Forgot your password? These instructions show you how to Use the Forgot Your Password tool.
DCU's how to reset your password. Forget where you parked your car? Problem! Forget your online banking password? Not a problem thanks to DCU's easy to use forgot your password tool.
Just go to the log in box on the dcu.org home page and click "Forgot Your Password?" Then input the cell phone number you want your temporary password sent to. This must match the one that's already registered with your account stored in "my settings" in online banking.
Next, enter your DCU member number, click "Send me a new password" and DCU will then text you a new, temporary password. Enter the temporary password you received, click "Confirm," then just create a new password, and log in.
DCU's forgot your password tool. Forget. Reset. Go.
Instructions on how to log in to Online Banking and access all your DCU accounts.
Logging in to DCU's online banking for the first time? Welcome. Well it might not be as memorable as your first pet or your first car, but it will make managing your money a lot easier.
Step 1: Go to dcu.org and key in your member number and password (that's the PIN number you received when you opened your DCU account.)
Next, you'll need to create a different password, choosing any combination of 8 to 18 letters and numbers. Then just request to receive either a phone call or an email with a one-time passcode to verify that you are, well, you. And when asked about your device, choose "private" if it is your own device so you won't have to verify your identity the next time.
You're now able to access all your DCU accounts: transfer money, register to deposit checks, pay bills and more anytime you want.
DCU Online Banking. Your financial life will never be the same.
Instructions on how to log in to Online Banking and access all your DCU accounts using the DCU Mobile App.
Logging in to DCU's mobile banking for the first time? Welcome.
Well, it may not be as memorable as your first pet, or your first car. It will make managing your money a lot easier.
Step 1: Download the DCU mobile banking app on your smartphone or tablet. Tap to open, and log in by keying in your member number and the same password you used for DCU online banking. If you haven't logged in to online banking before, you'll need to do this first.
DCU mobile banking also gives you the option to remember your member number and to enable touch ID if your phone has this feature. This will make logging in to DCU mobile banking the next time even simpler.
You're now able to access all your DCU accounts, plus deposit checks, pay bills, transfer money, and more, anytime you want.
DCU Mobile Banking. Your financial life will never be the same.
Instructions on how to deposit a check to your account using a smartphone or a tablet.
DCU mobile check deposit. Fast. Easy. Secure. Whether it's a birthday check, a bonus check, or an overdue I.O.U., DCU's mobile check deposit lets you deposit a check in seconds, anytime, anywhere.
Just log in from your smartphone or tablet. Once you accept the terms and conditions, select "deposit" then choose the account where you want the money to go. Now, just key in the amount and tap "Done". Then place your check on a flat, solid colored surface with good lighting. Make sure all four corners of the check are neatly tucked inside the green guidelines and just snap the photo.
If everything looks clear, select "Next" and follow the exact same steps with the back of your check. Just be sure to endorse, date, include your member number, and write "for DCU deposit only via dcu.org" before you take the photo. If the image looks clear and readable, tap "Next" to verify your deposit.
If it doesn't or you make a mistake, no big deal. Just go back and do over.
You are now ready to submit your deposit and get on with your busy day. Just make sure to keep your check in a safe place for 60 days. Checks submitted and approved prior to the end of the business day will be credited to your account the same day.
DCU mobile check deposit. Makes depositing a check a snap.
Tips on the process of purchasing your first home.
Tips for first time home buyers. Buying a home can be exciting and a little overwhelming all at the same time especially if you’re a first-time home buyer.
So DCU has some tips to help guide you through the process.
Number One: get prequalified for your mortgage.
Then you’ll know exactly how much you can afford before you start looking.
And the seller will have more confidence in accepting your offer.
To get prequalified, have your most recent tax returns, W twos, pay stubs, and bank statements handy. While you don’t need these documents to apply for a mortgage, you will need them for verification during the loan process.
Number Two: Choose the right mortgage.
Today, you have a lot of options with different rates, terms, and benefits. So be sure to talk to a DCU loan officer who can review the options to help you decide which mortgage makes the most sense for you.
Number Three: plan for your down payment, closing costs, and pre-paid items.
To get a home mortgage, you’ll be required to make a cash down payment, usually three to twenty percent of the home’s full purchase price.
It’s also important to plan for closing costs and other pre-paid items because these could add up to a few thousand dollars. Closing costs include such item as application fees, attorney fees, title insurance, appraisal fee, and recording fees. Pre-paid items are costs like property tax escrow, homeowner’s insurance, and pre-paid interest.
