of credit against the benefits
Shop for the credit terms that best meet your borrowing needs without posing undue financial risks. And remember, failure to repay the amounts you've borrowed, plus interest, could mean the loss of your home.
A home equity line of credit is a form of revolving credit in which your home serves as collateral. Many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses.
With a home equity line, you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75%) of the home's appraised value and subtracting from that the balance owed on the existing mortgage. For example:
Appraised Value of Home $100,000
Percentage x 75%
Percentage of Appraised Value = $ 75,000
Less Balance Owed on Mortgage - $ 40,000
Potential Line of Credit $ 35,000
In determining your actual credit limit, the lender will also consider your ability to repay the loan (principal and interest) by looking at your income, debts, and other financial obligations as well as your credit history.
KH Credit Union (NMLS ID 615329), in full compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), employs the following persons within our Mortgage Loan Department