Acquiring a new home is exciting! Whether you are looking to purchase your first home, upgrade to your dream home, downsize or simply refinance, SharePoint has Mortgage loan solutions designed to meet your needs. Our Mortgage experts are here to help you through the entire process with helpful information, choices and solutions to meet your personal goals (and within your budget)!
|Effective Date: Sunday, October 1st, 2023|
|Name||Rates||APR as low as*||Points|
|Conventional 15-Year Fixed^||6.875%||7.031%||0.00|
|Conventional 30-Year Fixed^||7.375%||7.474%||0.00|
|10 Year ARM^|
^Interest rates shown above are as of 9/29/2023 and are subject to change without notice. This is not a credit decision or a commitment to lend. Not all loan programs are available in all states for all loan amounts. The rates shown above are for a purchase of an existing single-family residence to be used as a primary residence with a loan amount of $150,000 located in Hennepin County and loan-to-value of 80%. The rate is based on a 45-day rate lock with a 740-credit score and an escrow account is required. Your loan’s interest rate will depend on various factors including: loan product, loan size, credit profile, property value, geographic location, occupancy, and other factors. All loans subject to approval and must qualify for membership. APR = Annual Percentage Rate. Equal Housing Opportunity. NMLS #527701
I Want To Learn About
Individual Virtual Home Buying Seminars
This is an individual, interactive home buying seminar allowing you to ask questions throughout to better understand the home buying experience.
If you are looking to purchase a home, we recommend getting pre-approved as soon as possible. Even if you aren’t looking to buy immediately, getting pre-approved will give you time to correct anything on your credit report and time to increase your credit score to ensure you get the best interest rate.
A pre-approval is valid for four months. After four months, the credit report expires and a new credit report must be pulled.
Yes, you can use SharePoint as little or as much as you’d like.
Yes, we are able to assist you with your mortgage in all 50 states.
The first step would be for you to complete a personal budget to determine how much you can afford to spend on a home. Once you complete a budget, you will want to start the pre-approval process to determine how much you will qualify for.
To avoid paying mortgage insurance on a conventional loan, a 20% down payment is required.
VA loan – A loan that is available for eligible veterans. VA loans typically do not require a down payment, will be more lenient on credit history, and have a lower interest rate. If you are a veteran or active-duty military, SharePoint can help you determine if you are eligible for a VA loan.
Conventional – Conventional loans are your best option if you have good credit and are able to contribute 3%-5% (depending on if you are a first-time homebuyer) or more as a down payment. When you have less than a 20% down payment mortgage insurance will be required on a Conventional loan, but will drop off when your loan balance gets paid down to 78% of the initial purchase value of the property.
FHA - FHA loans are insured by the Federal Housing Administration. FHA loans provide a low-down payment option at 3.5% and are more lenient on credit issues. However, there are more fees associated with an FHA loan and mortgage insurance does not drop off on an FHA loan.
VA loan – no down payment requirement
Conventional – 3% for first-time home buyers, if you have owned a home in the past 3 years then 5% is the minimum down payment requirement.
FHA – 3.5% down payment requirement
SharePoint is a local, not-for-profit member owned financial cooperative that is easy to do business with. Our knowledgeable mortgage team will provide choice, convenience, and flexibility while we work to give you the best value to reach your goals. You will receive exceptional service during your loan process, as well as any future needs you may have.
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