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(708) 649-6400
1001 Mannheim Road, Bellwood, Illinois 60104
9850 W 159th Street, Orland Park, Illinois 60467

We have mortgages for every home-financing need.

Refinance with a short-term mortgage for as little as $250, and save on interest and payments.

If your first mortgage has a low balance, refinance with our short-term mortgage rates and save.  Compared to longer-term first mortgage products, our short-term mortgages offer more favorable rates with minimal fees. In fact, qualified members can refinance for as little as $250.

By refinancing your mortgage at one of our 5-, 7- or 10-year terms, you could reduce the interest you pay and possibly lower your monthly payments.  When you refinance, you can get additional money for home improvements, college tuition or debt consolidation.  By consolidating 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 rates significantly higher than our mortgages.  Combined with your potential tax savings – the interest on most mortgages is 100% tax deductible – you could save a lot of money.  Please consult your tax advisor for details.

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.  For loans not exceeding $250,000, closing costs will be a maximum of $250 plus the actual cost of an appraisal if it is determined an appraisal is needed.  For loans exceeding $250,000, closing costs will be the actual costs.  Should it be determined that an appraisal is necessary, you will be charged the appraisal fee at the credit union’s cost.

In most cases, we can approve short-term mortgages for qualified members by the next business day, and close on a schedule that meets your needs.

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.

The advantages of home ownership.

There are many financial advantages to owning a 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’re 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.  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.

Reducing your tax bill.

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.

Clean your financial house before saving for a real one.

  • Postpone large purchases
  • Conserve your cash
  • Pay down existing debt, especially credit cards and other unsecured debts


For more information, please call our Mortgage Department at (708) 649-6427.

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If you have difficulty accessing our website, please contact us by phone at 708-649-6400, fax at 708-649-6449, or by email at memberservice@centralcu.org