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...
Adjustable Rate Mortgages
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, talk to your local CMCU mortgage lender to see if this option fits your homeownership dream.
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.
A program that helps our lenders work with low and moderate 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 lender to see if you and your future home qualify for this program.
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
Federal Housing Administration Loan (FHA)
CMCU is able to provide funding for an FHA loan to low-moderate income families in our communities. If you qualify for an FHA loan, you may be able to have a smaller or no down payment on your purchasing home. The Federal Housing Administration (FHA) provides mortgage insurance on these loans that are provided by FHA-approved lenders. Talk to your local CMCU mortgage lender to see if you qualify for an FHA loan.
Land and Construction Loans
A construction loan is a short-term loan for real estate. It is similar to a line of credit because you only borrow what you need when you need it, and you only pay interest on the amount borrowed. You can use the funds to buy land, build on the property you own, and potentially renovating existing structures which includes garages and sheds. Learn more about this loan by talking to your local CMCU mortgage lender today!
Veterans Affairs (VA)
A VA loan helps provide home financing for Service members, Veterans, and eligible surviving spouses. CMCU funds the loan and 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 lender, or visit the US Department of Veterans Affairs website.
HomeReady® by Fannie Mae
CMCU offers HomeReady by Fannie Mae to creditworthy low- to moderate-income borrowers. There is also expanded eligibility for financing homes in low-income communities. You may be eligible for this program if you have flexible sources of income or a lower credit and creditworthiness. Ask your local CMCU lender if this loan option is the right choice for you. You can learn more at the Fannie Mae website.
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 lender today to see if you qualify for this great program.