Whatever your stage in life, we can help make that house your home. Our Mortgage Loan Department offers full-service and very competitive home loan rates. Our knowledgeable Mortgage Lenders will help you decide the best loan solution that best meets your needs. The team will help guide you through the entire process, from application to closing. Check out some of the loan options we offer...
Fixed Rate Mortgage
With a fixed rate mortgage, you can look forward to the consistency of the same payment each month. The interest rate remains the same throughout the term of the loan. CMCU offers fixed rate mortgage loans in 15 and 30 year terms. Your local CMCU mortgage lender will work with you individually to ensure you're comfortable with your payment amount and terms. 7, 10, 15, 20 and 30 year terms are available.
Rural Development (RD)
A program that helps our lenders work with low and moderate income families living in rural areas. A Rural Development loan can provide affordable homeownership opportunities which promotes prosperity and, in turn, creates thriving communities and improves the quality of life in rural areas. Work with your local mortgage loan officer to see if you and your future home qualify for this program.
HomeReady® by Fannie Mae
HomeReady by Fannie Mae is a program for credit-worthy low-to-moderate income borrowers. There is also expanded eligibility for financing homes in low-income communities. This program offers competitive rates, lower cost mortgage insurance, and a lower down payment. Work with your local mortgage lender to see if you qualify.
Federal Housing Administration Loan (FHA)
CMCU is able to provide funding for an FHA loan to low-moderate income families in our communities. An FHA loan may allow buyers to purchase a home with a lower down payment, lower credit score, and higher debt ratio. This is a government insured program. Work with your local mortgage lender to see if you qualify.
Veterans Affairs (VA)
A VA loan helps provide home financing for eligible Service members, Veterans, and surviving spouses. The VA guarantees a portion of the loan which can help the lender provide you with more favorable loan terms. To learn more information about VA home financing, speak with your local CMCU mortgage loan officer, or visit the US Department of Veterans Affairs website.
Adjustable Rate Mortgages (ARM)
With an Adjustable Rate Mortgage (ARM), borrowers can have a lower payment in the beginning of the loan term due to an introductory interest rate. The interest rate adjusts annually after the initial period which may fluctuate payment amounts. The set period of time for the introductory interest rate are decided upon by the borrower and lender together. An ARM loan may be beneficial to you if you plan on staying in your house for only a short period of time or if you expect your income to increase in the future. CMCU offers a variety of ARM options.
A land loan can be used to purchase or refinance a vacant lot or bare land to be used for recreational or future building needs. CMCU offers both fixed rates and adjustable rates for these types of properties. Work with your local mortgage lender to see if this loan fits your needs today.
A construction to permanent loan is a single-closing transaction used for construction or remodeling of your home or other structures. Money is advanced as needed; therefore, interest is only paid on the amount advanced. Learn more about this loan by talking to your local CMCU mortgage loan officer today.
CMCU offers access to the FHLB Home$tart Down Payment Assistance Program which helps borrowers with homeownership by providing funds to offset down payment expenses. This program is designed to help low-income families accumulate funds for a down payment and closing costs. Speak with a mortgage loan officer today to see if you qualify for this great program.
Minnesota Fix-Up Fund (MHFA FUF)
The Fix Up Fund Program through Minnesota Housing is an affordable fixed interest rate product to be used for improvements to an existing property. The program offers low closing costs, higher LTV, and higher DTI requirements to borrowers at or under the qualifying income limits. Work with your local mortgage lender to see if you qualify.
Home Equity Loan
This is a loan in which you (the borrower) use the equity of your home as collateral. CMCU determines the loan amount by the value of the property which is estimated by an appraiser. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. This loan creates a lien against the borrower's house and reduces the actual home equity. Ask your local CMCU mortgage lender if this loan is the right fit for you.
Home Equity Line of Credit (HELOC)
A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period where the collateral is the borrower's equity in his/her house. This line of credit can also be used for major purchases such as education, home improvements or medical bills. Now, you can apply online for a HELOC! Apply Online