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Mortgage Products
Flint Area School Employees Credit Union offers over 225 mortgage
products to meet our member’s needs. From traditional mortgage loans to
specialized products (i.e. first time homebuyer programs and Jumbo
loans), we have a mortgage product to help you purchase or refinance
your primary, vacation, or investment home.
We have partnered with AmeriCU Mortgage to ensure our members receive
low interest rates, friendly service, and flexible financing options. An
AmeriCU loan officer will guide you through the mortgage process and
help you select a mortgage product that matches your needs.
To receive a no-cost consultation or pre-approval, call AmeriCU at (800)
979-9994 or e-mail AmeriCU at
americumortgage@americu.com
(Note: Information sent by email is at risk of loss of confidentiality
if the information is transmitted over the Internet). Flint Area School
Employees Credit Union does not recommend sending confidential
information such as account numbers or social security numbers by email.
Apply Today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
Our mortgage products include:
FIXED INTEREST RATE MORTGAGES
30 Year Fixed Rate – A 30 year fixed interest rate
mortgage is a mortgage loan that is repaid by making 360 equal monthly
payments over a period of 30 years. Since the payments are 'fixed', you
can expect to make the same monthly principal and interest payment for
the entire term of the loan. A 30-year mortgage loan is a widely
accepted program used to finance a home. We offer this loan using
conventional, jumbo, FHA and VA loan programs.
15 Year Fixed Rate - A 15 year fixed interest rate
mortgage is a mortgage loan that is repaid by making 180 equal monthly
payments over a period of 15 years. Since the payments are 'fixed', you
can expect to make the same monthly principal and interest payment for
the entire term of the loan. A 15-year mortgage loan is a widely
accepted program used to finance a home. We offer this loan using
conventional, jumbo, FHA and VA loan programs.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
ADJUSTABLE RATE MORTGAGES (ARMs)
1, 3, 5, 7, and 10 Year ARMs - An Adjustable Rate Mortgage
(ARM) is a mortgage loan that features a low initial interest rate (when
compared to 15 & 30-year mortgage loans). This 'low' introductory
(initial) interest rate is used to calculate the interest and mortgage
payment for a specified period of time (i.e. 1 year, 3 years, etc.).
Once the introductory period is over, the interest rate is adjusted
periodically based on a pre-determined index. The most commonly used
index is the yield on the one-year U.S. Treasury Bill. The new interest
rate is determined by adding the index to a margin (which was set at the
time the loan was made). Although there are a variety of adjustable rate
mortgage programs available, the most common program is the One Year
Adjustable Mortgage (One Year ARM). The interest rate on this loan is
adjusted once each year, for 30 years. The interest rate and monthly
payment will either increase or decrease each year depending on the
change to the index interest rate, therefore a borrower should be
prepared to handle an increase in his/her monthly payment (should the
index rate increase).
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
JUMBO MORTGAGES
A jumbo mortgage is a mortgage loan for an amount larger than the limits
set by Fannie Mae and Freddie Mac ($417,000 as of 1/1/2006). Because
these U.S. Government agencies will not purchase loans that exceed
$417,000, a higher interest rate is generally charged for these loans to
enhance the value and marketability of the loans to investors.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
100% to 107% LOAN-TO-VALUE (LTV) MORTGAGES
Looking for a mortgage loan that is equal to or greater than the
appraised value of your new home? We have several options for these
loans. Some programs even allow up to 6% seller concessions to pay your
closing costs! If you are looking for a high LTV mortgage, submit your
loan application today and pre-qualify by tomorrow!
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
INTEREST ONLY MORTGAGES
Interest Only Mortgages are for members who would like to significantly
lower their monthly mortgage payment by paying only the interest due
each month on their loan. The principal balance of the loan is not
reduced each month. This type of loan can be used to consolidate debts
and is available up to 100% LTV (Loan To Value).
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
HOME EQUITY LINE OF CREDIT (HELOC) MORTGAGES
You have added flexibility with a HELOC because you borrow funds as you
need them (up to your approved credit limit). This loan is very popular
with members wishing to consolidate their high interest rate debts or
make improvements to their home. A HELOC is usually a variable interest
rate loan with the interest rate based on the Prime Lending Interest
Rate. The interest rate can change quarterly depending on changes to the
Prime Lending Interest Rate.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
NO AND LIMITED DOCUMENTATION MORTGAGES
Our No-Documentation/Limited Documentation Loan programs offer members
with difficult to verify income or assets an easy way to qualify for a
mortgage. We have several options for competitive No-Documentation and
Limited Documentation loans with excellent interest rates and flexible
terms for members with high credit scores who meet the credit and
underwriting guidelines.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
STATED INCOME MORTGAGES
Our "stated" income mortgage loan is great if you are self employed,
paid based on commissions or your income is difficult to verify. It
allows you to "State" your income without the need for verification.
This program is for borrowers whose income fluctuates from month to
month and allows them to meet the required "Debt-To-Income" ratio.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
CONSTRUCTION LOAN PROGRAMS
Whether you are planning to build your dream home or just thinking about
it, we can help. We can answer your questions and guide you through the
loan process. We will be with you every step of the way from framing
your front door to turning the key. We work with you and your builder so
your project moves smoothly from groundbreaking to housewarming.
Our Construction-to-Permanent Loan is based on an appraisal of the value
of your home when construction is completed. We can lend up to 90% of
that amount, and up to 80% of that amount for a builder’s spec home. The
construction loan amount is determined by the actual cost to build your
home and can include the cost to purchase the land.
We offer new construction loans for:
- Primary Homes
- Second Homes
- Modular Homes
- Complete Rehabilitation
With one application, you receive both construction and permanent
financing. We may be able to finance your land and include your closing
costs into your construction loan. Below is a list of items you will
need to begin your construction loan.
- Plans and Specifications
- Plot Plan
- Proof of a Land Contract or a Deed
- Proof from your local Building Inspector that you can build on
the land
- Title Insurance Commitment
- Homeowners Insurance
- Line item list of all costs to complete/build your project
Terms of the construction loan are for 3 or 6 month periods. This
loan program offers interest only payments, a maximum of draws during
construction, and 30-year amortization.
Estimate mortgage payments using AmeriCU’s calculators at
http://americu.com/calculators.html.
Apply today! Click here to complete a quick application for a mortgage
at
https://www.americu.com/quickapp.php.
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