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 (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 is based on credit score and loan to value. Rates are variable based on the prime rate and can be adjusted semi-annually. Maximum term is 15 years (180 months) with a five (5) year draw period. Advances are 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)
We offer Conventional, FHA Loans, VA loans, USDA loans and First Time Homebuyers programs. 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.