Rates & Fees

Real Estate Loan Rates

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Last Updated: February 25, 2013

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Loan Type	Term in Years	APR*
Mortgage	**10	2.800%**
	**15	2.990%**
	15	5.500% - 6.000%
	20	6.125% - 6.625%
	30	6.250% - 6.750%
Maximum loan amount: $333,700. Maximum debt ratio: 36%; minimum credit score: 660. Down payment must come from borrower's own funds. Minimum down payment: primary residence - 5% down, second home (vacation home) - 20% down (max. term on 2nd/vacation home is 15 yrs.) **Maximum LTV 90% for purchase or refinance of primary residence.
Home Equity	**10	3.50%** - N/A
	**15	3.875%** - N/A
	5	5.00% - 8.00%
	10	5.50% - 8.50%
	11 - 20*	5.875% - 8.875%
**Must be in 1st lien position & at least $10,000 of the loan amount must be new money to the credit union for the promotional rate. Minimum loan amount: $5,000; Maximum loan amt.: $250,000. Maximum loan amount: 80% of homestead market value minus any liens. Collateral must be homestead/primary residence. Maximum debt ratio: 36%; (**40% for promotion) Minimum credit score: 660. *20 yrs. only if we are 1st lien position. 25 basis point rate discount if we are 1st lien position. (**Not applicable on the promotional rates)
Home Equity Line of Credit (HELOC)	5	5.00% - 8.00%
	10	5.50% - 8.50%
	11 - 20	5.875% - 8.875%
Same requirements as home equity except for the following: No additional advances if outstanding balance exceeds 50% of the market value. Maximum number of advances per quarter is 3. Minimum $4,000.00 advance. The length of draw period shall be 5 years. 25 basis point rate discount if we are 1st lien position.
Unimproved Property	5	6.25% - 9.25%
	15	7.25% - 10.25%
Maximum loan amount.: $50,000. Maximum loan amount: 80% of the sales price or appraised value, whichever is less. Maximum debt ratio: 36%; Minimum credit score: 660
Home Improvement	5	7.75% - 10.75%
	8	8.25% - 11.25%
	10	8.75% - 11.75%
Minimum loan amount: $5,000.00; Maximum loan amount: $50,000. Maximum loan amount: 80% of market value minus any liens. Maximum debt ratio: 36%; Minimum credit score: 660 Member must hire a general contractor and contractor must complete job with only 90% of funds. The 10% retainage will be released 30 days after we receive a completion certificate from a certified appraiser.

*APR = Annual Percentage Rate.

Some restrictions apply. Rates are subject to change without notice. All of our Real Estate loans have closing costs and they vary depending on the property, type of loan and loan amount. Contact the Real Estate Department if you have questions or for more details.

 

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