Mortgages
Local Experts. Competitive Rates. Exceptional Service.
Which Mortgage Solution Fits You?
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Buy A Home
- First-time buyers
- Moving
- Down payment assistance grant
-
Refinance
- Lower your payment
- Lower interest
- Cash-out
- Shorter loan term
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Build A Home
- Build your dream house
- Choose the details
- Work with the builder you choose
|
Type |
Rate |
APR3,4,5,6 |
|---|---|---|
|
Type Fixed Rate Mortgage Loan - 30-Year3 |
Rate 6.500% |
APR3,4,5,6 6.552% |
|
Type Educators Special (10-Year Fixed Refinance)4 |
Rate 5.375% |
APR3,4,5,6 5.507% |
|
Type Construction Loan5 |
Rate 5.625% |
APR3,4,5,6 5.746% |
|
Type Lot Loan6 |
Rate 5.375% |
APR3,4,5,6 5.458% |
Homebuying Webinars
Attend one of our virtual webinars to learn more about the process of buying, including the benefits, the factors lenders consider, costs associated with buying a home, grant and loan options, and more.
Buy A Home
Are you ready to buy a home?
Whether you’re buying your first or next home we offer lending solutions that are designed to meet your needs.
Choose from:
- Fixed rate
- Adjustable rate
- First time buyer program
- VA Loans
- and more!
We service all of our mortgages in house, so our first-class service doesn’t stop after your closing. You’ll enjoy personalized support from application through the life of your loan.
Our Mortgage Options for Purchasing a Home
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We also offer...
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First-Time Homebuyer Program
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.
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Down Payment Assistance Grant
We’ve partnered with Down Payment Plus® to help eligible 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 Contribution2
Maximum Funds Eligible to Receive
$1,000 $10,000
Top 5 things to know before buying
Income Verification
- 1 months worth of paystubs, including YTD, name & company’s name
- Previous two years of all W2s and/or 1099s
- If retired,
- Recent award letter for social security and/or pension
- Recent 2-month deposit history of benefit amount
- Previous 2 years of 1099-R for pension, 1099-SSA or SSA
- If self-employed and/or receiving rental income,
- 2 years of federal tax returns with all schedules
Employment
- Name, address, phone number, job title and dates employed will be needed for a full two-year work history
Down Payment
- Two most recent bank statements from account which down payment is coming from only
- We will need documentation and explanation regarding any large deposits
- If any funds are being gifted, we can provide a gift letter for you and the donor to sign
Miscellaneous
- Mortgage statement, tax bill & home owner’s insurance for all properties you own
- Divorce documents
- Child support court order
- Bankruptcy discharge paperwork
- Full Trust documentation if it is/will be in the trust’s name
Down Payment
- Two most recent bank statements from account which down payment is coming from only
- We will need documentation and explanation regarding any large deposits
- If any funds are being gifted, we can provide a gift letter for you and the donor to sign
Your credit score helps lenders understand how you’ve managed credit in the past. A higher credit score may improve your chances of approval and could help you qualify for a lower interest rate, while a lower score may result in higher rates or additional requirements.
Digital Banking – Credit Score
You can easily monitor your credit score with our Credit Score Widget powered by Savvy Money.
Yes! we offer an eSign option for our mortgages that allow you to sign your documents from home.
Digital Academy – Mortgages
To view what to expect during the process, view our Mortgage eSign video in our Digital Academy.
Yes! You’ll be able to access your mortgage through our Online and Mobile Banking platform. You can see your statements and make payments with your digital banking profile.
Digital Academy – Mortgages
To learn how to view your statements or make payments, view our Mortgage Tutorials in our Mortgage – Digital Academy.
Refinance A Home
When you refinance with a loan from Educators you can experience low rates to reduce interest paid on your current mortgage or reduce your monthly payment. If you want to take cash out or refinance to lower your monthly payment, fixed closing costs are $1600 on all owner occupied homes.
