Buy a Home
Move into the home of your dreams.
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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Upcoming Homebuying Webinars
Our homebuyer webinars are back for the summer! During our June webinars, we will take an in-depth look at the homebuying journey, along with available grants and programs.
Some of the topics will include:
- Benefits of buying a home.
- Factors mortgage lenders consider.
- Costs associated with buying a home.
- How credit affects your ability to buy a home.
- Setting a budget.
- Grant and loan options.
- Common questions and concerns.
- Closing day!
When you attend one of the webinars, you will even get $200 off your closing costs at Educators!
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June Webinar
June 14
6 p.m. – 7 p.m. CST -
July Webinar
July 19
10 a.m.-11 a.m. CSTJuly 19
6 p.m. – 7 p.m. CST -
August Webinar
August 16
6 p.m. – 7 p.m. CST
Rates
|
TERM |
RATE |
APR2 |
PAYMENT PER $1000 |
POINTS |
|---|---|---|---|---|
|
1Mortgage 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. 2APR = 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. 3Max loan amount $726,200. Closing cost $1,500. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. 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. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Subject to underwriting approval. |
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|
TERM 30- Year Fixed |
RATE 6.500% |
APR2 6.556% |
PAYMENT PER $1000 $6.33 |
POINTS 0.00% |
|
TERM 30- Year Buydown1 |
RATE 6.125% |
APR2 6.180% |
PAYMENT PER $1000 $6.08 |
POINTS 0.99% |
|
TERM 20- Year Fixed |
RATE 6.250% |
APR2 6.323% |
PAYMENT PER $1000 $7.32 |
POINTS 0.00% |
|
TERM 15- Year Fixed |
RATE 5.875% |
APR2 5.966% |
PAYMENT PER $1000 $8.38 |
POINTS 0.00% |
|
TERM 10- Year Fixed |
RATE 5.625% |
APR2 5.754% |
PAYMENT PER $1000 $10.92 |
POINTS 0.00% |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
Closing Costs = $500.00 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. 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. |
|||
|
TERM 10- Year |
RATE 5.625% |
APR1 5.735% |
PAYMENT PER $1000 $10.92 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
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. 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. Closing cost $1,500. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. 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. *Investment Properties have a rate of (rate + 1%) and have a closing cost of $1,800. |
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|
TERM 2/1 |
RATE 5.000% |
APR1 5.481% |
PAYMENT PER $1000 $5.38 |
|
TERM 5/1* |
RATE 5.250% |
APR1 5.471% |
PAYMENT PER $1000 $5.53 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
90% LTV with maximum second mortgage 7% LTV Minimum Credit Score 660+ 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. 2With 30 year amortization. 5/5 ARM means that the first five years have a locked APR set at closing. The rate can then change by 2% after the first five years and every five years after. The rate cannot increase more than 8% during the life of the loan. 3As a 15 year fixed based off $10,000 loan amount. 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. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Subject to underwriting approval. |
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|
TERM 5/5 ARM2 |
RATE 5.625% |
APR1 5.625% |
PAYMENT PER $1000 $5.76 |
|
TERM Second Mortage3 |
RATE 8.250% |
APR1 8.250% |
PAYMENT PER $1000 $9.71 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
Closing Costs = $500.00 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. 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. |
|||
|
TERM 10- Year |
RATE 5.625% |
APR1 5.735% |
PAYMENT PER $1000 $10.92 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
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. 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. |
|||
|
TERM 5/1 ARM2 |
RATE 5.250% |
APR1 5.461% |
PAYMENT PER $1000 $5.53 |
|
TERM Fixed Rate3 |
RATE 6.500% |
APR1 6.619% |
PAYMENT PER $1000 $6.33 |
|
TERM |
RATE |
APR1 |
PAYMENT PER $1000 |
|---|---|---|---|
|
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. 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. |
|||
|
TERM 2- year ARM2 |
RATE 5.000% |
APR1 5.512% |
PAYMENT PER $1000 $5.38 |
|
TYPE |
RATE (0 PTS) |
APR1 |
COST PER $1,000 |
|---|---|---|---|
|
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. Closing costs $1,500. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. 620 minimum credit score required. Certificate of eligibility required. 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. |
|||
|
TYPE 15 Year Fixed |
RATE (0 PTS) 6.250% |
APR1 6.342% |
COST PER $1,000 $8.58 |
|
TYPE 30 Year Fixed |
RATE (0 PTS) 6.500% |
APR1 6.556% |
COST PER $1,000 $6.33 |
|
TYPE |
RATE (0 PTS) |
APR1 |
COST PER $1,000 |
|---|---|---|---|
|
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. Habitat for Humanity referral required. 20 and 30 year amortization. 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. |
|||
|
TYPE Fixed Rate |
RATE (0 PTS) 6.500% |
APR1 6.500% |
COST PER $1,000 $6.33 |
|
5/5 ARM |
RATE (0.000 PTS) |
APR1 |
COST PER $1000 |
|---|---|---|---|
|
99% LTV. 30-Year amortization. Minimum Credit Score 740+. Occupation and other restrictions apply. No closing costs. Subject to underwriting approval. 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. 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. |
|||
|
5/5 ARM 1% Down Payment |
RATE (0.000 PTS) 5.500% |
APR1 5.00% |
COST PER $1000 $5.68 |
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.
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 $1,500 closing cost plus any miscellaneous title fess, and the down payment is as low as 5%. For a lot loan, the closing cost is $1,500, the down payment is as low as 10%, and your rate is locked in for two years.
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 |
Calculator
Ready to move into the home of your dreams?
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.