Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
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Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
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Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.
Offering Auto lending, Business Lending, Investments, Mortgage, Realty, Title Services, Calculators, Rates and more, CU Companies helps Minnesota Credit Unions provide superior services at the lowest possible cost to their members.

mortgage-products

Fixed Rate
Over 80% of loans closed are fixed rate mortgages. Available on 40, 30, 20, 15, and 10-year amortizations. Interest rate on the loan is fixed for the entire length of the loan. Lock-in periods available at no cost are 45 and 60 days. Lock-ins beyond 60 days may require an upfront lock fee. Typically, but not always, borrowers can obtain a better rate the closer they are to closing. Rate and buy-downs are available by paying discount points (1 point is 1% of the loan amount; points vary daily and by amortization. Down payment requirement depends on loan type, i.e. conventional, FHA, VA, etc.).

Conventional 1-Year ARM
The rate on this type of mortgage adjusts on an annual basis. The rate is artificially low the first year. Most conventional 1 - Year ARMs have 2/6 adjustment caps (meaning 2% annual change and 6% maximum lifetime change). Commonly the adjustment is based upon the 1 - Year Treasury Index plus a margin of 2.75.

Fixed Period ARMs
Available on conventional loans only. These loans are fixed for either the first 3, 5, 7 or 10 years. At the end of this term, the loan then changes to a 1 - Year ARM. The loan is then adjusted according to the terms of the individual ARM. Most of these loans are based upon the 1 - Year Treasury Index with margins of 2.75. Adjustment caps vary, but are typically 2/5. 7/1 and 10/1 terms allow for a 5% initial adjustment once the fixed rate period ends. These loans also typically have a conversion option available in year 1 - 5. Minimum down payment is 10%.

FHA
A residential mortgage from an approved lender and insured by the Federal Housing Administration. The down payment on an FHA loan usually is less than that for a conventional mortgage. Please contact us for more information on FHA loans.

VA
A mortgage made by an approved lender and guaranteed by the Department of Veterans Affairs, often with a low or no down payment. Please contact us for more information on VA loans.

Interest-Only Mortgages
An interest-only mortgage allows you to make interest-only payments for an initial period of time. After that initial period, the loan converts to a fully-amortizing loan for the remainder of the term.

Loan Product Interest-only Period Amortization
10/20 Fixed
 10 Years
 30 Years
15/15 Fixed
 15 Years
 30 Years
3/1 ARM 3 Years 30 Years
5/1 ARM
 5 Years 30 Years
7/1 ARM
 7 Years 30 Years
10/1 ARM
 10 Years 30 Years

 

This may be a good choice if you:

  • Want to maximize your buying power.
  • Want to keep payments lower during the first few years of the loan.
  • Plan to move into another home within a relatively short period of time.
  • Plan to pay off your mortgage within a relatively short period of time.
  • If, in coming years, you expect to increase your income significantly.

Reverse Mortgages
A loan for people over 62 years of age that allows borrowers to use the equity built up in the home. There are no credit or income qualifications for a reverse mortgage. Instead of making monthly payments, the loan is not due until the last borrower leaves the home permanently. For more information call 651.631.3111.

No Closing Cost Option: contact a CU Companies Mortgage Loan Officer for details at 651-631-3111.