Fixed Rate Mortgage Loan
If you like the idea of stability, a fixed rate mortgage might be just what you’re looking for. Always knowing your mortgage payment will stay the same makes budgeting a little easier. Terms on fixed rate mortgages range from 10-30 years and are available on primary residences only.
Adjustable Rate Mortgage (3/1 Arm) Loan
ARM loans are great options for people who want lower initial payments. This oftentimes helps borrowers get settled into their new home without too much stress about making payments. The loan is fixed for the initial adjustment period and then adjusts based on an index. ARM loans have annual and lifetime caps in case of an extreme change in the indexed rate and are for primary residences only.
A home equity line of credit (HELOC) provides homeowners an opportunity to use the equity in their homes to avoid high interest consumer loans and credit cards. With this loan you can make home or vehicle repairs, pay for college tuition, and much more. This is how the HELOC works: at closing you will receive a specified line of credit on your primary residence only. This line of credit is the maximum amount that you may borrow at any one time under the plan. It is figured by taking a percentage of your home’s value and subtracting the balance owed on the existing first mortgage.
If you have always wanted to build that dream home but don’t have anywhere to put it, Great Plains Federal Credit Union has the perfect loan for you. With our land loan, you can purchase that great piece of property you’ve always wanted. Building your dream home should be an exciting experience, and with this loan it can be just that.
Investment Property (1/1 ARM) Loan
It’s time to make your money work for you. With Great Plains Federal Credit Union’s investment property loan, you can do just that. Whether you are purchasing a single or multi-family home, this might be just the lending option you are looking for. So take charge of your money today with Great Plains Federal Credit Union.
All loans are subject to credit approval.