Buy a Home
Move into the home of your dreams.
Helping you along the homebuying journey
Educators Credit Union services all our mortgages in house, so our first-class service doesn’t stop after your mortgage closing.
Premium loans to help you finance your mortgage
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Homebuying webinars are back!
We’re hosting several upcoming webinars to help you learn more about the homebuying process. Some of the topics include:
Benefits of buying a home.
Factors mortgage lenders consider.
Costs associated with buying a home.
How credit affects your ability to buy a home.
Setting a budget.
Grant and loan options.
Common questions and concerns.
Closing day!
Rates
|
Type |
RATE |
APR2 |
Payment per $1,000 |
POINTS1 |
|---|---|---|---|---|
|
Minimum mortgage loan of $30,000 | Min. credit score 620 1Mortgage points, or discount points are a form of prepaid interest you can choose to pay up front in the exchange for a lower rate and monthly payment. One mortgage point is equal to about 1% of your loan amount. 2APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. |
||||
|
Type 30- Year Fixed |
RATE 6.500% |
APR2 6.556% |
Payment per $1,000 $6.33 |
POINTS1 0.00% |
|
Type 30- Year Buydown1 |
RATE 6.125% |
APR2 6.180% |
Payment per $1,000 $6.08 |
POINTS1 1.05% |
|
Type 20- Year Fixed |
RATE 6.250% |
APR2 6.323% |
Payment per $1,000 $7.32 |
POINTS1 0.00% |
|
Type 15- Year Fixed |
RATE 6.000% |
APR2 6.091% |
Payment per $1,000 $8.45 |
POINTS1 0.00% |
|
Type 10- Year Fixed |
RATE 5.750% |
APR2 5.879% |
Payment per $1,000 $10.98 |
POINTS1 0.00% |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
10 Year fixed refinance | Closing costs = $500 Refinance loan amounts equal to or under $249,999 at 80% LTV 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval. |
|||
|
TERM 10 Year Fixed |
RATE 5.750% |
APR1 5.860% |
PAYMENT PER $1000 $10.98 |
|
Type |
RATE |
APR1 |
Payment per $1,000 |
|---|---|---|---|
|
30 Year amortization | Closing costs = $1,500 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. The APR may increase after consummation. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. 2/1 ARM means that the first two years have a locked APR set at closing. The rate can then change by 1% after the first two years and every year after. The rate cannot increase more than 8% during the life of the loan. 5/1 ARM means that the first five years have a locked APR set at closing. The rate can then change by 1% after the first five years and every year after. The rate cannot increase more than 8% during the life of the loan. Investments 1% higher on the current ARM rate | $1,800 closing cost |
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|
Type 2/1 |
RATE 5.875% |
APR1 5.929% |
Payment per $1,000 $5.92 |
|
Type 5/1* |
RATE 6.000% |
APR1 6.055% |
Payment per $1,000 $6.00 |
|
5/5 ARM2 |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are not guaranteed until a formal lock is processed. No prepayment penalty. 290% LTV | 30 Year amortization (based on $100K loan amount) | Min. credit score 660 390% LTV | As a 15 Year fixed (based off $10K loan amount) Single family owner occupied homes only. Contact us for more information |
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|
5/5 ARM2 Max. second mortgage 5% LTV |
RATE 6.250% |
APR1 6.250% |
PAYMENT PER $1000 $6.16 |
|
5/5 ARM2 Max. second mortgage 7% LTV |
RATE 6.375% |
APR1 6.375% |
PAYMENT PER $1000 $6.25 |
|
5/5 ARM2 SECOND MORTGAGE3 |
RATE RATE |
APR1 APR1 |
PAYMENT PER $1000 PAYMENT PER $1,000 |
|
5/5 ARM2 Max. second mortgage 5% LTV |
RATE 8.875% |
APR1 8.875% |
PAYMENT PER $1000 $10.08 |
|
5/5 ARM2 Max. second mortgage 7% LTV |
RATE 9.125% |
APR1 9.125% |
PAYMENT PER $1000 $10.23 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
10 Year fixed refinance | Closing costs = $500 Refinance loan amounts equal to or under $249,999 at 80% LTV 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval. |
|||
|
TERM 10 Year Fixed |
RATE 5.750% |
APR1 5.860% |
PAYMENT PER $1000 $10.98 |
|
Type |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. The APR may increase after consummation. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval. 21 Year term with conversion to 5 Year ARM after completion Max. 90% LTV | $1,500 closing cost + cost of title 31 Year term with conversion to fixed rate after completion Max. 95% LTV | $1,500 closing cost + cost of title |
|||
|
Type Construction2 |
RATE 6.000% |
APR1 6.115% |
PAYMENT PER $1000 $6.00 |
|
Type Fixed3 |
RATE 6.500% |
APR1 6.619% |
PAYMENT PER $1000 $6.33 |
|
Type |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000.
