As of September 27, 2017
Program Features and General Information:
- Borrower must be a member of the Credit Union.
- Property must be located in the State of Maine.
- Credit Union offers fixed-rate first mortgages. Current loan rates are:
3.50% APR* for 10 years
3.75% APR* for 15 years
4.50% APR* for 20 years
4.75% APR* for 30 years
- Minimum loan amount is $100,000.00 for a 30-year loan.
- Maximum loan term for a mobile home on land is 15 years. Maximum age of mobile home is 25 years.
- Maximum loan term for camp loans, second mortgages and land loans is 15 years.
- Maximum mortgage loan amount is $300,000.00.
- For second mortgages and land loans, the interest rate is fixed at 6.50% APR*.Mortgage loan payments can be made as often as weekly and there is no penalty for early payoff.
- There are no origination fees or points associated with our mortgage loans.
- Borrower pays for the following: title work, appraisal, recording fees, express mailing fees, and any work performed by the Credit Union’s attorney for the closing of the mortgage. These fees may be financed into the mortgage loan.
- Credit Union does not offer escrow accounts for real estate taxes or property insurance. However, if the mortgage is for the purchase of a property, 12 months of real estate taxes may be collected from the borrower at the time of closing so it can be remitted to the appropriate municipality.
- Once approved, the borrower has the right to select an attorney for title work.
- Credit Union finances up to 80% of appraised value.
- Home equity loans (Call for current rates and terms).
*-Annual Percentage Rate
Application Information Needed:
- Completed loan application. Residential Mortgage Application
- Copies of current pay-stubs and last 2 years of IRS tax returns.
- Copy of deed to property.
- Copy of current tax bill from town.
- Copy of Purchase and Sale Agreement (If applicable).