Mortgage and Home Equity Loans

Mortgage & Home Equity Loans

Buying a home is the biggest financial decision most people make in their lifetime. It can be a mystifying, stressful process that leaves you doubting whether you’re getting a good deal. Or you can call your credit union. It’s that simple. We’re not here to make a profit on your business. We’re here to help our fellow Teamsters—the credit union’s owners—achieve financial success and security. Our rates are among the best in the market, we keep fees to a minimum, and we offer a variety of payment terms to keep your payment small and pay off your home loan faster. Click here to review loan rates, terms and fees.

First Mortgages

If you can put 20 percent down, we offer 20 year mortgages up to $300,000 at competitive fixed rates and minimal fees. In fact, we offer any length of loan up to 20 years. You can shorten it even more, and save big on interest, by dividing your monthly payment into a smaller weekly, biweekly, or semimonthly payments.

If you need a longer loan or don’t have a down payment, we also offer 30-year mortgages, FHA loans, special programs for first-time buyers, and other types of mortgages with low fees and rates through Consolidated FCU, who serves as a mortgage broker for TCU members. Call Brenda Paulson or Kathrine Davis @ 503-251-2390 or apply online.

Home Equity Loans

Tap into the equity you already have in your home—up to 80% of it—and use it to finance just about anything you need: home improvement, college, debt consolidation, big vacation, new vehicle, whatever. Compared with consumer loans, a home equity loan offers a lower rate, higher loan amount, and smaller payment (with longer terms). For most of our members the interest is also tax deductible (check with your tax advisor). You have a choice of a lump sum fixed rate loan or a variable rate line of credit you take advances from as needed. Either way, the rates are competitive and fees low at your credit union. Contact us for more information or to apply.

Refinancing

Even if you don’t have that many years to go on your existing mortgage, paying it off with a new home loan from TCU can save you thousands of dollars and make you the outright owner of your home that much faster. We offer any length of loan up to 20 years and $300,000 (80% loan-to-value). You can shorten the loan even more, and save even more on interest, by dividing your monthly payment into a smaller weekly, biweekly, or bimonthly payments. Contact us and we’ll work out the possibilities for your particular situation.

Unimproved Property Loans

Look to your credit union for financing of unimproved property. Whatever your real estate need, be sure to check with us.

Avoiding Foreclosure

If you or someone you know is struggling to keep up with mortgage payments, we are ready to help. New federal programs may allow you to refinance at a lower rate, even if you’re “underwater”, or take steps to modify your current loan, arrange a “short sale”, or other ways to avoid foreclosure. Click here for more information, but be sure to talk to us as information is changing and we can help you find the best way forward.