DFCU Products
A homeowner can use this type of refinance to access equity and receive cash back at closing.
What is a cash out refinance?
The percentage charged by a lender to borrow money.
What is an interest rate?
This upfront deposit shows a seller you're serious about buying their home.
What is earnest money?
Lenders use this three-digit number to help determine a borrower's creditworthiness.
What is a credit score?
Myth or Fact: You must have a 20% down payment to buy a home.
What is a myth?
This loan program allows eligible veterans to purchase a home with little or no down payment.
What is a VA loan and Community Heroes Loan?
This ratio compares your monthly debt payments to your income.
What is debt-to-income ratio (DTI)?
This document tells you how much home you may qualify to purchase before you start shopping.
What is preapproval letter
Paying bills on time is one of the best ways to improve this.
What is your credit score (or credit history)?
Myth or Fact: Getting pre-approved before house hunting can make your offer stronger.
What is a fact?
This refinance option allows members to borrow up to 90% of their home's value for debt consolidation, improvements, or other needs.
What is a 90% LTV cash-out refinance?
This process determines the current market value of a property.
What is an appraisal?
This third-party professional helps coordinate the closing process and handles funds.
What is an escrow officer (or escrow company)?
This ratio compares monthly debt payments to monthly income.
What is Debt-to-Income Ratio (DTI)?
Myth or Fact: Only first-time homebuyers can put 3% down on a traditional conventional loan?
What is fact?
This is one of the biggest benefits of working with a Home Plus real estate agent.
What is up to $7,500 of a portion of their commission towards the buyer's closing costs. (25% of agent's commission)
The person who evaluates a loan file and determines if it meets lending guidelines.
Who is an underwriter?
If your down payment is less than 20% on many conventional loans, you may be required to pay this.
What is mortgage insurance (PMI)?
Opening several new credit accounts before closing can negatively impact this.
What is your credit score?
Myth or Fact: Refinancing always means extending your loan term.
What is myth?
Aside from employer, what is the biggest difference between the Community Heroes product and the 100% LTV First Time Home Buyer product?
What is carrying/lack of mortgage insurance?
This legal claim allows a lender to take a home if the borrower fails to repay the loan.
What is a mortgage lien?
This final step in the homebuying process transfers ownership from the seller to the buyer.
What is closing?
A borrower with a blank credit score may still qualify for Desert Financial's 90% LTV cash-out refinance program.
What is 620?
Myth or Fact: Homeowners may be able to use their home's equity to consolidate higher-interest debt.
What is fact?