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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. 

Construction Loans Our Construction Loan allows you to finance a piece of land and
full construction costs to build your new home where you want it, using a licensed builder
of your choice.Our Construction Loan features include interest-only payments at a fixed,
low rate during construction of your new home then a streamlined refinance process
to end the loan when your home is complete. Affinity Plus will work with you from the
start of your application to the completion of your new home.

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
Copyright © 2017 Affinity Plus Federal Credit Union
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