In-House Mortgage Loans:
Our In-House Mortgage loans offer a competitive fixed rate with flexible financing for home purchases, first or second mortgages loans and loan refinances. Financing is available up to 80% loan to value. Rates are based on credit score and the term of the loan. We offer 5-year, 7-year, 10-year and 15-year balloon mortgages with amortizations up to 30 years, as well as fixed rate loans up to 15 year amortizations. These mortgages are not sold on the secondary market and are serviced by the credit union. Escrow accounts are available
Home Equity Line Of Credit
Our Home Equity Line of Credit (HELOC) offers competitive rates
and flexible terms. Financing is available up to 80% of property
value based on appraised value or current property tax value,
less any existing liens. Rate and limit are based on credit
score and loan to value. Rates are variable based on the
prime rate and can be adjusted monthly. Maximum term is 15
years (180 months) with a five (5) year draw period. Advances
can be made through the credit union and payments are amortized
over the remaining original term (payments will be recalculated
with each advance).
Secondary Market (Purchases & Refinances):
Our Secondary Market loans are processed through First Class Mortgage Corp., Fargo, ND. First Class offers Conventional, FHA Loans, VA loans and USDA loans. Financing is available for owner occupied, one to four single family units as well as investment properties and second homes. Property can be located anywhere in North Dakota, South Dakota and Minnesota. Interest rates are set daily and are based on the secondary market. Terms ranging from 10, 15, 20, and 30 years are available. Escrow accounts may be required and loans greater than 80% loan to value are required to have Private Mortgage Insurance (PMI). Purchases are available up to 100% loan to value. These loans are sold on the secondary market and will not be held by the credit union.