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  Educators Credit Union Home Loans

Educators Credit Union Home Loans

in Home Purchase Mortgages from Educators Credit Union · NMLS ID #67380

Unaffiliated

Educators Credit Union Home Loans

Unaffiliated

in Home Purchase Mortgages from Educators Credit Union · NMLS ID #67380

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Highlights
Loan Amount $30,000 - $510,000
Loan Term (Years) 10 - 30 years

Educators Credit Union Home Loans Review

Educators Credit Union Home Loans is offered by Educators Credit Union (NMLS #67380), a credit union founded in 1937 and based in Racine, WI. Educators Credit Union Home Loans is available in 1 state across the USA.

Educators Credit Union Home Loans FAQ

How much can you borrow via Educators Credit Union Home Loans?

Educators Credit Union Home Loans allows borrowers to apply for loan amounts of up to $510,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Educators Credit Union Home Loans?

Educators Credit Union Home Loans offers mortgages with terms ranging from 10 to 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 range of rates does Educators Credit Union Home Loans offer?

Educators Credit Union Home Loans offers home loans with APRs starting at 2.59% and up to 5.37%.

Does Educators Credit Union Home Loans charge a mortgage origination fee?

No, Educators Credit Union Home Loans does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Educators Credit Union Home Loans charge prepayment fees?

No, Educators Credit Union Home Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does Educators Credit Union Home Loans offer?

Educators Credit Union Home Loans offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.

What property usage types does Educators Credit Union Home Loans allow?

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

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

  Available in 1 state
Wisconsin
Availabile in all of Wisconsin

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Cash Flow Statement
Investment  
Primary Residence  
Mortgage Features No-Closing-Costs Option
APR 2.59% - 5.37%
Loan Amount $30,000 - $510,000
Loan Term 10 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Hybrid Mortgage
  • Option ARM
Mortgage Programs
  • FHA
  • USDA
  • Conventional Mortgages
  • Conforming

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