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Types of Loans

30 year purchase, refinance
A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

30 year Jumbo purchase, refinance
A jumbo loan allows you to obtain a loan over $417,000. Jumbo loans are eligible for all fixed rate terms and may be subject to a rate increase if the loan amount is over $750,000.

97% purchase
The 97% purchase loan is a true first-time homebuyer product. If a member or joint member qualifies as a first-time homebuyer, they will only need to provide a 3% down payment for this product. This product type can only be used for the purchase of a primary residence.

20 year purchase, refinance
A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose a 20 year fixed rate loan if you're comfortable with a higher payment and you will have the benefit of substantial interest savings. Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

15 year purchase, refinance
A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose a 15 year fixed rate loan if you're comfortable with a higher payment and you will have the benefit of substantial interest savings. Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

12 year purchase, refinance
A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose a 12 year term or an accelerate term fixed loan if you're comfortable with a higher payment and you will have the benefit of substantial interest savings. 

ARM purchase, refinance
Adjustable Rate Mortgages (ARMs) provide low initial rates and payments. With an ARM, your interest rate and monthly payment will be fixed for an initial period of 3, 5 or 7 years, then the interest rate and monthly payments adjust annually after the initial fixed period. If you want a loan with low initial payments that can adjust up or down with market movement, or if you know that you are only planning on living in a property for a short period of time, then the benefits of getting an adjustable rate mortgage are enhanced. An ARM loan allows you to take advantage of low or falling rates without refinancing.

Home Equity Loans
A home equity loan allows you to tap into your home’s equity if you need to make a large purchase or want to have access to a line of credit for purchases or unexpected expenses. Features include flexible terms, lower rates, no prepayment penalties, lower closing costs and potential tax benefits. Choose between a fixed Home Equity loan with one-time disbursement or a revolving Home Equity Line of Credit.

Home Improvement Loans
Our Home Improvement Loan is designed specifically to help you finance home improvement and repair projects, without having to wait to establish the right amount of equity in your home. Features include low, fixed interest rates, no prepayment penalties and potential tax benefits.

Land Loans
With a Land Loan, you can purchase land to have a space of your own. Features of a Land Loan include low, fixed interest rates, terms up to 15 years, no limit to the amount of acreage you can purchase, full appraisal to ensure you’re receiving the maximum value and closing costs that are limited to incurred expenses (appraisal, title, recording, etc), with no additional origination fees.

Investment Property Loans
If you’re looking to invest in a property as a way to earn income, look to our investment lending options. These products can be used for homes that will be purchased with the intention of earning a return on your investment, through rental income, the future resale of the property, or both. Features of Investment Property Loans include options for purchase or refinance, flexible terms, low and competitive rates, affordable down payment requirements and cash-out refinance options.

 

 

Affinity Plus Federal Credit Union
175 W Lafayette Frontage Road, Saint Paul, MN  55107
Toll Free:  (800) 322-7228
mortgages@affinityplus.org
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