Consumers Credit Union offers a range of mortgage products to make your dream of home ownership a reality. We offer mortgages for primary residences, vacation homes and rental properties. We also offer refinance opportunities to save you money. A home may be your biggest investment, so let Consumers help with every phase of your mortgage.
Benefits include:
- Fast and easy application process
- Convenient escrow account for taxes and insurance
- Great rates and terms to fit your needs
- Local Processing and loan servicing
You can apply for your mortgage at any Consumers office or
online.
We’ll review your home financing needs and help you find the best solution. Once your application is complete, your loan processor becomes the single point of contact for your mortgage or construction loan.
Fixed Rate
A fixed rate mortgage from Consumers gives you peace of mind by offering a consistent payment amount for the entire term of your loan.
Benefits include:
- A variety of terms ranging from 10, 15, 20, or 30 years
- Low closing costs to save you money
- Prepay at anytime without penalty for peace of mind
A longer term will enable you to get more house for your money with a lower monthly payment. A shorter term enables you to save money by paying off your balance more quickly, and reducing your interest expense.
Adjustable Rate
An adjustable rate mortgage, or ARM, from Consumers Credit Union is different from a traditional fixed rate mortgage because the interest rate changes over the life of the loan. Rates can either go up or down consistent with the index rate. Because rates may fluctuate, your payments may go up or down accordingly.
Benefits include:
- A generally lower initial interest rate – this will save you money if rates remain steady or continue dropping
- A variety of terms for more flexibility Low closing costs to save you money
- Prepay at anytime without penalty for peace of mind
We can help review your unique situation to see if an adjustable rate mortgage is right for you.
Lot Loans
Lot loans enable you to obtain a mortgage for the property of your dreams. A low fixed rate will save you money. Only 10% down is required, so your loan will be affordable. Typically, a lot loan carries a 15-year amortized term and 5-year
balloon to keep costs down until you’re ready to start construction.
Benefits include:
- Low fixed rates to save you money A lower monthly payment with a 15-year amortization
- Prepay at anytime without penalty for peace of mind
Construction Loans
A construction loan is the perfect option when you need funds to pay your builder for labor and material costs during new home construction. Prepay at anytime without penalty for peace of mind. In most cases, construction takes six to twelve months.
Benefits include:
- Convenient financing from one lender, for both construction and permanent financing
- Make “interest only” payments during construction for easier budgeting
- Low closing costs to save you money
- Float-down rate locks
During this time, you’ll receive fund disbursements to pay your builder. Monthly you’ll be required to pay only the accrued interest on the outstanding balance. Once construction is complete, your loan will be converted to the permanent mortgage selected during the application process.
Whether you’re buying a new home or would like to refinance, we offer low rates, low closing costs, and a full range of mortgage options, including new construction and lot loans.