First-class services to help you refinance your mortgage
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Calculating Your Mortgage Options
Check out our refinance calculator provided by Banzai
Top Refinancing Questions
Income Verification
- 1 months worth of paystubs, including YTD, name & company’s name
- Previous two years of all W2s and/or 1099s
- If retired,
- Recent award letter for social security and/or pension
- Recent 2-month deposit history of benefit amount
- Previous 2 years of 1099-R for pension, 1099-SSA or SSA
- If self-employed and/or receiving rental income,
- 2 years of federal tax returns with all schedules
Employment
- Name, address, phone number, job title and dates employed will be needed for a full two-year work history
Miscellaneous
- Mortgage statement, tax bill & home owner’s insurance for all properties you own
- Divorce documents
- Child support court order
- Bankruptcy discharge paperwork
- Full Trust documentation if it is/will be in the trust’s name
Your credit score helps lenders understand how you’ve managed credit in the past. A higher credit score may improve your chances of approval and could help you qualify for a lower interest rate, while a lower score may result in higher rates or additional requirements.
Digital Banking – Credit Score
You can easily monitor your credit score with our Credit Score Widget powered by Savvy Money.
Yes! we offer the option to refinance your mortgage over the phone, online, or in person with an appointment.
To get started:
- Over the phone call: 262-886-5900
- Online: Apply Now
- In person: Make an Appointment
Build a Home
Whether you’re ready to build or purchase land for future construction, Educators has financing options to help you get started. Our construction and lot loans are designed to support you through every stage of the building process. From buying land to breaking ground, our local lending specialists are here to help you understand your options and move forward with confidence.
Construction & Lot
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Top Questions About Construction & Lot Loans
No, you can apply for a lot loan prior to having a lot picked out. This helps you get preapproved to shop with a solidified budget.
Your credit score helps lenders understand how you’ve managed credit in the past. A higher credit score may improve your chances of approval and could help you qualify for a lower interest rate, while a lower score may result in higher rates or additional requirements.
Digital Banking – Credit Score
You can easily monitor your credit score with our Credit Score Widget powered by Savvy Money.
Income Verification
- 1 months worth of paystubs, including YTD, name & company’s name
- Previous two years of all W2s and/or 1099s
- If retired,
- Recent award letter for social security and/or pension
- Recent 2-month deposit history of benefit amount
- Previous 2 years of 1099-R for pension, 1099-SSA or SSA
- If self-employed and/or receiving rental income,
- 2 years of federal tax returns with all schedules
Employment
- Name, address, phone number, job title and dates employed will be needed for a full two-year work history
Down Payment
- Two most recent bank statements from account which down payment is coming from only
- We will need documentation and explanation regarding any large deposits
- If any funds are being gifted, we can provide a gift letter for you and the donor to sign
Miscellaneous
- Mortgage statement, tax bill & home owner’s insurance for all properties you own
- Divorce documents
- Child support court order
- Bankruptcy discharge paperwork
- Full Trust documentation if it is/will be in the trust’s name
Lot Loans
A Lot Loan helps you purchase a piece of land if you’re not quite ready to build. It allows you to secure the property now and build later when the time is right. The loan is based on the value of the land, and you’ll make regular monthly payments while you own the lot.
Construction Loans
A Construction Loan is designed for people who are ready to build a home. If you already have a lot loan with us, your construction loan can pay off the remaining balance on your lot loan, allowing your land and new home to be financed together. Instead of receiving all of the money at once, funds are released in stages as construction progresses. Once your home is finished, the construction loan is typically converted into a traditional mortgage.
Down Payment Documentation
- Two most recent bank statements from account which down payment is coming from only
- We will need documentation and explanation regarding any large deposits
- If any funds are being gifted, we can provide a gift letter for you and the donor to sign
Disclosures
2Max 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.
330-Year Fixed:
Minimum mortgage loan of $30,000. Minimum credit score 620.
APR = 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.
4Educators Special (10-Year Fixed Refinance)
10-year fixed refinance. Closing costs = $600. Maximum loan amount $249,999.
Refinance loan amounts equal to or under $249,999 at 80% LTV.
APR = 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.
5Construction Loans
APR = 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.
1-year term with conversion to 5-year ARM after completion. Maximum 90% LTV. $1,600 closing cost + cost of title.
6Lot Loans
APR = Annual Percentage Rate. APR calculated on loan amount of $100,000.
2-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.