Buy, Build or Refinance Your Home

By selecting First Alliance Credit Union as your mortgage provider, you'll have access to numerous home ownership options. Our Mortgage Lenders, along with our partner TruHome, will expertly assist you in finding the ideal mortgage loan program, including:

• Conventional Fixed-Rate Loans

• Bridge Loans

• Purchase Money Seconds

• Non-Conforming Loans

• Lot Loans & Construction Loans

• Manufactured Homes

• Jumbo Loans

• Balloon Mortgages

• Home Equity Loans

• Before you even start shopping for a home, you will need to get prequalified for the loan to show sellers that you’re a serious buyer whose financing is already lined up. Complete our pre-qualification application online to get started.

• After you’ve gotten preapproved, you’ll want to talk with a loan advisor. To make the process faster and easier, bring the applicable documents listed on our Mortgage Appointment Checklist with you when we meet.

• You don’t need a flawless credit score to get a mortgage, but the higher your credit score is, the more choices and lower interest rates are available to you. If you don’t have a score of at least 620, you may want to hold off on buying a house and improve your credit score.

If you want to get pre-qualified for a home construction loan, you can fill out the same pre-qualification application you would if you were buying a pre-built house.

We also recommend downloading our free construction loan guide.

You can save money when you refinance your home!

• Refinancing your loan to a lower term, you’ll save money by paying off your mortgage faster and paying less total interest.

• Refinancing your loan to a fixed rate can potentially lock your loan into a lower interest rate.

• Refinancing your loan to a lower rate could lower your monthly payment.

• Even better, you can use combinations of the above methods to maximize the amount you save.

To get started refinancing your home apply online or call us today.

Quick Facts About Closing Costs

Mortgage loans have several costs associated with them that usually run between 2-5% of the loan amount, these are called closing costs. Some of the most common closing costs can include:

• an appraisal fee

• a loan origination fee

• a title search fee

• lender’s and owner’s title insurance 

Find out about other mortgage closing costs here.

Quick Facts About Down Payments

The average down payment is between 3% and 5%.  However, a higher down payment can help you increase the size of the home you can afford, or help you buy a home in a better location.

If you can't put down at least 20% of the house you’re buying, you may have to add Private Mortgage Insurance (PMI) to the loan. This can add several hundred dollars a month to your mortgage payment, so it’s best to avoid having PMI, if you can. Talk with us about your down payment options, we have a variety of workable solutions.

Please let us know if you plan to use any gift money to buy your home. You can use gift funds such as wedding presents or monetary gifts from family, although special rules often apply. 

Mortgages Rates

We want to provide you the most accurate information possible for your situation. Rates change daily and are dependent on factors such as credit score, loan to value ratio and the type of loan.

Please call us for our most current mortgage loan rates or if you had additional questions: 507-288-0330.

Mortgage Payment Calculator

Click here to use our simple mortgage loan payment calculator to estimate your monthly mortgage payment.

Explore our wide variety of mortgage resources and feel free to contact us with questions.

• Moving to Rochester, MN Guide

• Basics of Qualifying for a Mortgage

• Differences in Fixed Rate Mortgages and Other Mortgages

• Having Trouble With Your Mortgage? Here are Some Ideas to Consider

• Ten Questions to ask a Lender About Your Mortgage

• The First-Time Home Buyer’s Guide to Mortgages, Titles and Escrows

• A Closer Look: 15 vs. 30 Year Mortgage

Thank you for choosing First Alliance Credit Union as you mortgage provider! If you're mortgage loan was part of our TruHome partnership, please issue your monthly mortgage payment to: 

TruHome Solutions, LLC                                   
PO Box 219958 
Kansas City, MO 64121-9958

You can also contact TruHome directly with questions about your mortgage by calling: 913-981-1700, Monday - Friday 5:00am-6:00pm PST.

If you are struggling to make your mortgage payments, please visit TruHome's Mortgage Assistance* page.

You can Login to your TruHome Mortgage account here*.

*Affiliate Site Disclaimer: Our website privacy and security policies only provide protection via the domains owned and operated by the credit union: firstalliancecu.com and resources.firstalliancecu.com. By accessing any linked website not hosted on the listed domains you will be leaving our website and entering an affiliate site which is hosted and controlled by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of our website. We encourage you to read and evaluate the privacy and security policies of the website which you are entering, which may be different than those of ours. Inclusion of any linked website on our site does not imply approval or endorsement of the linked website by us. This remains true even where the linked site appears within the parameters or window/frame of our site. We are not responsible for practices employed by websites linked to or from our website, nor the information, content, accuracy, or opinions expressed in such websites, and such websites are not investigated, monitored or checked for accuracy or completeness by us, nor do we maintain any editorial or other control over third-party websites. Your browsing and interaction on any other website, including websites which have a link to our site, is subject to that website's own rules and policies. If you decide to leave our website and access any third-party websites, you do so solely at your own risk.