Home Loan Financing

The Credit Union offers a variety of mortgage programs to meet your unique home financing and refinancing needs for Illinois properties.

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5

Fixed-Rate Mortgage

A Fixed-Rate Mortgage offers an interest rate that is guaranteed for the life of the loan. A Fixed-Rate Mortgage may be the right choice if you:

  • Plan to stay in your home for more than 7 years
  • Want consistent monthly payments
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Adjustable-Rate Mortgage (ARM)

An Adjustable-Rate Mortgage will typically offer a lower interest rate that is fixed for an initial period and then will adjust after the initial fixed period has ended. An Adjustable-Rate Mortgage may be the right choice if you:

  • Plan on moving in seven years or less
  • Are looking for payments that are initially lower
  • Will have increased income in the future and would like lower payments now
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Low Down Payment Mortgage

A Low Down Payment Mortgage can save thousands over the life of the loan vs FHA Financing. A Low Down Payment Mortgage may be the right choice if you:

  • Are in need of a low down payment mortgage loan option
  • Are trying to sell one home, while moving into another
  • Would like to avoid paying an upfront cost of one years' Mortgage Insurance Premium (MIP) Fees
  • Would like to avoid paying mortgage insurance every month for the entire life of the loan
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HomeReady® Mortgage

A HomeReady Mortgage may help you afford a home sooner than you think. A HomeReady Mortgage could be the right solution if you:

  • Would like a low down payment mortgage loan option
  • Would like to use gifted funds from a relative to help with your down payment and closing costs
  • Would like to pay lower Private Mortgage Insurance (PMI)
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Single-Family Investment Property Mortgage

A Single-Family Investment Property Home Loan is perfect if you are looking to finance or refinance a residential property in Illinois. A Single-Family Investment Property Mortgage may be the right choice if you:

  • Are financing college housing for your child
  • Are looking for income opportunities through rental properties
  • Are interested in cash-out opportunities
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