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Buy a Home

Move into the home of your dreams.

Apply for a Mortgage
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Helping you along the homebuying journey

Educators Credit Union services all our mortgages in house, so our first-class service doesn’t stop after your mortgage closing.

Premium loans to help you finance your mortgage

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  • Down Payment Options

    Down Payment Options

  • Closing Costs

    Closing Costs

  • Percentage You Can Borrow

    Percentage You Can Borrow

  • Repayment Options

    Repayment Options

Fixed-Rate Mortgages 

  • Down Payment Options

    As low as 3% for a single-family home with a mortgage amount of $30,000 or more

  • Closing Costs

    Flat closing cost of $1600

  • Percentage You Can Borrow

    Up to 97% of the purchase price

  • Repayment Options

    10-year, 15-year, 20-year and 30-year terms

Adjustable-Rate Mortgages 

  • Down Payment Options

    As low as 3% for a single-family home with a mortgage amount of $30,000 or more

  • Closing Costs

    Flat closing cost of $1600 ($1900 on investment properties)

  • Percentage You Can Borrow

    Up to 97% of the purchase price

  • Repayment Options

    10-year, 15-year, 20-year and 30-year terms

Rates

Fixed Rate Mortgage Loans

Type

RATE

APR1

Payment per $1,000

POINTS2

Minimum mortgage loan of $30,000. Minimum credit score 620.
1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty.
2Mortgage points, or discount points are a form of prepaid interest you can choose to pay up front in the exchange for a lower rate and monthly payment. One mortgage point is equal to about 1% of your loan amount.

Type

30-year Fixed

RATE

6.000%

APR1

6.055%

Payment per $1,000

$6.00

POINTS2

0.00%

Type

30-year Buydown1

RATE

5.625%

APR1

5.785%

Payment per $1,000

$5.76

POINTS2

1.22%

Type

20-year Fixed

RATE

5.500%

APR1

5.572%

Payment per $1,000

$6.89

POINTS2

0.00%

Type

15-year Fixed

RATE

5.250%

APR1

5.341%

Payment per $1,000

$8.05

POINTS2

0.00%

Type

10-year Fixed

RATE

4.875%

APR1

5.003%

Payment per $1,000

$10.55

POINTS2

0.00%

 

Educators Special (10-year Fixed Refinance)

TERM

RATE

APR1

PAYMENT PER $1000

10-year fixed refinance. Closing costs = $600. Maximum loan amount $249,999.

Refinance loan amounts equal to or under $249,999 at 80% LTV.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval.

TERM

10-year Fixed

RATE

4.875%

APR1

5.005%

PAYMENT PER $1000

$10.55
Adjustable Rate Mortgage Loans (ARMs)

Type

RATE

APR1

Payment per $1,000

Up to 30-year amortization. Closing costs = $1,600.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. The APR may increase after consummation. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. 2/1 ARM means that the first two years have a locked APR set at closing. The rate can then change by 1% after the first two years and every year after. The rate cannot increase more than 8% during the life of the loan. 5/1 ARM means that the first five years have a locked APR set at closing. The rate can then change by 1% after the first five years and every year after. The rate cannot increase more than 8% during the life of the loan.

Investments 1% higher on the current ARM rate. $1,900 closing cost.

Type

2/1

RATE

5.000%

APR1

5.052%

Payment per $1,000

$5.38

Type

5/1*

RATE

5.250%

APR1

5.303%

Payment per $1,000

$5.53
First-Time Homebuyers Programs with No Closing Costs

5/5 ARM2

RATE

APR1

PAYMENT PER $1000

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are not guaranteed until a formal lock is processed. No prepayment penalty.

290% LTV. 30-year amortization (based on $100K loan amount). Minimum credit score 660.

390% LTV. As a 15-year fixed (based off $10K loan amount). Minimum credit score 660.

Applies to up to 2 family/duplex properties. Contact us for more information about investment properties or non-owner occupied homes.

5/5 ARM2

Maximum second mortgage 5% LTV

RATE

5.500%

APR1

5.500%

PAYMENT PER $1000

$5.69

5/5 ARM2

Maximum second mortgage 7% LTV

RATE

5.625%

APR1

5.625%

PAYMENT PER $1000

$5.76

5/5 ARM2

SECOND MORTGAGE3

RATE

RATE

APR1

APR1

PAYMENT PER $1000

PAYMENT PER $1,000

5/5 ARM2

Maximum second mortgage 5% LTV

RATE

8.875%

APR1

8.875%

PAYMENT PER $1000

$10.08

5/5 ARM2

Maximum second mortgage 7% LTV

RATE

9.125%

APR1

9.125%

PAYMENT PER $1000

$10.23
Educators Special (10-year Fixed Refinance)

TERM

RATE

APR1

PAYMENT PER $1000

10-year fixed refinance. Closing costs = $600. Maximum loan amount $249,999.

