Buy a Home

Move into the home of your dreams.

couple with moving boxes

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 $1500

  • 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 $1500 ($1800 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

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 $1,500 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.

house being built

Home Loan Rates

Mortgage Loans

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.

3 Max loan amount $548,250

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.

TERM

30- Year Fixed

RATE

2.750%

APR1

2.799%

PAYMENT PER $1000

$4.09

TERM

20- Year Fixed

RATE

2.500%

APR1

2.569%

PAYMENT PER $1000

$5.31

TERM

15- Year Fixed

RATE

2.125%

APR1

2.214%

PAYMENT PER $1000

$6.50

TERM

10- Year Fixed

RATE

2.000%

APR1

2.131%

PAYMENT PER $1000

$9.21


ECU Special- 10-Year Fixed Refinance

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

2.000%

APR1

2.103%

PAYMENT PER $1000

$9.21

Adjustable Rate Mortage (ARMs)

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.

TERM

2/1

RATE

2.125%

APR1

2.251%

PAYMENT PER $1000

$3.76

TERM

5/1*

RATE

2.375%

APR1

2.502%

PAYMENT PER $1000

$3.89

First-Time Homebuyer Programs

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.

TERM

5/5 ARM2

RATE

3.500%

APR1

3.500%

PAYMENT PER $1000

$4.50

TERM

Second Mortage3

RATE

5.375%

APR1

5.375%

PAYMENT PER $1000

$8.10

Construction Loans

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. 
2One-year term with conversion to 5-year ARM after completion. Maximum Loan to Value (LTV) 90%. $1,500 closing cost plus the cost of the title.
3One-year term with conversion to fixed-rate after completion. Maximum Loan to Value (LTV) 95%. $1,500 closing cost plus the cost of the title. PMI over 80% LTV.

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

2.375%

APR1

2.502%

PAYMENT PER $1000

$3.89

TERM

Fixed Rate3

RATE

2.750%

APR1

2.842%

PAYMENT PER $1000

$4.09

Lot Loans

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. 
2Two-year ARM with a minimum of $25,000. 15-year amortization. $1,500 closing cost. Maximum Loan to Value (LTV) is 90% of the purchase and a maximum of 80% when refinancing.

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

2.125%

APR1

2.361%

PAYMENT PER $1000

$6.50

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 at least $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 at the chart below to see how your down payment contribution can be supported.

Home Buyer Net Contribution1 Maximum Funds Eligible to Receive
$1,000 $3,000
$1,500 $4,500
$2,000 $6,000
couple in new house

Our mortgage calculator can help you determine what you can afford.

Calculate Your Mortgage Payment

Ready to move into the home of your dreams?

Complete your application and documents wherever you are with ECU Home+.
Download the Mobile App
Questions? Contact us through Educators Video Banking.
Start a Video Meeting
Not a member? Open an account.
Join Educators

Disclosures

1Max grant amount of $6,000. 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.