|
|||
|
Type Lot Loans2 |
RATE 5.875% |
APR1 5.966% |
PAYMENT PER $1000 $8.38 |
|
Type |
RATE |
APR1 |
Payment per $1,000 |
|---|---|---|---|
|
No down payment required | $1,500 closing costs 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. No down payment required. |
|||
|
Type 15 Year Fixed |
RATE 6.000% |
APR1 6.091% |
Payment per $1,000 $8.45 |
|
Type 30 Year Fixed |
RATE 6.250% |
APR1 6.305% |
Payment per $1,000 $6.16 |
|
Type |
RATE |
APR1 |
Payment per $1,000 |
|---|---|---|---|
|
No closing costs | No credit score requirement 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. No down payment required. No closing costs. No credit score requirement. |
|||
|
Type Fixed Rate |
RATE 6.500% |
APR1 6.500% |
Payment per $1,000 $6.33 |
|
5/5 ARM |
RATE (0.000 PTS) |
APR1 |
COST PER $1000 |
|---|---|---|---|
|
99% LTV | 30 Year amortization | Min. credit score 740+ 1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are not guaranteed until a formal lock is processed. No prepayment penalty. Single family owner occupied homes only. Contact us for more information |
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|
5/5 ARM PMI required over 80% LTV |
RATE (0.000 PTS) 6.125% |
APR1 6.125% |
COST PER $1000 $6.08 |
First-Time Homebuyer Program
Looking to buy your first home?
We want to help you!
With our First-Time Homebuyer Program, Educators Credit Union pays the closing costs. Combine that with Educators’ competitive rates, helpful educational resources, and wonderful staff to help guide you on the road to home ownership and there’s no reason to go anywhere else for your mortgage needs.
Construction and Lot Loans
Educators offers construction and lot loans to help you build the home of your dreams.
If you have a lot and need a construction loan, Educators offers a $1,500 closing cost plus any miscellaneous title fess, and the down payment is as low as 5%. For a lot loan, the closing cost is $1,500, the down payment is as low as 10%, and your rate is locked in for two years.
Down Payment Assistance Grant
Educators Credit Union knows the homebuying process is intimidating, especially when it comes to making the down payment.
We’ve partnered with Down Payment Plus® to help eligible home buyers afford that big initial cost when they go to buy a new home.
To be eligible, home buyers must:
- Meet certain income guidelines based on the county they live in.
- Contribute $1,000 toward the purchase of the home.
- Participate in home buyer and financial literacy counseling.
- Live in the home as their primary residence.
If you meet those requirements, we could be able to help. Look below to see how your down payment contribution can be supported.
| Home Buyer Net Contribution1 | Maximum Funds Eligible to Receive |
| $1,000 | $10,000 |
Calculator
Ready to move into the home of your dreams?
Disclosures
1Max grant amount of $10,000. No co-signers, guarantors or other non-occupying co-borrowers. If the member sells the home within five years, they will have to repay a prorated amount of the grant.
Interest on a home that is greater than the fair market value of the home is not tax-deductible for federal income tax purposes. Please consult a tax advisor regarding the tax deductibility of interest and charges.