Mortgage loans are repayable in equal monthly installments over the selected term of the loan. Members are encouraged to make additional Mortgage Principal Payments to further build home equity and reduce the mortgage repayment time. There is no pre-payment penalty for making additional mortgage payments. Mortgage rates are subject to change without notice. Minimum loan amount is $15,000.00. Listed rates and terms are for qualified members who borrow up to 80% of their current home value. There is a non-refundable $100.00 application fee and a $350.00 appraisal fee. Homeowners insurance is required. All mortgage rates are subject to final underwriting by United Credit Union. An escrow account at United Credit Union is required for property insurance and taxes. |
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Current Rates in effect
FIXED RATE MORTGAGES |
Loan Type
|
Rate |
Amortization |
Maximum Amount
|
Appraisal &
Application Fee (non-refundable) |
||||
15%
Down |
20% Down |
25% Down |
25% Down |
Term |
Schedule |
|||
Single
Family |
N/A |
4.90% |
4.80% |
10 yrs |
10 yrs |
$750,000.00
|
$450.00
|
|
N/A |
4.95% |
4.90% |
15 yrs |
15 yrs |
||||
N/A |
5.00% |
4.95% |
20 yrs |
20 yrs |
||||
N/A |
5.10% |
5.00% |
30 yrs |
30 yrs |
||||
Multiple
Units (2 - 4) |
6.75% |
15 yrs |
15 yrs |
$750,000.00
|
$100 Application Fee
$350 Appraisal per Unit |
|||
7.25% |
30 yrs |
30 yrs |
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FIXED RATE BALLOON MORTGAGES |
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Loan Type
|
Rate |
Amortization |
Maximum Amount
|
Appraisal & |
||||
15%
Down |
20%
Down |
25% Down |
Term |
Schedule |
||||
Single Family |
N/A |
5.10% |
4.90% |
3 yrs |
15/30 yrs |
$750,000.00 |
$450.00 |
|
N/A |
5.20% |
5.00% |
5 yrs |
|||||
N/A |
5.30% |
5.10% |
7yrs |
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ADJUSTABLE RATE MORTGAGES |
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Loan Type
|
Rate |
Amortization Schedule |
1st Adj |
Annual Cap |
Lifetime Cap |
Maximum Amount |
Appraisal & Application Fee (non-refundable) |
||
10%
Down |
15%
Down |
20% Down |
|||||||
1/1 Year |
N/A |
N/A |
N/A |
15/30 yrs |
N/A |
N/A |
N/A |
$750,000.00 |
$450.00 |
3/1 Year |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
5/1 Year |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
7/1 Year |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
HOME EQUITY MORTGAGES |
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Loan Type
|
Single Family
|
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Rate Risk Related |
Term |
Maximum Amount |
Appraisal & Application Fee (non-refundable) |
|
Home Equity |
N/A
|
|||
Home Equity/
Home Improvement |
Prime Plus 1/2% (Floor of 6.50%)
|
5 yrs |
$100,000.00 |
$450.00
|
Fixed Rate |
80% of Appraised Value, Less Mortgage Balance |
|||
Loan Type
|
Multiple Unit (2–4)
|
|||
Rate Risk Related |
Term |
Maximum Amount |
Appraisal & Application Fee (non-refundable) |
|
Home Equity
Line of Credit |
N/A
|
|
||
Home Equity/
Home Improvement |
7.50 %
|
5 yrs |
$75,000.00 |
$100
Application Fee $350 Appraisal per Unit |
Fixed Rate |
75% of Appraised Value, Less Mortgage Balance |
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Mortgage Loan Calculator