Number Four: make a list of your must haves, maybe it’s the number of bedrooms a two car garage or a master bath.
Decide what’s most important to you as this will help you find the home that’s perfect for you.
Number Five: start looking early.
House hunting takes time. So, try to start looking up to six months in advance of when you’d like to move in to your new home.
And finally, set aside some move in money for new furniture, painting, or maybe a new appliance. It’s part of the excitement of moving into a new home.
So, to sum up, get prequalified. Choose the right mortgage. Plan for your down payment, closing costs, and pre-paid items. Make a list of must haves. Start looking early. And set aside some move in money.
Remember, DCU loan officers are always here to help you choose the home mortgage that’s right for your needs. For more information, call one eight hundred three two eight eight seven nine seven go to DCU dot org backslash mortgage, or a DCU branch.
Tips about calculating a comfortable monthly payment when purchasing your new home.
How much home can you comfortably afford? Now that’s an important question to answer. Because in addition to a home’s price, you also need to factor in other monthly expenses, and your lifestyle. DCU has some tips to help you figure it out.
Number one: calculate your debt to income ratio or D T I, that’s the percentage of your monthly gross income that goes to pay your monthly debts, like housing expenses, a car loan, credit cards, and other recurring obligations.
Your lender will review your D T I to help determine how large a mortgage you can afford.
You can learn more in our video: How To Calculate Debt to Income Ratio.
Number two: compare your mortgage options.
The mortgage you choose, fixed, or adjustable, as well as your term and down payment, will determine your interest rate and monthly mortgage payment.
A DCU loan officer can help you choose the right mortgage for your specific needs.
Number three: factor in Private Mortgage Insurance or P M I.
If your down payment is less than twenty percent of your property value or purchase price, whichever is lower, this cost will be added to your monthly mortgage payment. Some lenders may offer lender paid mortgage insurance options.
Number four: determine the property taxes on your home. You can ask your realtor about the estimated taxes, check online listings or town websites.
It’s a significant cost, but the good news is property taxes may be tax deductible. Consult your tax professional.
Number five: estimate the costs of your electricity, gas, oil, and water and factor these into your monthly budget.
Number six: if you’re moving into a condominium, or neighborhood with a Homeowners Association, be sure to include those fees in your monthly housing expenses.
Number seven: you’ll also need to factor in closing costs and other pre-paid items like mortgage application fees, attorney fees, inspection fees, interest, and property tax escrow.
Number eight: and finally, be sure to plan for the estimated cost of any immediate repairs or renovations you’re planning. Be realistic about the improvements you need to make now versus those you can make later.
So, how much home can you afford?
Calculate your debt to income ratio. Compare mortgage options. Factor in Private Mortgage Insurance if required. Determine your property taxes. Estimate monthly utilities. Include Homeowners Association Fees, if necessary.
Add immediate needed repairs and renovations. And, factor in closing costs and other pre-paid items.
DCU loan officers are always here to help you choose the home mortgage that’s right for your needs. For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage, or a DCU branch
How to calculate your debt-to-income ratio when buying a home.
How to calculate debt to income ratio. Your debt to income ratio, or D T I is important because your lender uses it to see if you have enough cash flow to afford the mortgage you’re applying for.
Your debt to income ratio is the percentage of your gross monthly income that would go toward your total monthly obligations.
A good rule of thumb is that this amount shouldn’t exceed forty three percent of your gross monthly income. You can determine your total debt to income ratio by first calculating your monthly housing expenses, including mortgage principal and interest, property taxes, private mortgage insurance, homeowners insurance, and homeowners’ association fees, if you’re buying a condo.
And then calculate all your other monthly obligations, including car loans, credit card bills, student loans, child support, and alimony.
The total of these two calculations divided by your total gross monthly income equals your total debt to income ratio.
For example, let’s say you pay fourteen hundred dollars a month for your mortgage, including taxes and insurance. And you pay another two hundred and fifty dollars a month for an auto loan, and one hundred dollars a month for your credit cards, then your total monthly debt is seventeen hundred and fifty dollars.
Take your total monthly debt of seventeen hundred and fifty dollars and divide this by your gross monthly income of four thousand three hundred dollars. Your debt to income ratio, or D T I equals forty one percent.
Remember, debt to income ratio is just one of the factors reviewed by DCU. DCU loan officers are always available to discuss your specific situation.
For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage or a DCU branch.
Important mortgage terms you should know when purchasing a home.
When you’re buying a home, the mortgage process has its own vocabulary. In this video, we’ll share some of these important terms with you.
Knowing them before you get started will help you better understand the information that’s being discussed throughout your own mortgage process.
