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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 90% loan to value (with a one-time Private Mortgage Insurance
(PMI) premium) on first mortgages and up to 80% loan to value on second mortgages
(no PMI necessary). Rates are based on credit score and loan to value. We offer
5-year, 7-year, 10-year and 15-year balloon mortgages with amortizations up
to 20 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.
Home Equity Line Of Credit
(HELOC):
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 II, Fargo,
ND. Financing is available for owner occupied and one to four single family
units. Property can be located anywhere in North Dakota, Minnesota, South Dakota
and Iowa. Interest rates are set daily and are based on the secondary market.
Terms ranging from 10,15,20, 30 and 40 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.
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