Home Mortgages

• Mortgages for purchase, construction or refinance
• Short-term loan refinancing options
• The advantages of home ownership
• What can you afford?
• Mortgage Calculator
• Free home buying guide

Buying?  Building?  Need to refinance?

There truly is no place like home.  And we want to make sure you have the money you need to realize your home ownership goals.  Our mortgage services include:

• 5-, 7-, 10-, 15-,20-, and 30-year fixed-rate mortgages
• Adjustable-rate mortgages
• Zero down payment options
• No PMI required options
• New construction loans
• Investment property loans 
• Vacation home/second home loans

We can also assist you with the following special needs:

• Debt consolidation
• FHA
• Jumbo loans
• Less than perfect credit

Refinance with a short-term mortgage and save.

If your first mortgage has a low balance, now's the time to refinance with our great short-term mortgage rates.  Compared to longer-term first mortgage products, our short-term mortgages offer more favorable rates with minimal fees.  By refinancing your first mortgage for a 5-, 7- or 10-year term at our low rates, you could reduce the total interest you pay and possibly lower your monthly payments.

It could also be financially beneficial for you to borrow more than your existing first mortgage balance.  Use the additional funds for home improvements, college tuition payments or debt consolidation.  By consolidating all of your bills into your low-rate mortgage, you’ll pay just one low monthly payment and could reduce your interest costs.  Most credit cards and other types of loans have interest rates substantially higher than the rate on your credit union first mortgage.  Combined with your potential tax savings, you could save a great deal of money.


Take advantage of tax benefits.

The interest on most loans is not tax deductible.  However, the interest on most mortgages is 100% tax deductible.  You should, however, consult your tax advisor for details regarding your personal situation.


Refinance for as little as $350 and without an appraisal.

With our low, 5-, 7- and 10-year fixed rates, you can borrow up to 80% of your home’s current market value, up to a maximum of $500,000.  There is a non-refundable $200 application fee, and a $150 charge for closing costs.  Should it be determined that an appraisal is necessary, you will be charged the appraisal fee at the credit union’s cost.

The credit union’s 5-, 7- and 10-year mortgages are not designed to finance home purchases.  To obtain a mortgage for a home purchase, please call our Mortgage Department at (708) 649-6427.  

Call (708) 649-6427 and apply today.

In most cases, we can approve 5-, 7- and 10-year loans for qualified members by the next business day, and can close on a schedule that meets your needs.


The advantages of home ownership.

There are obviously many advantages to purchasing your own home. Some of the factors that may help you decide whether buying is right for you include: Increasing your net worth. Purchasing a home is a long-term investment that will increase your net worth. One of the benefits of purchasing a home is the high cash return a real estate investment can provide. One reason for this high return is that real estate is commonly financed and is thus a leveraged investment. With a leveraged investment, you are using someone else’s money to work for you. For example, if you purchase a home for $150,000 with a $30,000 down payment and property values increase 10%, your home value will increase $15,000. This $15,000 gain is made with a cash investment of only $30,000. Furthermore, money invested in house payments and money earned from appreciation combine to create equity. Simply defined, equity is the difference between what you owe on your home and your home’s current market value. As you build equity, you increase your net worth. The equity in your home can be a powerful tool in helping you achieve your financial objectives. For more information, click here.

Clean your financial house before saving for a real one. Before investing in a home, get your financial house in order. Postpone large purchases Conserve your cash Pay down existing debt, especially credit cards and other unsecured debts For information about reducing and consolidating your debt, call our Loan Department at (708) 649-6420.

Home ownership can also provide tax advantages. The interest paid on mortgages up to $1,000,0000 is tax deductible as are the costs for many loan-processing fees. Home improvements that increase the value of your home also receive special tax treatment when you sell your home. Furthermore, real estate taxes are fully deductible on your federal income tax return and may be partially deductible on your state return. For answers to questions regarding the tax benefits of purchasing a home, you should consult your tax advisor.


Other benefits.

Home ownership provides freedom, security and stability. Furthermore, once you outgrow a home and purchase another, you can always retain the original property as a rental. Although rental properties will cost you in terms of upkeep and insurance expenses, they can provide tax benefits and a source of income. Finally, a good record of timely mortgage payments will reflect positively on your credit history, which can contribute to your ability to obtain credit for future purchases.


Looking to purchase a home?
Take advantage of our free "Guide To Buying A New Home."

Our free home-buying guide breaks down the home-buying process into manageable steps and offers valuable tips to help both first-time and repeat buyers save. To download the guide, click here.


What can you afford?

Be sure to take a look at our free "Guide To Buying A New Home" for valuable information regarding affordability and options that may help you realize your dream of home ownership. To download the guide, click here Then use our mortgage calculator to estimate the purchase price of a home that you may be able to afford.

Save for your down payment with a Roth IRA. Earnings grow tax free as you save for retirement or your first home purchase. For more information, click here.

*Listed rates are accurate as of 9/2/08, and are subject to change at any time. 10-year term availability is dependent on availability of designated long-term funds.  Minimum loan amount is $15,000. Loans are repayable in equal monthly installments over the term of the loan. Example: Monthly payment on a $50,000 loan at 5.99% APR for 120 months is $554.94. Total finance charge: $16,591.73.  Total loan cost: $66,591.73.  There is a non-refundable $200 application fee and only a $150 charge for closing costs. Should it be determined that an appraisal is necessary, you will be charged the fee for this service at the credit union's cost. Homeowner’s insurance is required.

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