MORTGAGE ACCOUNT FAQS

With a fixed-rate mortgage, your interest rate doesn’t change, so you pay the same the amount of principal and interest every month. However, your total monthly payment might change if your taxes or insurance costs change.

With an adjustable-rate mortgage, your monthly payment can change over time. Your interest rate is linked to an economic index, so it adjusts up or down as that index changes. If your rate goes up, then your monthly payment also goes up. If your rate drops, you’ll have a lower monthly payment.

Yes, a down payment is required for a conventional home loan. In some circumstances, your down payment can be as low as 3%, but a 20% down payment is required to avoid private mortgage insurance (PMI). Your Mortgage Advisor can help you determine what will work best for your financial situation.

Yes. A General Membership gives you access to Educators + Homeownership Program and other mortgage loan options, as well as Savings, Checking, and so much more. Anyone who lives in Nevada can join! Learn more about how to qualify for a Silver State Schools Credit Union membership.

Yes. A General Membership gives you access to Equity Accelerator refinancing and other mortgage loan options, as well as Savings, Checking, and so much more. Anyone who lives in Nevada can join! Learn more about how to qualify for a Silver State Schools Credit Union membership.

Yes. A General Membership gives you access to Jumbo Home Loans and other mortgage loan options, as well as Savings, Checking, and so much more. Anyone who lives in Nevada can join! Learn more about how to qualify for a Silver State Schools Credit Union membership.

Yes. A General Membership gives you access to VA Home Loans and other mortgage loan options, as well as Savings, Checking, and so much more. Anyone who lives in Nevada can join! Learn more about how to qualify for a Silver State Schools Credit Union membership.

Yes. A General Membership gives you access to FHA Home Loans and other mortgage loan options, as well as Savings, Checking, and so much more. Anyone who lives in Nevada can join! Learn more about how to qualify for a Silver State Schools Credit Union membership.

Yes. A General Membership gives you access to loan options, as well as Savings, Checking, and so much more.

If you want to buy a home within the next few months, then it’s a good idea to get preapproved for a mortgage. Preapproval shows sellers that you’re serious about buying and you have the funds you need. If you’re looking for a home in a competitive market, getting preapproved can give you an advantage over other buyers.

Yes

When you apply for a mortgage, your credit score affects the interest rate you qualify for. With a higher credit score, you can usually qualify for a lower interest rate, which reduces your monthly payment and lowers the overall cost of the loan.

If you’re not sure what your credit score is, you can request a free copy of your credit score at https://www.freecreditreport.com/.

Refinancing your home loan can potentially speed up loan repayment and save you thousands of dollars in interest.

We are dedicated to finding ways to support the financial goals of educational employees inside classrooms and beyond. Check out our Educational Employee Loans

Member must be employed by an accredited academic institution.

The Silver State Schools Credit Union service area is the entire state of Nevada. While our core membership is comprised of those involved in the educational industry, such as employees, volunteers, students and parents of students, anyone can become a member. Learn more about how to qualify for a Silver State Schools Credit Union membership.

FHA loans enable more people to achieve homeownership. They allow borrowers who have less than perfect credit, no credit history, or who may have experienced some financial missteps, like a foreclosure or bankruptcy, to qualify.

The program has become popular with first-time homebuyers and move-up buyers because you can buy a house with a lower down payment, and the underwriting standards are more flexible

Individuals seeking home loans greater than $766,550.