Home Loans

 

Purchases

Are you looking to finance a new home purchase? Look no further than your credit union for all of your mortgage needs. We can process your loan from origination to closing at our credit union branch.

  • Fixed rate, fixed term loans with terms ranging from 5 to 30 years
  • Balloon loans with 5 year balloons and 15 to 30 year amortization terms
  • As low as a 3% down payment with a Fannie Mae First Time Home Buyer Loan
  • Local servicing of loan payments and local loan assistance

 

Refinancing

Are you looking to refinance your existing mortgage?  We may be able to provide you with a better interest rate or cash out.

  • Fixed rate, fixed term loans with terms ranging from 5 to 30 years
  • Balloon loans with 5 year balloons and 15 to 30 year amortization terms
  • Local servicing of loan payments and local loan assistance
Loan availability, terms and interest rates are subject to underwriting requirements. Rates and terms are subject to change without prior notice.

 

Home Equity Loans

 

  • Generally allows for better loan rates and longer term loans
  • You can borrow up to 90% of your home’s current value in combination with other mortgages loans
  • You can use your home equity loan for any purpose – home improvements, automobiles, boats, recreational vehicles, investments, vacations, etc.

 

Home Equity Line of Credit (HELOC)

A Home Equity Line Of Credit provides maximum flexibility and low financing costs. Write your own loan anytime you wish and pay interest only on the amount of your credit line used.

  • These loans have a 15 year draw period
  • At the end of the draw period, the balance can be paid back over 10 years
  • Borrow up to 90% of your home value
  • These loans have an adjustable interest rate
  • Only pay interest on the loan amount you are using
  • Can be a first or second lien (commonly referred to as a first or second mortgage)

 

Fixed Rate Loan

A Fixed Rate Home Equity Loan allows you to lock in a low fixed interest rate. Loan proceeds will be disbursed in full at closing, and monthly payments will begin shortly thereafter. 

  • Loan terms ranging from 5 to 15 years
  • Borrow up to 90% of your home value
  • The interest rate and payment amount is fixed for the full term of the loan
  • Can be a first or second lien (commonly referred to as a first or second mortgage)
  • First liens may qualify for a 30 year fixed rate
APR (Annual Percentage Rate) – The rate and term may vary depending on your credit score and are subject to change without notice.
Loan availability and interest rates are subject to underwriting requirements.

 

Land Loans

 

Own or purchasing vacant land to build? We offer Iand loans to help you purchase or refinance the property of your dreams.

  • Fixed rate, fixed term loans with terms ranging from 10 to 15 years
  • Balloon loans with 5 year balloons and 15 to 30 year amortization terms
  • As low as 15% down payment
  • Local servicing of loan payments or any other loan assistance
Loan availability, terms and interest rates are subject to underwriting requirements. Rates and terms are subject to change without prior notice.

 

Note: The MTEFCU only grants loans for properties which are located in Houghton, Keweenaw, Baraga, or Ontonagon counties.