A home is likely to be the biggest purchase you will ever make.
It can be difficult knowing how much to spend on a home and how much a monthly mortgage payment will affect your budget. Truliant offers its members a variety of mortgage options, with customizable and competitive credit union mortgage rates, that can fit the financial needs of each member.
General Rules
Knowing your budget is the best way to figure out how much you can spend on a new home. You want to make sure that you have enough money left over to pay your other bills and living expenses after you pay your mortgage.
One common guideline is the 25% rule. This rule suggests that your monthly mortgage payment should not be more than 25% of your gross monthly income. For example, if your monthly income is $5,000, then your monthly mortgage payment should not be more than $1,250.
The second rule is the 28/36 rule. This rule suggests your monthly mortgage payment, home insurance, property taxes, and housing association fees should not be more than 28% of your monthly income. Your other monthly debts such as student loans, car loans, and credit card payments should not be more than 36% of your monthly income.
Talk to a Lender
It's important to talk to a lender as you begin searching for a home to purchase. They can discuss your financial ability to purchase a new home and go over various loan options. They can also help you prepare for the mortgage pre-qualification process and discuss any problems you may have with your credit.
Pre-Qualifying for a Mortgage
There are several factors that can be looked at to determine how much money you can afford to spend on a new home purchase.
• Proof of income – You need to gather your W-2 statements, pay stubs, or tax returns for the last two years. These will be used to determine how much of a monthly mortgage payment you can afford.
• Work history – Your income statements will be used to verify your employment status and work history. Your current employer may also be called for verification.
• Assets – Your checking account and investment account statements will be evaluated to see if you can make a down payment. Keep in mind, down payment amounts vary based on the type of mortgage.
• Credit history – You should know your credit score before you apply for a mortgage. A high credit score can help you get an affordable mortgage with favorable rates and terms.
Types of Mortgages
Once you are pre-qualified for a mortgage, your lender will discuss the best mortgage for your financial situation. Different types of mortgages include:
• Fixed rate mortgage – This is the most common type of mortgage. The interest rate and monthly payment stay the same throughout the term of the mortgage. You can choose a 10-, 15-, 20-, or 30-year term. A down payment is required.
• Adjustable rate mortgage – An adjustable rate mortgage is a 30-year mortgage that starts with a low-interest rate, which adjusts after a certain number of years. You can choose to have the rate adjust after three, five, or seven years. The initial low rate allows you to save money. You can borrow up to 90% of the value of the home, and you can refinance to a fixed rate mortgage.
• First-time homebuyer mortgage – You can save a lot of money on your home purchase if you are a first-time homebuyer. Our HomePath100 is a 30-year, 5/5 adjustable rate mortgage that offers 100% financing up to $300,000 on a primary home purchase. You must have a minimum credit score of 700, and you must pay a minimum of 1% toward closing costs.
Truliant also offers a variety of specialty mortgages, including jumbo mortgages, manufactured home loans, limited/no credit mortgages, and ITIN mortgages. Our Truliant home loan representatives can help you get the right mortgage that fits your financial circumstances.
Making a Home Purchase More Affordable
There are several ways you can make a home purchase more affordable:
• Make a down payment – Take some time to save money and make a large down payment. This will lower your mortgage balance and your monthly payments.
• Increase your credit score – Paying off or paying down your debts will improve your debt-to-income ratio and increase your credit score. This will increase your chance of getting a lower interest rate, which will help lower your monthly payments.
• Choose the right home – You may have an image of a dream home, but there’s a good chance this home will not be within your budget. The mortgage pre-qualification process is used to see how much home you can afford. Stay disciplined and find a home that fits within your budget.
Find out more by visiting a Truliant location near you, or by giving us a call at 800.822.0382.
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for SafeSpend Banking:
| General Charges |
| Fee Type |
Fee Amount |
| Monthly maintenance |
$5.00
Waived with any of the following:
1) Monthly Total Deposits ≥ $250, or
2) 23 or younger |
| Official check, payable to third party |
$5.00/check |
| Wire transfer (incoming) |
$10.00 (Domestic / International) |
| Wire transfer (outgoing) |
$25.00 (Domestic) $35.00 (International) |
For a comprehensive listing of account-related fees, special service fees, and additional details,
log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Enjoy a full suite of everyday benefits designed to protect your wallet, your time, and your peace of mind — all part of this powerful package.
Unexpected perks — A $90 per month value if purchased separately:
- Lifestyle Protection and Savings
- Cell phone protection coverage
- 24/7 roadside assistance
- Buyer protection and extended warranties
- Telehealth for your family
- Save on healthcare (prescription, vision and dental discounts)
- Travel and leisure discounts
- Shopping perks (receive cash back or use for purchases)
- Shell station fuel perks
- Security and Fraud Protection
- Credit and identity monitoring
- View details.
- Or call the Benefits Service Center at 866-298-3686, Mon – Fri, 8:30 a.m. – 5:00 p.m. ET for assistance with registration and activation.
Money Access and Everyday Banking Perks:
- Free standard Truliant checks
- Free official checks
- Free incoming wire transfers
- One-time overdraft fee waiver (per calendar year)
- Early Pay — Get your paycheck up to 2 days early
- Surcharge-free ATMs — Access to 80,000 ATMs worldwide that waive their fees for our members
- Free ATM withdrawals, even outside Truliant
Our
Balance Backup coverage offers members emergency overdraft protection, allowing important items to clear and helping you avoid returned payment fees from payees.
Truliant will strive to pay the following types of transactions when you do not have funds available.
