Mortgage Loans

A Conventional Mortgage Loan is a homebuyer’s loan made through a private lender—in this case MY CREDIT UNION.

Qualifications Include:

• 5% down payment
• 620 minimum credit score

A HomeReady Mortgage Loan is a special program available at MY CREDIT UNION for members with low or non-traditional income. 

Qualifications Include:

• 3% down payment with qualifying factors
• Home buyer education class certificate

MY CREDIT UNION offers an Investment Mortgage Loan for a property purchased to generate income. This includes properties you plan to rent, such as a Duplex or 
4-Unit home.

A Fixed Rate Mortgage is a home loan with a constant interest rate for the entire term of the loan—the interest rate will not fluctuate with market conditions. 

MY CREDIT UNION Term Options:

• 30 Year Fixed Rate
• 20 Year Fixed Rate
• 15 Year Fixed Rate
• 10 Year Fixed Rate

*APR = Annual Percentage Rate.

If the down payment is less than 20%, private mortgage insurance may be required, which could increase the monthly payment and the APR* (applicable on conventional products).

Payment example: On a $300,000.00 owner occupied (primary residence) home loan at 6.119% APR* for a 30-year term, monthly payments would be $1,821.67 per month. Payment does not include applicable taxes and insurance and may result in higher payments.

Payment example: On a $250,000.00 mortgage loan at 5.588% APR* for a 15-year term, monthly payments would be $2,054.40 . Payment does not include applicable taxes and insurance and may result in higher payments.

A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home through a revolving credit line. Once approved, you’ll be able to access funds as needed, up to your established credit limit. Unlike a fixed loan, a HELOC has a variable rate. This rate is reviewed and adjusted twice each year - on January 1 and July 1 – so your payment amount may change over time. Let MY CREDIT UNION help with home improvement projects or debt consolidation!