Educators Credit Union is conducting scheduled maintenance this evening, June 2. During this time, Online/Mobile Banking as well as Ctrl may be unavailable. We apologize for any inconvenience the maintenance may cause and appreciate your understanding.

Loans to Make a House Your Home

Whether you need a mortgage for a new or current home, a loan to improve your home, or to use the equity from your home for another project, Educators has the loan product for you.

calculate your loan payment
apply for HELOC or home equity

Apply for a Mortgage

Get the home of your dreams.

Take out a mortgage, refinance your mortgage, use the equity in your home, or get a construction and lot loan.

Helpful Resources

Educators offers the following loans and lines of credit to help you make your house your dream home:

  • Fixed-Rate Mortgages

  • Adjustable-Rate Mortgages

  • First-Time Homebuyer program

  • Construction and Lot Loans

  • Fixed Home Equity Loans

  • Home Equity Lines of Credit

Helpful Resources

Mortgage Calculators

Our Mortgage Calculators can help you run the numbers to determine how much house you can afford.

Mortgage Guide

Learn how to find that perfect mortgage fit with our Mortgage Guide.

More Detailed Information

First-Time Homebuyer Program

Looking to buy your first home? We want to help you! With our First-Time Homebuyer Program, you get no closing costs and a low down payment. 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.


Fixed-Rate Mortgages

Get a Fixed-Rate Mortgage with a down payment as low as 5% for a single-family residence with a mortgage amount of $30,000 or more. There are several repayment options for Fixed-Rate mortgages. For current rates and repayment options, visit our Rates page.


Adjustable-Rate Mortgages

With an Adjustable-Rate Mortgage, you can borrow up to 90% of the purchase price of your home, or up to 80% of your current appraised value when refinancing for the maximum repayment term of 30 years. Adjustable-Rate Mortgages have a fixed rate and payment for a specific time period between two and five years, then the rates adjust annually based on market rates. With an Adjustable-Rate Mortgage from Educators you can enjoy:

  • A flat closing cost of $1300 with no origination fee or points ($1600 on investment properties)
  • No prepayment penalties

There are several repayment options for Adjustable-Rate mortgages. For current rates and repayment options, visit our Rates page.


Home Equity Loan/Lines of Credit

Do you want to use the equity you have built in your primary residence? With our Fixed Home Equity Loans or our Home Equity Lines of Credit (HELOC)1, you can do just that. You can borrow 80% of your home’s value at a low rate or borrow up to 100% of the value at a slightly higher rate.

Our home equity loans have fixed interest rates, fixed monthly payments and flexible repayment terms. For our current rates and repayment options, visit our Rates page or speak to a mortgage representative for more details.

*See mortgage rep for more details.


Down Payment Assistance Grant

Educators Credit Union knows that 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 Contribution2 Maximum Funds Eligible to Receive
$1,000 $3,000
$1,500 $4,500
$2,000 $6,000

Calculate your Savings

Disclosures


1
Important Terms of our Home Equity Lines of Credit.

2
Max 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.