- Checks and other transactions made using your checking account number
- Automatic recurring drafts made using your debit card number
We also offer
Balance Backup+ for the following types of transactions when insufficient funds exist in your account:
- Debit card transactions
- ATM transactions
For complete details visit our
overdraft protection page.
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for Reserve Plus Banking:
| General Charges |
| Fee Type |
Fee Amount |
| Monthly maintenance |
$25.00
Waived with any of the following:
1) Average Monthly Deposit Relationship ≥ $25,000, or
2) Average Monthly Truliant Financial Advisors Investment ≥ $50,000 |
| Order checks |
Standard Truliant Checks are free |
| Wire transfer (outgoing) |
$25.00 Domestic, $35.00 International (incoming wires are free) |
| Overdraft Charges |
| Fee Type |
Fee Amount |
| Balance Backup* and Balance Backup+** overdraft protection |
$28.00/transaction (limit of six service charges per day) - 1 fee waiver per calendar year |
| Deposit account overdraft protection transfer service charge |
$3.00 (limit once daily) |
| Line of credit overdraft protection transfer service charge |
$3.00 (limit once daily) |
*Balance Backup service charge occurs anytime we cover overdrafts caused by check, recurring transaction, or other transaction made using checking account or debit card number.
**Balance Backup
+ service charge occurs anytime we cover overdrafts caused by debit card or ATM transactions.
For a comprehensive listing of account-related fees, special service fees, and additional details,
log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Receive one free overdraft per calendar year by contacting us or visiting a branch. Normal fee of $28 per overdraft applies for all other overdrafts.
Access to more than 80,000 surcharge-free ATMs. A surcharge-free ATM is one you can use without paying an extra fee charged by the ATM owner. Truliant partners with a nationwide network of ATMs that let you withdraw cash, check balances, and more—without those added fees.
Even if the ATM isn’t Truliant-branded, it can still be surcharge-free if it’s part of our network.
Use the
ATM locator to find the most convenient locations near you.
Truliant's Early Pay program lets you access your money up to two days before your payday on Automated Clearing House (ACH) direct deposits. You don't need to sign up or opt-in: Early Pay is a free and automatic service we provide to our members.
See more details here.
Non-Sufficient Funds occur when there isn’t enough money in your account to complete a payment. If this happens, we’ll simply reject the payment — and we won’t charge you a fee.
Enjoy a full suite of everyday benefits designed to protect your wallet, your time, and your peace of mind — all part of this powerful package.
Unexpected perks — A $90 per month value if purchased separately:
- Lifestyle Protection and Savings
- Cell phone protection coverage
- 24/7 roadside assistance
- Buyer protection and extended warranties
- Telehealth for your family
- Save on healthcare (prescription, vision and dental discounts)
- Travel and leisure discounts
- Shopping perks (receive cash back or use for purchases)
- Shell station fuel perks
- Security and Fraud Protection
- Credit and identity monitoring
- View details.
- Or call the Benefits Service Center at 866-298-3686, Mon – Fri, 8:30 a.m. – 5:00 p.m. ET for assistance with registration and activation.
Money Access and Everyday Banking Perks:
- One-time overdraft fee waiver (per calendar year)
- Early Pay — Get your paycheck up to 2 days early
- Low-cost standard Truliant checks — Only $10 per order
- Surcharge-free ATMs — Access to 80,000 ATMs worldwide that waive their fees for our members
- Free ATM withdrawals, even outside Truliant
We are proud to offer fewer fees at a lower cost compared to many other financial institutions. Below are our current fees for Essentials Plus Banking:
| General Charges |
| Fee Type |
Fee Amount |
| Monthly maintenance |
$7.50
Waived with any of the following:
1) Monthly Direct Deposit ≥ $500, or
2) Average Monthly Checking Balance ≥ $1,500, or
3) Average Monthly Deposit Relationship ≥ $5,000 |
| Order checks |
Standard Truliant Checks = $10.00 |
| Official check, payable to third party |
$5.00/check |
| Wire transfer (incoming) |
$10.00 Domestic or International |
| Wire transfer (outgoing) |
$25.00 Domestic, $35.00 International |
| Overdraft Charges |
| Fee Type |
Fee Amount |
| Balance Backup* and Balance Backup+** overdraft protection |
$28.00/transaction (limit of six service charges per day) - 1 fee waiver per calendar year |
| Deposit account overdraft protection transfer service charge |
$3.00 (limit once daily) |
| Line of credit overdraft protection transfer service charge |
$3.00 (limit once daily) |
*Balance Backup service charge occurs anytime we cover overdrafts caused by check, recurring transaction, or other transaction made using checking account or debit card number.
**Balance Backup
+ service charge occurs anytime we cover overdrafts caused by debit card or ATM transactions.
For a comprehensive listing of account-related fees, special service fees, and additional details,
log in to online or mobile banking to view our Deposit Account Agreement or Business Deposit Account Agreement.
Acceptable forms of identification:
- Driver’s license (state or U.S. territory issued)
- Driver’s license learner permit (state or U.S. territory issued)
- ID card (state or U.S. territory issued)
- Passport (U.S. or foreign government-issued)
- Armed Forces ID (U.S. government-issued)
- Permanent resident card (U.S. government-issued)
- Employment authorization card (U.S. government-issued)
- VISA (U.S. government-issued)
- Matricula Consular ID (Mexican consulate issued)
All identification must be valid, have a full-face photo, and not be expired.
Additional documents may be requested to verify identity and residency.
