6 Steps to Homeownership
1 calculate how much you can afford - Calculate
Take into account your monthy expenses, gross income, and other debt. Then determine the size of your down payment. The larger your down payment, the lower your monthly payment. Don't forget to take closing costs into account. Your Bay Gulf mortgage specialist will give you a written estimate, the amount that will be due at closing so there will be no surprise distress signals.
2 select a mortgage program
Our mortgage specialists can navigate through your options to help decide which best meets your needs.
3 get pre-approved
Get pre-approved so that you know how much you can spend. Apply online today, call a mortgage specialist at 813.932.1301, option 5 or sail in to any Bay Gulf Credit Union location.
4 find your home and sign the contract
5 close your loan
Get a no-obligation quote from Member Insurance Services LLC for homeowners insurance. And finally, put your loan payments on automatic pilot with Payroll Deduction or recurring electronic transfers, or make your payments any time using Online Banking online or by calling Express Teller at 813.932.1301.
6 move in! congratulations!
FIRST MORTGAGE PROGRAMS
Fixed Rate First Mortgage
- loan terms of 15, 20, 30, and 40 years
- fixed monthly payment for the life of the loan
- rate lock available for up to 60 days from application
- 3% down payment programs available
- ideal if you are planning to be in the home for 7 years or longer
- includes condo financing
Adjustable Rate Mortgage (ARM)
- select an initial low fixed rate period of 1, 3, 5, or 7 years
- after the initial fixed rate period, the rate will adjust annually within the periodic rate cap (up or down)
- a lifetime cap is set for the maximum allowable rate increase over the life of the loan
- consider an ARM if you intend to stay in the home for 5 years or less to take advantage of lower starting payments
Modular & Mobile Home Loans - call us at 813.932.1301 option 5 for details
Construction Loans - call us at 813.932.1301 option 5 for details
FHA/VA Loan Sources - call us at 813.932.1301 option 5 for details
Bay Gulf Credit Union grants loans in accordance with all applicable federal and state regulations, including the Equal Credit Opportunity Act and Fair Credit Reporting Act, and Board-approved loan policies. All rates, terms, and conditions are subject to cohange at any time.
Loans granted to members for any purpose, including those for the purpose of purchasing, improving, or repairing a dwelling, are considered without regard to race, religion, color, sex, or national origin.
HMDA Disclosure Act Notice -- Our annual Home Mortgage Disclosure Act statement is available for inspection. This statement shows the geographic distribution of our residential mortgage and home improvement loans. For more information on how you may view this statement, inquire at any branch location.