MAKE MONEY ONLINE POSTS: First Tech Mortgage Rates Review

الجمعة، 16 أغسطس 2019

First Tech Mortgage Rates Review

One of the largest credit unions in the Pacific Northwest
Developed and implemented the very first online banking system in 1989 and an early mobile banking system in 2000
Offers fixed- and adjustable-rate mortgages, Jumbo loans, and other options
Emphasizes financing for technology industry workers, although qualifying individuals who aren’t tech employees can also join
Branches located on the campuses of technology companies around the country

First Tech Overview

Founded in 1952 as Tektronix Federal Credit Union by workers at Tektronix, First Tech’s history has deep ties to the technology industry. The credit union prides itself on its identity as an early adopter of innovative technologies in financial services and continues to seek new technological advances to implement in the banking industry.

First Tech’s mortgage options include conventional fixed and adjustable-rate mortgages as well as Jumbo loans.

First Tech History

In 1952, First Tech was founded as Tektronix Federal Credit Union in Beaverton, Oregon by Tektronix employees. Initially, First Tech had $25 in deposits and seven members and was located onsite at the Tektronix plant. From the early history of First Tech, the credit union has distinguished itself as an early adopter of technology.

First Tech began using ATMs in 1979, developed and used the first online banking system in 1989, and began offering mobile banking in 2000. Since it primarily serves employees of the technology industry, being tech-focused is a strong point of pride for the credit union.

Membership opened to employees of other technology companies in 1986. Since then, various other groups have become eligible for membership, including local residents of Beaverton, Oregon and members of organizations such as the Computer History Museum.

The credit union is somewhat strict with lending options and qualification requirements, favoring applicants with strong credit histories and overall qualifications. It does not emphasize alternative loan programs, so borrowers seeking these loans may not get the best offers or qualify for the best terms.

First Tech provides services to people working in technology or related areas and offers Jumbo loans to assist with financing in high-value home markets. This lender has extensive information about loan options on its website and allows applicants to look up loan officers and schedule appointments.

Currently, First Tech is not on Trustpilot. The credit union’s BBB rating is A+ with customer reviews averaging 1/5 stars.

Loan Specifics

Fixed-Rate Loans

Fixed-rate loans maintain the same interest rate throughout the entire loan term. This can be excellent for borrowers looking for predictable monthly payments. If market rates increase, fixed-rate loans remain the same. It also means, however, that if market rates drop, the mortgage rate won’t decrease without refinancing.

For borrowers who want to lock-in a low rate on a First Tech home loan or refinance, fixed-rate mortgages may be beneficial. First Tech offers 10, 15, 20, and 30-year fixed-rate mortgages. Conventional loans will probably require borrowers to put 20 percent down.

Adjustable-Rate Loans

With an adjustable-rate mortgage, market conditions may cause the loan’s rate to change over time. This means that mortgage rates may increase later, and borrowers can end up paying more than they expected for their loan. Rates may also decrease, however, and often start with a low rate at the beginning.

Borrowers who may sell their home soon after purchase or who already plan to refinance may benefit the most from an adjustable-rate loan. At First Tech, borrowers can choose to start their loan with a fixed interest rate for 3, 5, 7, or 10 years before the first rate adjustment.

Jumbo Mortgage Loans

High home values often require a larger loan, and that’s exactly what Jumbo mortgages are designed for. These loans are generally available for homes worth $450,000 or more.

Markets, where homes are typically worth much more than a traditional mortgage, can cover may be affordably financed through a Jumbo loan. Both fixed and adjustable-rate Jumbo loans are available through First Tech.

First Tech Mortgage Customer Experience

First Tech has a few different mortgages available and extensive loan guidance available both on their website and in-person. Applicants can use the First Tech website and meet with a loan officer at one of First Tech’s branches located throughout the country.

Although they can start the process online, prospective applicants must apply in-person with the help of a loan officer. First Tech allows prospective borrowers to calculate their payments and find out approximately online, but to get more accurate quote applicants will need to talk with a loan officer.

Schedule an in-person appointment and meet with a loan specialist to start the prequalification process.

First Tech requires documentation for mortgage loan applications, as most lenders do. Prospective borrowers should prove they can afford their home’s monthly payments by providing sufficient documentation.

For instance, they may be required to submit bank statements, W2 forms, tax returns from past years, pay stubs, asset documentation, and other evidence as requested. Exact requirements and credit standards will vary depending on the loan program. Mortgage specialists at First Tech work with borrowers to determine overall ability to repay the mortgage.

Lender Reputation

First Tech is not listed on Trustpilot yet. The credit union’s BBB rating is A+ with customer reviews averaging 1/5 stars.

Information collected December 19, 2018

Mortgage Qualifications

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
620-699	Fair	Moderate
620 and below	Poor	Difficult
n/a	No credit score	Difficult

When applying for a mortgage at First Tech, it helps to know your credit score. Applicants who have credit scores of 760 and higher will probably have the easiest time choosing and applying for a loan. Borrowers with scores in the 700 to 759 range may not receive the best loan options, but will probably have a few different choices available to them.

Applicants with “fair” credit may find it harder to get a favorable offer from the credit union. Few options at First Tech are available for borrowers with no credit history or low credit scores.

To qualify for the best First Tech mortgage options, it also helps to have plenty of income and asset documentation for the loan officer to review.

Debt-to-income ratio	Quality	Likelihood to get approved by a lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Unlikely

First Tech offers the best terms to borrowers who have debt-to-income (DTI) ratios of 30 percent or less. Applicants with higher DTIs may find it more challenging to obtain a good offer.
Phone Number & Additional Details