The first step in the home buying process is typically the prequalification, which is an initial review of your mortgage application to determine how much you can afford to borrow. Most realtors prefer that you get prequalified before you start shopping so they know you can afford the homes you’re considering and have financing options in place.
Another term is P I T I, an acronym for principal, interest, taxes, and insurance the four components of a typical monthly mortgage payment.
The first component is Principal. This is the amount of money you’re borrowing.
Interest is the cost of borrowing that money, which is charged by the lender.
Taxes. This is the monthly amount required for your property taxes.
Insurance. This is the monthly payment for your home owners’ insurance premium.
PMI stands for Private Mortgage Insurance. It’s required if your down payment is less than twenty percent of the home’s value. The monthly premium amount would be added to your monthly loan payment. Some lenders may offer lender paid mortgage insurance options.
Escrow. This is a separate account set up by the lender to hold the money to pay your property taxes, required if you put less than twenty percent down.
The Debt to Income ratio, or D T I is the percentage of your gross income needed to pay your debts like housing payments, car payments, credit card payments and other recurring expenses. It helps your lender evaluate your ability to afford the monthly mortgage payment.
L T V stands for Loan to Value. The ratio of the amount of money borrowed over the value of the home expressed as a percentage. The difference between these two numbers is the amount of your down payment or equity in the home. To calculate your L T V, divide your loan amount by the home’s appraised value or purchase price, whichever is less.
The Loan Estimate, or L E, is a disclosure you get after applying for a mortgage. It explains the terms of the mortgage and includes information like the estimated interest rate, monthly payment, and total closing costs for the loan.
And finally, there is the Closing Disclosure, or C D.
This disclosure gives you the final details about your mortgage terms, projected monthly payments, and final fees and other costs.
Familiarizing yourself with the mortgage terms is a smart first step to the mortgage process. Check out the other DCU mortgage videos for additional information. And remember, DCU loan officers are always here to help you with any questions you may have along the way. For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage, or a DCU branch.
For some people, buying a home makes the most sense, but for others, renting a home is a better option.
For some people, buying a home makes the most sense. But for others, renting a home is a better option.
This is an important question to answer and there are advantages to both. So DCU would like to share some information that could help you decide.
Let’s start with reasons to consider renting.
Number one: renting is usually less expensive overall and requires less money up front than buying a comparable home in the same area.
Second, consider how long you plan to live in the house.
Because of the upfront costs and the down payment funds your mortgage will require, if you don’t think you’ll live in your home for at least five years, then renting might be a smarter way to go.
Third, there’s more flexibility with renting because it’s easier to pick up and move.
Keep that in mind if you’re uncertain about job security, think you might be transferred or just want to change neighborhoods.
And finally, you’ll avoid maintenance and repair costs, and real estate taxes.
Because when you rent, your landlord is responsible for those things.
So, what are the reasons to consider buying a home?
First of all, every dollar you put towards your mortgage loan’s principle increases your equity: the amount of the home’s value you actually own.
Your equity is the difference between the current market value of the home, less any mortgage loans. Your equity builds over time as you pay down the principal balance of your loans and if the value of your home increases, your equity will too.
Buying a home can lead to tax benefits because in most cases your mortgage interest and real estate taxes are tax deductible. Consult your tax professional.
When you buy a home at present market prices, you’re protected if home prices increase in the future. And if you have a fixed rate mortgage, your monthly payments will be constant. A landlord, on the other hand, can always raise your rent.
When you have a feeling of ownership, you’re more likely to invest in your home to make it the perfect place to live, raise a family, or spend time together.
Finally, when you’re in a neighborhood with other homeowners, you’re likely to become more involved with the people and the programs in your community.
So, to sum up:
Renting a home requires less financial commitment, gives you more flexibility and can be less expensive overall. Buying a home can build equity, has tax benefits, offers cost protection, and gives you a sense of community and permanence.
Whatever you decide, remember: DCU is always here with the expertise to help you make the most informed decision possible as well as prepare for future plans.
For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage, or a DCU branch.
How much money should you put down on your new home?
When purchasing a home, you’ll be required to make a cash down payment usually between 3 and 20 percent of the home’s full purchase price. How much money to put down on your new home is an important decision. And there are several factors and benefits to consider, so DCU wants to help you better understand your options.
While a down payment can represent a significant amount of money, there are advantages to making a larger one:
Number one: If you can make a down payment of 20% or more, you can avoid the cost of private mortgage insurance, or P-M-I.
