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Altura Credit Union

Riverside Home Loans

Ready to Apply for Your Home Loan?

To start the process of getting a mortgage loan, you can visit one of our branches in Riverside, CA or contact one of our Mortgage Loan Officers directly.

All About Home Loans

What is a Mortgage Loan?

A mortgage loan is used to buy or refinance a home. It is a means of buying a home without providing all of the cash upfront. Most people use a mortgage loan when they purchase a home because few people have the cash to pay for the full cost of a home out of pocket.

Qualifying for a Home Loan

To qualify for a mortgage loan, you have to meet certain eligibility requirements:

  • Debt-to-income ratio of less than 50%
  • A decent credit score (minimum of 580 for FHA loans or 620 for conventional loans)
  • A stable and reliable source of income

How Does a Mortgage Loan Work?

Your lender will give you a set amount of money to purchase the home. You are agreeing to pay back the loan, including interest, over the term of the loan. Once the loan is paid off completely, you then fully own the home.

Refinancing Your Home Loan

Refinancing your mortgage means getting a new loan for your existing home. The new mortgage loan pays off the old one which leaves you with one loan and monthly payment.

Typically people will refinance their homes to get cash out of their home (equity) or to get a better interest rate. It can also be used to remove another person from a mortgage, often in the case of divorce.

Types of Loans

Altura offers many loan options including:

  • Jumbo Loans
  • Second Homes
  • Investment
  • Conventional Loans
  • Fixed-Rate Loans
  • FHA Loans
  • Adjustable-Rate Mortgages
  • VA Loans
  • Home Equity Lines of Credit
  • Manufactured Homes

How Altura Credit Union is Different

  • Here for You: We are a not-for-profit company and Member-owned credit union in Southern California.
  • Better Experience: Altura offers lower fees, better loan deals and excellent Member service.
  • Locally Led: Our board members are local Riverside County leads that volunteer their time.
  • Community Focused: We strive to support the community through sponsorship and scholarship opportunities, including our Altura Cares initiative.

About Membership

How to Apply for Your Home Loan

To start the process of getting a mortgage loan, you can visit one of our branches in Riverside, CA or contact one of our Mortgage Loan Officers directly.

Mortgage Rates

Rates Effective Date: April 21, 2024
Loan TypeRateAPR*
15 Year6.375%6.669%
5/6 Month Sofr ARM6.375%6.669%
Jumbo 5/6 Month Sofr ARM6.375%6.769%
7/6 Month Sofr ARM6.500%6.794%
Jumbo 7/6 Month Sofr ARM6.500%6.894%

*APR = Annual Percentage Rate. All loans and home equity lines of credit are subject to credit approval. Not all applicants will qualify. Altura will review your credit report along with the information you ...

READ MORE +

*APR = Annual Percentage Rate. All loans and home equity lines of credit are subject to credit approval. Not all applicants will qualify. Altura will review your credit report along with the information you provide to determine if you meet the criteria. Debt to income ratio not to exceed 43%. Proof of income will be required. Loan-to-Value cannot exceed 80%. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply. NMLS# 417696

READ LESS -

What is a Mortgage Loan?

A mortgage loan is used to buy or refinance a home. It is a means of buying a home without providing all of the cash upfront. Most people use a mortgage loan when they purchase a home because few people have the cash to pay for the full cost of a home out of pocket.

Qualifying for a Home Loan

To qualify for a mortgage loan, you have to meet certain eligibility requirements:

  • Debt-to-income ratio of less than 50%
  • A decent credit score (minimum of 580 for FHA loans or 620 for conventional loans)
  • A stable and reliable source of income

How Does a Mortgage Loan Work?

Your lender will give you a set amount of money to purchase the home. You are agreeing to pay back the loan, including interest, over the term of the loan. Once the loan is paid off completely, you then fully own the home.

Refinancing Your Home Loan

Refinancing your mortgage means getting a new loan for your existing home. The new mortgage loan pays off the old one which leaves you with one loan and monthly payment.

Typically people will refinance their homes to get cash out of their home (equity) or to get a better interest rate. It can also be used to remove another person from a mortgage, often in the case of divorce.

Types of Loans

Altura offers many loan options including:

  • Jumbo Loans
  • Second Homes
  • Investment
  • Conventional Loans
  • Fixed-Rate Loans
  • FHA Loans
  • Adjustable-Rate Mortgages
  • VA Loans
  • Home Equity Lines of Credit
  • Manufactured Homes

How Altura Credit Union is Different

  • Here for You: We are a not-for-profit company and Member-owned credit union in Southern California.
  • Better Experience: Altura offers lower fees, better loan deals and excellent Member service.
  • Locally Led: Our board members are local Riverside County leads that volunteer their time.
  • Community Focused: We strive to support the community through sponsorship and scholarship opportunities, including our Altura Cares initiative.

About Membership

How to Apply for Your Home Loan

To start the process of getting a mortgage loan, you can visit one of our branches in Riverside, CA or contact one of our Mortgage Loan Officers directly.

Mortgage Rates

Rates Effective Date: April 21, 2024
Loan TypeRateAPR*
15 Year6.375%6.669%
5/6 Month Sofr ARM6.375%6.669%
Jumbo 5/6 Month Sofr ARM6.375%6.769%
7/6 Month Sofr ARM6.500%6.794%
Jumbo 7/6 Month Sofr ARM6.500%6.894%

*APR = Annual Percentage Rate. All loans and home equity lines of credit are subject to credit approval. Not all applicants will qualify. Altura will review your credit report along with the information you ...

READ MORE +

*APR = Annual Percentage Rate. All loans and home equity lines of credit are subject to credit approval. Not all applicants will qualify. Altura will review your credit report along with the information you provide to determine if you meet the criteria. Debt to income ratio not to exceed 43%. Proof of income will be required. Loan-to-Value cannot exceed 80%. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply. NMLS# 417696

READ LESS -

FAQs

Can I Apply for a Loan Before I Find a Property to Purchase?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding the perfect home. We will provide a pre-qualification letter to you. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification may give more weight to any offer that you make.

When you find the perfect home, simply call your Mortgage Loan Officer to complete your application. You will have an opportunity to lock in our great rates and fees.

Is a 15- or 30-Year Mortgage Better?

There really isn’t one best mortgage for everyone. With a 15-year mortgage, you pay less interest. You can also eliminate debt more quickly. On the other hand, although a 30-year mortgage does have higher interest, it also has lower monthly payments. This is a good option if you have other large purchases you’re saving for or currently paying such as college tuition.

Can I Pay Off My 30-year Mortgage in 15 Years?

It is possible to pay off your 30-year mortgage in fewer years. However, your monthly payment obligation will remain the same. If you want to increase your monthly mortgage payments, make sure you designate your extra payment as “principal payment” and discuss your decision with an Altura lender.

Should I Pay Extra Principal on My Mortgage?

Paying extra principal on your mortgage can save you money! By paying more, you won’t have to worry about paying as much interest. Ultimately, you’ll also pay off your mortgage sooner. However, this still isn’t the best option for everyone. Make sure you assess your financial goals and think about other areas you can cut costs before you decide to start paying extra principal.

Can I Still Owe Money After a Foreclosure?

You may still owe money even after your house has been foreclosed. If the proceeds from the sale of your home don’t cover the amount you owe on your mortgage, you will still owe your lender. The resulting debt is known as a deficiency.

Can I Get Advanced Copies of the Documents I will be Signing at Closing?

The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Mortgage Loan Officer.

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