Westport Federal Credit Union is pleased to announce our new partnership with Allanach/Mortgage Group Corporation NMLS 2894. We now have the opportunity to better serve you with even more mortgage products. If you’re looking for a Reverse, Rehab, FHA, VA or USDA loan, visit our website at to learn more and fill out an application. For further questions, please call 508.679.0197.
Read on to learn more about some frequently asked mortgage questions.
What is a first mortgage?
A first mortgage is exactly what it says it is – the first loan on a certain piece of property. No other lien has been taken out on this home. When you first buy a house, the loan you typically receive is a first mortgage.
What is the Federal Housing Administration?
The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and hospitals. It is the largest insurer of mortgages in the world; insuring over 34 million properties since its inception in 1934.
What is a Reverse Mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their equity into a tax-free income – without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home.
Westport Federal Credit Union is your go-to place for low loan rates in the Westport/Dartmouth/Fall River area. You can now apply online 24 hours a day, 7 days a week from the convenience of your home or office. For more questions, call us today at 508.679.0197.