Home    Loan Center    Products    About Us    FAQ    Resources  
MIDLAND CREDIT UNION offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
5/5 ARM 1st
Home Equity Line of Credit
Conventional 15 Year

5/5 ARM 1st

 Adjustable Rate Mortgage that may be amortized over 30 years and will re-price every 5 years.

Term: 30 years   Maximum Amount: $417,000
 

 Rates are based off credit score.  They will vary from this rate displayed due to your credit score not being taken into consideration for this pre-calculation.  For exact rate and payment, contact your Midland Credit Union mortgage officer.


Home Equity Line of Credit

 Revolving credit line attached as a 2nd mortgage to your home.

Term: 10 years   Maximum Amount: $75,000
 

 Rates are risk based and calculated off credit score.  Minimum rate of 4%.


Conventional 15 Year

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term.

Even though you have a fixed rate mortgage, your monthly payment may vary if you have an "impound account". In addition to the monthly loan payment, lenders collect additional money each month for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers' property taxes and homeowners insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower's monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

Term: 15 years   Maximum Amount: $417,000
 

 




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.