In fact, we don’t charge credit-based fees at all.
Being a member of the Credit Union pays off in many ways. While you may’ve heard talk about credit-based mortgage pricing increases, SCE Credit Union members don’t have to worry.
What is an LLPA
Loan-level price adjustments, or LLPAs, are adjustments made to your pricing based on a range of risk-based factors. Factors that could result in pricing increases include a lower credit score, a higher loan-to-value ratio or the type of mortgage product being utilized. LLPAs help to determine your interest rate, and ultimately, how much you pay for your monthly mortgage payment.
To make it simple, the more risk a lender determines your loan to be, the more you may have to pay due to LLPAs.
When interest rate shopping, it’s important to inquire about these pricing adjustments. Although the initial rates shown may seem attractive, they could be inaccurate when LLPAs aren’t taken into consideration, causing you to end up with a higher monthly payment than expected. A potential lender who quotes a rate without assessing your estimated credit or loan-to-value ratio has likely not included LLPAs.
Why does this sound familiar?
You may’ve heard about LLPAs in the news recently due to a change to allow for pricing decreases for lower credit score homebuyers looking to make lower down payments, while increasing pricing adjustments for some homebuyers in higher credit score tiers. These changes were made in an attempt to alleviate pressure for homebuyers making minimum down payments, regardless of their credit score.
What does this mean for me?
With all the news and changes surrounding LLPAs, you can rest easy because SCE Credit Union doesn’t charge LLPAs. There aren’t loan level pricing increases when you do business with us, and we can potentially save you money on your monthly mortgage payments.
Why do we do this? The answer is simple – we’re not here to just take your money. We work to add value to your home loan experience by providing the excellent service you’ve come to expect from us. This means providing custom home loan options to fit your unique goals while saving you money.
Save even more money?
The savings add up when you buy a home through SCE Credit Union. Our CMF HomeRewards program offers exclusive benefits to homebuyers and home sellers.1 This free program pairs you with an experienced loan officer and a trusted, local real estate agent who’ll safely guide you through every step of your transaction, all while saving you money.
CMF HomeRewards allows you to sell your home for a flat 1.5% listing fee, earn a 20% real estate agent commission rebate on your home purchase, qualify for a 20% discount on escrow fees and more.1
Members have already saved over $357,000 with CMF HomeRewards. It’s your turn… let’s get started!
1CMF Home Rewards: Rebate payment is made by HomeSmart Evergreen Realty and is credited to your benefit at the close of transaction. HomeSmart Evergreen Realty is not affiliated with Community Mortgage Funding, LLC. Information is accurate as of date of publishing and is subject to change without notice. 1) Sell a home and only pay a 1.5% listing fee. Does not include commission owed to Buyer’s Agent. 2) Buy a home and receive a 20% rebate on your agent’s commission. Information is accurate as of date of publishing and is subject to change without notice. 3) Escrow services discount of 20% guaranteed by Escrow Options at closing. Escrow Options is not affiliated with Community Mortgage Funding, LLC.