Bowater Credit Union Home Mortgage Loans

Bowater Credit Union Home Mortgage Loans Review

Bowater Credit Union Home Mortgage Loans is offered by Bowater Credit Union (NMLS #554207), a credit union founded in 1954 and based in Calhoun, TN. Bowater Credit Union Mortgage Loans are available in 50 states (and Washington, DC).

Key Takeaways

• Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Bowater Credit Union Home Mortgage Loans has a maximum loan to value ratio of 90%, which is higher than average. Most lenders want you to have at least 20% equity.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Bowater Credit Union Home Mortgage Loans.

Bowater Credit Union Home Mortgage Loans Pros & Cons

Bowater Credit Union Mortgage Loans FAQ

What is the maximum loan term you can get with Bowater Credit Union Mortgage Loans?

Bowater Credit Union Mortgage Loans offers mortgages with a maximum term of 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Bowater Credit Union offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, Bowater Credit Union Mortgage Loans may charge a loan origination fee.

What property usage types does Bowater Credit Union Mortgage Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Bowater Credit Union Mortgage Loans allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Bowater Credit Union Home Mortgage Loans is (866) 285-4215.

What is the support contact email?

The support contact email for is info@bowaterecu.org.