REAL ESTATE LOANS
We realize that "one size does not fit all" in the real estate world.
To offer you, our member, the WIDEST variety of loan programs, at the best rates, we have struck alliances with several full–service, trust–worthy, mortgage companies.
They have loan programs available for first time buyers to reverse mortgages for retirees, from FHA (government loans) to jumbo. Whatever your budget, they have a loan that's right for you.
Your trip to home ownership starts at AM Federal Credit Union. Upon the completion of an initial interview, you are assigned a personal loan consultant who will answer your questions and assist you during the process of obtaining a loan. When your mortgage is funded, your payment can easily be deducted from your AMFCU savings or checking account.
Whether you are buying a home, refinancing your existing home loan, or want to make improvements to your home, AMFCU can help!
Refinancing your existing mortgage could mean substantial savings for you. Refinances are done usually to lower your existing interest rate but also can be done to get "cash out" of your equity to consolidated other existing debt, do home improvements or for other productive purposes.
Home Equity Line of Credit
You deserve the best in life. Whether this means an exotic vacation, a new car, home projects, paying for college tuition or even just having an emergency fund, your American Dream is closer than you think. With our Home Equity Line of Credit (HELOC), you can use the equity in your home to purchase just about anything you want.
Because a HELOC is secured by your home, this line of credit is available at a competitive rate. Compare this to department store credit cards and other lenders, and you'll quickly see that it's the smart way to borrow. In addition, the interest on a HELOC may be tax deductible. (Consult your tax advisor.)
When you wish to access your funds, simply write a check! You only pay interest on the amount outstanding on the line (much like how a VISA works). As soon as you pay the balance back, the amount becomes available for your use again.
- No hidden fees
- No points
- Borrow up to 80% LTV
- Minimal out–of–pocket expenses
- 10 year draw, 10 year payback
- Lower your rate by taking a $7,500 initial advance
- Also available: fixed rate 8.375% APR* Second Trust Deed
Home Equity Loans
The AMFCU Home Equity Loan is a fixed rate product, for a set amount of time. In other words, you borrow a certain amount of money for a certain length of time – say $25,000 for 180 months. Your payment would be $245.00 based on our current, fixed interest rate of 8.375% – this rate could change at any time, so call us for current rates.
AMFCU only charges "out of pocket" expenses. This means that we only charge you what we have to pay in order to process your loan – generally these would be expenses like title search, appraisal, credit report, flood insurance and, perhaps, a few more.
The good news about this is that when there are only out of pocket expenses being charged, your interest rate and Annual Percentage Rate are the same. When a lender is charging you a lot of garbage fees, like a Document Preparation Fee, a Loan Processing Fee, or Points, your Annual Percentage Rate is going to be more than your quoted interest rate. Why? The Annual Percentage Rate reflects the TRUE cost of the loan – the TRUE cost of how much you are paying for the loan. It no longer is your initial, quoted, interest rate – the loan has become more expensive to you.
AMFCU believes in good, simple financial products without a lot of fine print. We never pad our financial products with "garbage" fees. If you have a specific need for a fixed set of cash, an AMFCU Home Equity Loan is for you.