Mortgage Loans

Mortgages 

• All Mortgage Product Brochure | 2022
• HELOC Postcard | 2016
• Perfect Home Postcard | 2012

Parameters 

• Risk-based pricing — we offer different interest rates and loan terms to different members based on their creditworthiness.
• Portico suffix — varies based on product.
• Excluded from employee discount.

Features 

• First Mortgages
  • We no longer process First Mortgages in-house. They are now handled by our third-party partner, Credit Union Mortgage Association (CUMA).
  •  Portico Suffix — N/A; First Mortgages do not show up on the member's account in Portico. 
    • There WILL be a note on the account to let staff know the member has a First Mortgage with us. 
    • Members with First Mortgages cannot close their accounts until the loan is paid off.
       
• Fixed-Rate Second Mortgage
  • Portico Suffix — R2, RX
  • Low, fixed interest rates.
  • Fixed payments.
  • Term limits — 5, 10, 15 years.
  • Interest rate dependent on credit score and Loan-to-Value.
  • Can borrow up to 90% of home's value.
  • Additional discount of 1/2% APR with at least 20% equity in the home. 
  • No closing costs!
    • The Credit Union pays all closing costs except for the appraisal fee.
    •  Reimbursement of all closing costs required if the loan is paid off in full within two years of funding.
       
• Home Equity Line of Credit (HELOC)
  • Portico Suffix for HELOCS for Owner-Occupied Property — HE, HP, H1, H2, H3 
  • Portico Suffix for HELOCS for Non-Owner Occupied (Investment) Properties — H4, H5, H6
  • Adjustable-rate, revolving line of credit. 
  • Members can take draws on their credit line up to their available credit limit. 
  • Interest rate may change quarterly; however, the rate doesn’t affect the payment as payments are based on the loan’s balance.
  • Can borrow up to 90% of home's value.
  • No closing costs!
    • The Credit Union pays all closing costs except for the appraisal fee.
    • Reimbursement of all closing costs required if the loan is paid off in full within two years of funding.

Cross Sell 

• Talking Points — Using a home’s equity is often less expensive compared to credit cards or personal loans. Home equity is often used for such purposes as the following:
  • Paying for renovations to increase the value of the home
  • Consolidating debt into a single, lower-interest loan
  • Paying off student loans to reduce monthly payments and interest rates
  • Covering unexpected emergency expenses
• Opportunity Box Code/Name — Mort | Mortgage
• Referrals — assign to the Mortgage Department  

Contact Manager

• N/A

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