How to Get a Home loan
Not ready to apply? We can guide you through the home buying process with four simple steps.
Step 1: Compare Mortgage Rates as Low as:
Rates effective October 16, 2024
| Term | Rate | APR* |
|---|---|---|
| 10 Year | 5.75% | 6.09% |
| 15 Year | 5.75% | 5.99% |
| 20 Year | 6.25% | 6.45% |
| 30 Year | 6.25% | 6.40% |
|
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*APR = Annual Percentage Rate. APR is calculated based on a loan amount of $100,000. Loan rates quoted are based on A+ credit rating. Actual rates will vary and are based on individual creditworthiness. Please call to verify listed rates and fees.
Step 2: Calculate Your Mortgage Payment.
Calculate your monthly mortgage payment by using the home loan rates and terms above. It is helpful to remember the mortgage rate you may qualify for could be different depending on a variety of factors, including the term and your credit score.
Step 3: Get Prepared to Buy Your House.
Credit Report
Your credit score is based upon your spending, payment, and credit history. It is represented by a number between 300 to 850. The higher your credit score is, the easier it can be to get approved for your mortgage.
How to get prepared: We recommend you get a free yearly credit report to learn what your credit score is before applying for your mortgage.
Job Stability
We prefer to see a pattern of proven income from employment stability.
How to get prepared: Try to apply for your home loan when you have been employed at your current job for at least two years. If it's less than that, don't worry as we look at your entire employment history during the mortgage approval process.
Down Payment
The initial money you pay on the total cost of your house is known as your down payment. At DuGood, you can get up to 95% Conventional financing, which means you must have at least 5% of the sales price as down payment.
How to get prepared: Take time to save your money before buying a home as a larger down payment can help save you thousands of dollars in the long run.
Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is calculated from how much of your total monthly income (before taxes are taken out) goes towards paying off your debt. This helps us to understand what percentage of your income will go towards your home loan.
Step 4: Apply and get pre-approved for your mortgage.
It's smart to get pre-approved before you shop so you'll know exactly how much you can afford.
Pay by Mail
DuGood FCU
P.O. Box 12899
Beaumont, TX 77726
SEE WHAT OTHERS HAVE TO SAY
Meet Our Mortgage Team
Sandra Flanigan
Senior Mortgage Lender
(409) 726-2104
Email
Sandy Ferrell
Senior Mortgage Lender
(409) 726-2106
Email
Pauline Villarreal
Mortgage Lending Manager
(409) 726-2119
Email
Holly Clark
Mortgage Servicing Supervisor
(409) 726-2113
Email
Connie Tassin
Mortgage Loan Specialist
(409) 726-2111
Email
Charla Bailey
Mortgage Loan Specialist
(409) 726-2107
Email
Blake Worthey
Chief Lending Officer
(409) 241-2261
Email
Get answers to frequently asked questions
What kind of mortgage loans do you offer?
DuGood offers conventional financing with in-house servicing. We can also assist borrowers in obtaining government mortgage loans. Please contact one of our experienced Mortgage Lenders to review your options.
What is a Conventional Loan?
A conventional loan is one that is not insured by the Federal Housing Administration or the Veterans Administration.
How much can I afford?
Generally speaking, you want your new mortgage payment (including taxes & insurance) and all monthly debts not to exceed 41% of your gross monthly income.
How much money do I need for a down payment and closing?
At DuGood you can get up to 95% Conventional financing, which means you must have at least 5% of the sales as down payment plus closing cost. Closing cost can be negotiated with the seller in your contract.
One of our real estate professionals can assist you with estimated cost based on the sales price of the property, of course the actual amount will depend on your negotiations with the seller.
What is the best home loan option for me?
A shorter term mortgage is recommended if you want to pay less in interest. This will help save you more money. But if lower monthly payments are more important, a longer term mortgage might be better for you.
Does DuGood offer homeowners insurance?
DuGood Credit Union has teamed with Travelers to offer members a discount on homeowners and condo insurance. Plus, if Travelers isn’t the right fit at this time, you can compare quotes from up to 50 national and regional carriers through InsuraMatch, a wholly owned agency of Travelers. To get a quote that includes your DuGood member discount on home or condo insurance and any other applicable discounts call Travelers at 1-888 979-0723 or click here to learn more including details and legal disclosures.
Download our free Home Buyer's Guide
It breaks down the home buying process step by step! Inside you'll learn what to look for in your future home, tips for getting the best inspection, what to expect during closing, and more!
