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.

• 4 different mortgage programs offered. Educators Credit Union Home Loans offers FHA, USDA, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Non-standard interest rates available. Educators Credit Union Home Loans offers option ARM mortgages, adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
• No origination fee. Educators Credit Union Home Loans does not charge a fee for processing your loan application.

How much can you borrow via Educators Credit Union?

ECU mortgage 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 ECU mortgage?

ECU mortgage 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 mortgage rates does Educators 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.

ECU mortgage offers home loans with APRs starting at 2.59% and up to 5.37%.

Does ECU mortgage charge an application fee?

Do they charge mortgage origination fees?

No, ECU mortgage 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.

Do they charge prepayment fees?

No, there are prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

ECU mortgage offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Conforming conventional loans: Mortgages with loan amounts that are equal or less to the dollar amount limit set by the Federal Housing Finance Agency ($548,250 in 2021) and meet the loan requirements of Fannie Mae and Freddie Mac. Conforming conventional loans typically provide the lowest interest rates for borrowers with an excellent credit score.
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.

What property usage types does ECU mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. ECU mortgage allows the following property usage types: 

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