What is a Mortgage Loan?

A mortgage, also known as a home loan, is an essential part of the dream of owning a home.

Likely the largest debt you'll ever take on, a mortgage is a loan to finance the purchase of your home. A mortgage loan could also be used in the refinance of an existing home (mortgage) loan.

Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years.

 To repay the debt, you make monthly installments or payments that typically include (PITI):

  • Principal
  • Interest
  • Taxes
  • Insurance 

Leaders Credit Union offers mortgage loans at affordable rates.  


Ready to get started? Apply online today! 

For more information regarding pre-approval and mortgages with Leaders Credit Union, feel free to contact a Loan Officer today!


Keep tabs on your Credit Report

The first step to financial fitness is knowing where to start. View your Credit Score for free, inside the Leaders Credit Union mobile app or request your free Financial Wellness Check-up in-branch with your Leaders Financial Champions.

Schedule your free check-up or download the Leaders Mobile App to get started with your Credit Score.