Refinance loan amounts equal to or under $249,999 at 80% LTV.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval.

TERM

10-year Fixed

RATE

4.875%

APR1

5.005%

PAYMENT PER $1000

$10.55
Construction Loans

Type

RATE

APR1

PAYMENT PER $1000

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. The APR may increase after consummation. Rates are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. No prepayment penalty. Subject to underwriting approval.

21-year term with conversion to 5-year ARM after completion. Maximum 90% LTV. $1,600 closing cost + cost of title.

31-year term with conversion to fixed rate after completion. Maximum. 95% LTV. $1,600 closing cost + cost of title. PMI over 80% LTV.

Type

Construction2

RATE

5.250%

APR1

5.384%

PAYMENT PER $1000

$5.53

Type

Fixed3

RATE

6.000%

APR1

6.141%

PAYMENT PER $1000

$6.00
Lot Loans

Type

RATE

APR1

PAYMENT PER $1000

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000.
22-year ARM minimum $25K (APR based on $100K). 15-year amortization. $1,600 closing cost. Maximum 90% LTV on purchases and maximum 80% on refinance.

 

Type

Lot Loans2

RATE

5.000%

APR1

5.090%

PAYMENT PER $1000

$7.91
VA Mortgage Products

Type

RATE

APR1

Payment per $1,000

No down payment required. $1,600 closing costs. Minimum credit score 620. Certificate of Eligibility required.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. No down payment required.

Type

15-year Fixed

RATE

5.000%

APR1

5.090%

Payment per $1,000

$7.91

Type

30-year Fixed

RATE

5.500%

APR1

5.554%

Payment per $1,000

$5.69
Homes for Habitat

Type

RATE

APR1

Payment per $1,000

No closing costs. No credit score requirement. Habitat for Humanity referral required. 20- and 30-year amortizations.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are subject to change. Rates are not guaranteed until a formal lock is processed. No down payment required. No closing costs. No credit score requirement.

Type

Fixed Rate

RATE

6.000%

APR1

6.000%

Payment per $1,000

$6.00
Community Heroes Home

5/5 ARM

RATE (0.000 PTS)

APR1

COST PER $1000

PMI required over 80% LTV.

99% LTV. 30-year amortization. Minimum credit score 740+. Occupation restrictions apply. No closing costs.

1APR = Annual Percentage Rate. APR calculated on loan amount of $100,000. Rates are not guaranteed until a formal lock is processed. No prepayment penalty.

Single family owner occupied homes only. Contact us for more information about investment properties or non-owner occupied homes.

5/5 ARM

Adjustable Rate

RATE (0.000 PTS)

5.375%

APR1

5.375%

COST PER $1000

$5.61

First-Time Homebuyer Program

Looking to buy your first home?
We want to help you!

With our First-Time Homebuyer Program, Educators Credit Union pays the closing costs. Combine that with Educators’ competitive rates, helpful educational resources, and wonderful staff to help guide you on the road to home ownership and there’s no reason to go anywhere else for your mortgage needs.

couple on phone

Construction and Lot Loans

Educators offers construction and lot loans to help you build the home of your dreams.

If you have a lot and need a construction loan, Educators offers a $1,600 closing cost plus any miscellaneous title fess, and the down payment is as low as 5%. For a lot loan, the closing cost is $1,600, the down payment is as low as 10%, and your rate is locked in for two years.

house being built

Down Payment Assistance Grant

Educators Credit Union knows the homebuying process is intimidating, especially when it comes to making the down payment.

We’ve partnered with Down Payment Plus® to help eligible home buyers afford that big initial cost when they go to buy a new home.
To be eligible, home buyers must:

  • Meet certain income guidelines based on the county they live in.
  • Contribute $1,000 toward the purchase of the home.
  • Participate in home buyer and financial literacy counseling.
  • Live in the home as their primary residence.

If you meet those requirements, we could be able to help. Look below to see how your down payment contribution can be supported.

Home Buyer Net Contribution1 Maximum Funds Eligible to Receive
$1,000 $10,000
couple in new house

Calculator

Ready to move into the home of your dreams?

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Disclosures

1Max grant amount of $10,000. No co-signers, guarantors or other non-occupying co-borrowers. If the member sells the home within five years, they will have to repay a prorated amount of the grant.

Interest on a home that is greater than the fair market value of the home is not tax-deductible for federal income tax purposes. Please consult a tax advisor regarding the tax deductibility of interest and charges.

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