You can afford the home you’ve been dreaming of with a Mortgage Loan from City Credit Union! We have a fully diversified First Mortgage Loan portfolio with fixed-rate terms ranging from 10 to 30 years, as well as many adjustable-rate loans to fit your needs. Plus, we offer programs for first-time homebuyers or buyers with low down payments.
Contact us to learn about your Mortgage Loan options today!
Home Equity Loans
The equity in your home may be the key to financial freedom. Use your loan to make home improvements, consolidate debt, cover tuition or pay for a getaway – all with great low rates! You can enjoy:
- Credit limits up to 80% of your home’s equity
- Significant tax advantages, since the interest you pay may be tax deductible*
- Interest rates lower than other loan or credit options, ensuring greater savings
- Terms up to 180 months keep your payments affordable
- Convenient account access and local service from a lender you can trust
Click here to apply for your City Credit Union Home Equity Loan today! (PDF)
*Contact your tax advisor for complete details regarding tax deductibility.
Mortgage Loan Calculator
Mortgage Calculator Help
You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.
Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.
Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.
If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)
Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/mortgage-calculator