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 90% of their current home value. For loans over 80% of the current appraised market value, United Credit Union requires the member to carry PMI- Private Mortgage Insurance in addition to the scheduled monthly payment. 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. |
 |
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 |
6.00% |
5.75% |
5.50% |
10 yrs |
10 yrs |
$750,000.00
|
$450.00
|
|
6.25% |
5.80% |
5.70% |
15 yrs |
15 yrs |
||||
6.30% |
5.85% |
5.80% |
20 yrs |
20 yrs |
||||
6.35% |
6.00% |
5.90% |
30 yrs |
30 yrs |
||||
Multiple
Units (3 - 4) |
7.00% |
15 yrs |
15 yrs |
$750,000.00
|
$100 Application Fee
$300 Appraisal per Unit |
|||
7.50% |
30 yrs |
30 yrs |
||||||
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 |
6.00% |
5.50% |
5.25% |
3 yrs |
15/30 yrs |
$750,000.00 |
$450.00 |
|
6.25% |
5.60% |
5.40% |
5 yrs |
|||||
6.50% |
5.70% |
5.50% |
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
|
|||
Rate Risk Related |
Term |
Maximum Amount |
Appraisal & Application Fee (non-refundable) |
|
Home Equity |
Prime Plus ½ %
|
5 yrs |
$75,000.00 |
$450.00
|
Variable Rate Balloon |
75% of Appraised Value, Less Mortgage Balance |
|||
Home Equity/
Home Improvement |
Prime
|
5 yrs |
$75,000.00 |
$450.00
|
Fixed Rate |
75% 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 |
7.50 %
|
5 yrs |
$75,000.00 |
$100 |
Variable Rate Balloon |
75% of Appraised Value, Less Mortgage Balance |
|||
Home Equity/
Home Improvement |
8.00 %
|
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