PMI stands for “Private Mortgage Insurance and is required if the down payment is less than 20% of the home’s value. This insurance coverage protects the lender if you default on the loan. The monthly premium amount is added to your monthly loan payment. Some lenders may offer lender paid mortgage insurance options.
Number two: when you can make a larger down payment, it reduces the amount you’re borrowing, which lowers your monthly payment.
And three, you’ll pay less interest over the life of your loan because you’ll be borrowing less money. While a larger down payment has advantages, options are available for down payments as little as 3 to 5%. And making a smaller down payment can have its advantages as well.
First, it means that you’ll need less money out of pocket when you purchase the home, this will allow you to allocate other funds you have for closing costs, an emergency fund, or maybe some updates you plan to make to your new home.
Second, monthly PMI premiums vary depending on your loan scenario. The closer your loan value is to 80%, the lower the monthly PMI amount. And some loan programs may have lender paid PMI options.
Review your options using our personalized quote tool online, or speak with a loan officer for more information.
And finally, putting down less money may allow you to purchase as a home sooner. Saving funds for your home purchase takes time and a loan with a lower down payment can give you flexibility for the time of your home purchase.
Next, it’s important to understand you have options for the source of your down payment.
The money can come from your own savings, but it can also come from other sources like a gift from a relative or a grant from your city or state.
Of course, there are other costs to consider when deciding on the down payment amount that’s best for you.
First, you’ll want to factor in closing costs, which could be a few thousand dollars, and be sure to keep some “move–in” money for things like painting, new furniture or maybe a new appliance.
So, to sum up, a larger down payment can help you avoid the costs of private mortgage insurance, reduce the amount you need to borrow, and save you interest costs over the life of the loan.
While a smaller down payment can mean less money out of pocket, give you more options with PMI and allow you to purchase a home sooner. Determining how much home you can afford to buy is another important factor when deciding how much money you should have for a down payment.
Check out our DCU video: “How Much Home Can You Afford?” to help you determine what price range of homes you should include in your home search. DCU’s personalized quote tool can provide you with the rate, payment option and cost details for multiple scenarios.
Remember: DCU is always here for you to discuss options, answer questions and provide a choice of great mortgages. For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage, or a DCU branch.
Mortgages come in a variety forms. Which is best for you?
Mortgages these days come in a variety of forms, and what’s most important when it comes to choosing one can be different for everyone. For you it may be the monthly payment, for others it may be the interest rate or term of the loan, or perhaps it’s a combination of all these things. That’s why it’s important to understand the differences and then choose the mortgage that’s best for you. So, we’ll take a look at several different mortgage options.
A Fixed-Rate Mortgage provides a constant interest rate and fixed monthly principal and interest payments for the life of the loan with terms ranging from 10 to 30 years.
For those reasons, fixed-rate loans make budgeting easier, and protect you if interest rates rise in the future.
By comparison, an Adjustable Rate Mortgage, or “ARM”, has an interest rate that can fluctuate up or down. Many ARMs start at a lower interest rate than a fixed-rate mortgage for a number of years.
For example, a 5/1 ARM has a fixed interest rate for five years. After that, the rate can go up or down once each year within established limits. So, in a period of continuously low interest rates, an adjustable rate mortgage can save you significant money compared to a fixed-rate mortgage.
It can also be a good mortgage choice if you plan to live in your home for only a few years.
DCU also offers two specialty mortgages:
One is called a Jumbo Mortgage, which is a program offering large loan amounts, most common in areas where the average home prices are more expensive.
A Jumbo Mortgage offers loan amounts higher than the conforming loan limits set by the Federal Housing Finance Agency, or FHHA. While this threshold varies across the country, DCU offers jumbo loans at competitive rates that are often very close to those of conforming loans.
Another specialty mortgage DCU offers is a VA Mortgage, which is a loan guaranteed by the U.S. Department of Veteran Affairs, and available to veterans or active military members.
A VA mortgage typically requires no down payment, so the mortgage can finance 100% of the home’s purchase price and this loan has no private mortgage insurance.
So, to review:
A Fixed-Rate Mortgage has a constant interest rate and constant monthly payment.
An Adjustable Rate Mortgage starts at a lower interest rate, but can go up or down after the introductory period.
A Jumbo Mortgage offers higher loan amounts at competitive rates.
And, a VA Mortgage has benefits for active duty military and veterans.
Remember: DCU is always here for you to discuss options, answer questions, and provide you with a choice of great mortgages. For more information, call one eight hundred three two eight eight seven nine seven, go to DCU dot org backslash mortgage, or a DCU branch.