Bourns EFCU offers loans for the purchase
or refinance of single-family, owner-occupied property with up to 80%
loan-to-value.
Our programs include no points options or pay points and buy down your rate.
Compare our low closing costs, too! You'll save!
Other programs are also available. Ask us!
Apply today for a 1st mortgage for Purchase or Refinance here.
And here's some general information to
guide you through our process.
In November, the Credit Union received word that our application to become an approved Fannie Mae lender was accepted. Our efforts to achieve this tremendous goal came after years of originating real estate loans for our members.
Bourns EFCU has always strived to be your lender and credit union of choice. Many members have realized the benefits of low closing costs and market sensitive rates that we’ve always offered.
Our concern with entering the secondary real estate loan market was being able to continue to be your primary point of contact. We know you don’t want your loan sold to another bank that may be worlds away from you. Picking your way through voice prompts only to reach someone who can’t help you and then after transferring to another representative having to tell your story over again. And then the loan gets sold again and you start over.
But if your loan stays at Bourns EFCU, you know that won’t happen. You’ll still work with people you know and trust and who are already familiar with your story. We’ll be your point of contact no matter what happens. Fannie Mae lending affords us this opportunity that other secondary market lenders like Indy Mac and Countrywide can’t.
This does mean that change is at hand. We may have to request a few more documents than we have in the past. You may have to sign a few more forms. But the Credit Union will be safer and stronger for going in this direction.
But it also provides us a greater variety of products to serve your needs, even a 40-year product (coming soon). Special programs for first time home buyers and a whole lot more will be available through this valuable partnership
The Credit Union’s leadership, management & your elected Board of Directors, see this as a real sea change, a crossroads if you like. It’s the opportunity to ensure the Credit Union’s viability in what has always been an extremely competitive financial services environment. We look forward to the future with you—our member/owners.
Bourns EFCU has made a number of changes over the last 24 months as we work to comply with secondary market standards. These standards are critical to our ability to continue to provide real estate loan services to meet your needs.
Specifically, we have started to make loans on a 30/360 day basis which is different from the previous simple interest daily interest method we used to use to calculate interest and credit payments. This method of payment processing requires that payments are posted once a month, usually on or around the first of the month when payments are due. So even if you are accumulating monies through payroll, we will not be posting more than one payment to the loan each month.
If you wish to achieve reductions in principal like you did in the past through payroll payments, then you must make more than your minimum/contractual monthly payment when it is made. If you'd like to do this through payroll, please let us know.
Also, the change in payment processing required us to use a different servicing software application. This software is not integrated into HFS, our internet banking software, and you will not be able to check real estate loan balances or process your monthly payments to your real estate loan through HFS if you borrow from us.
The following rate sheet is provided as a courtesy to you. Your actual rate may vary. Rates are subject to change without notice.
|
|
To view Bourns EFCU's Loan Rate Sheets you must have Adobe® Acrobat® Reader®. If you do not have this software installed on your computer, a link to Adobe's site is provided for you below.
Self-employed members: Please note that we will verify self-employment income reported by you on your application by requesting a copy of your most recent tax returns from the IRS.
BEFCU Home | Membership | Loan Programs | Savings Programs |Link-Up | Contact Us | About Us
| Return
to Home Page Last updated July 15, 2008. © Bourns Employees Federal Credit Union. 1200 Columbia Avenue, Riverside, California 92507 Click to review our Privacy Policy. For more information, email,
call toll free at 1-877-426-8767 x 2,
locally at 951-781-5600, or fax 951-781-5452.
Office hours: 9:00 AM PST to 4:30 PM PST, Monday - Friday.
|
|
|
|
|
|
|
