Home Loans

We offer fixed rate and adjustable rate mortgages with competitive rates and terms. We have helped many of our members design home loans to fit their unique situations, and will do our very best to come up with the perfect mortgage for you too.

Use the equity in your home to get a loan at a very competitive rate, with interest that is usually tax deductible (see tax professional to determine deductibility). We can typically lend up to 90% of the value of your home less the outstanding balance of your first mortgage.  Traditional home equity loans are done for a specific term and payment. As you pay down the loan, you cannot re-borrow the funds.

A Home Equity Line of Credit is an open-end revolving loan. A credit limit is established and you can borrow as you need money up to that limit. When you pay down, or pay off, the loan you can re-borrow the funds.

The following information will be needed to expedite the processing of your Home Equity or HELOC Loan application:

• A copy of your Warranty Deed, Title Insurance or Property Tax Bill
• A copy of your Homeowner’s Insurance
• A copy of a recent pay stub for each applicant

Costs to you for completing a Home Equity Loan are generally minimal.

Please allow approximately two weeks for closure of the home equity loan, due to Federal regulations.

We are pleased to offer loans to help you construct your dream home. We typically do two loans: one to build your home, and then one for the long-term financing. During construction you will only be required to make monthly payments covering the interest that accrues on the amount ‘drawn’ to date.

A typical construction period is about six months. Usually, five draws completes the home. A local title company is used as the escrow agent for disbursement of the construction loan. Your down payment is placed into a construction savings account and is distributed first.

It is very important to secure your financing BEFORE you break ground. Because of the potential for Mechanic’s Liens, many lenders, including us, will shy away from a construction project that has already begun.