HOME LOANS

HOME LOANS


ARE YOU HAPPILY MORTGAGED?

HOME LOANS

Mortgages designed just for you. We offer a variety of options along with personalized service to find a home loan that best fits your needs.

Very few people today buy or finance their homes with out-of-pocket cash. That is why home loans are essential to financial planning and securing a permanent residence for your family or investments. A home loan helps you multiply your savings in home-buying power and then pay the home’s total value over time while enjoying the privileges of homeownership.

There are several different home loan types in the financial industry. Here at the Auburn University Credit Union, we offer a variety of home loan options along with personalized services to find the home loan that best fits your needs. With our guidance, a mortgage designed according to your needs is the best way to move forward.

real-estate-3d-orange-background-

HOME EQUITY LINE OF CREDIT

Use the equity in your home to fund important steps in your life.

  • Lines of credit up to $250,000
  • Tap into the funds repeatedly and pay back as you go
  • Competitive rate and an easy, affordable repayment schedule
  • Enjoy quick and easy application process
  • Receive personalized service and answers to all your questions from our loan experts

Contact our loan experts at (334) 844-4120 to learn more and apply.

MORTGAGE RATES
Girl running into a home with her parents behind her holding moving boxes. Moving boxes against the wall.

1ST MORTGAGE - FIXED RATE

Flexible, affordable home financing.

  • Find the best option for your specific home-buying situation with a conventional loan from AUCU. Our mortgage specialists work closely with you to select the rate, down payment and terms that meet your financial goals. Whether you’re buying your first home, investing in a rental property or anything in between, we have the right solution for you.
  • Conventional mortgage loan features
  • Up to 80% loan-to-value financing
  • Fixed- and variable-rate terms

Contact our loan experts at (334) 844-4120 to learn more and apply.

MORTGAGE RATES
Paper cutout of a home with Second Mortgage written on it. A calculator and different forms of money are to the right of the screen.

2ND MORTGAGE - FIXED RATE

Interested in a fixed monthly payment but don’t want to refinance an existing first mortgage? This is a great choice.

  • Borrow a lump sum and enjoy a fixed payment
  • Get a fixed term and rate
  • Receive up to 90% combined loan-to-value financing
  • Terms up to 10 years

Contact our loan experts at (334) 844-4120 to learn more and apply.

MORTGAGE RATES
orange-house-on-money-inside-transparent-piggy-bank-with-clipping-path

ARM & BALLOON MORTGAGES

AU Credit Union offers a variety of mortgage options designed with terms and rates to fit your needs. We finance ARMs (Adjustable Rate Mortgages) & Balloon Mortgages to service our members non-conventional mortgage needs.

Adjustable-Rate Mortgages include:

  • Typically have lower interest rates than fixed-rate mortgages
  • Fixed for a set period of time
  • Rate can lower during an adjustment period
  • Lower rate means you pay more towards your principal every month
  • Could qualify for a higher loan amount
  • No pre-payment penalty, can refinance without a penalty

Balloon Mortgages include:

  • Fixed rate for a shorter period of time with smaller monthly payments.
  • One large payment, or balloon payment, is due at the end of the term.
  • At the end of the term, you can refinance your loan, buy a new home, or pay it off.
  • Typically have lower interest rates than fixed-rate mortgages

Contact our loan experts at (334) 844-4120 to learn more and apply.

MORTGAGE RATES
We Can Help You Find A Mortgage For Your New Home

We Can Help You Find A Mortgage For Your New Home

The best mortgage rates will vary depending on what type of loan you want, where you live, and whether you’ll buy a new property or refinance an existing one. Our team of experts will help you through the process and ensure it suits your budget.

Buy A House

1ST MORTGAGE - FIXED RATE

Flexible, affordable home financing.

Find the best option for your specific home-buying situation with a conventional loan from AUCU. Our mortgage specialists work closely with you to select the rate, down payment, and terms that meet your financial goals. Whether buying your first home, investing in a rental property, or anything in between, we have the right solution for you.

Conventional mortgage loan features

Up to 80% loan-to-value financing

Fixed- and variable-rate terms

Contact our loan experts at (334) 844-4120 to learn more and apply.

Refinance Your Mortgage

Refinancing your mortgage allows you to capture a better interest rate and restart the 15-30 year clock on your mortgage repayment. Keep the equity you already have and negotiate for a smaller mortgage at a better rate. You also have the chance to quickly claim more equity by investing some of your developed savings into a larger refinanced mortgage down payment.

  • Terms
  • Rates
  • Details

Mortgage Calculators and Tools

When calculating your next mortgage or home equity loan, there’s no need to guess. Mortgage calculators and tools make it easy to generate accurate estimates and begin making your financial plans.

How much will my loan payments be?

Home Affordability Calculator
Home Equity Loans

Home Equity Loans

A home equity loan is a unique type of home loan for current homeowners who have been paying their mortgage for some time. The equity in your home is how much of the house you own. Your home equity value equals your down payment plus all mortgage payments less the interest rate. A home equity loan allows you to use the amount you’ve already paid on your house as collateral for a loan.

Home equity loans are often used to re-invest in your house through renovation projects like significant repairs and value-increasing home improvements. Repaying the loan does not affect your mortgage, while defaulting would only roll back the clock on completing your mortgage payments.

  • Borrow up to 90% of the value of your home (less your first mortgage)
  • Fixed terms ranging from 5 or 10 years
  • Conventional mortgage loan features
  • Draw on your current equity without altering your first mortgage

Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit, or HELOC, differs slightly from a Home Equity loan. A HELOC makes the same amount of money (90% of home value) available. The rest of your equity can remain untouched but available if you need it for the duration of the HELOC. Still, as a line of credit, you only have to draw and repay what you need. You also only pay loan interest on the amount you withdraw.

HELOCs are popular for home renovations and are ideal when you are not sure how much you will need, if you don’t want to overspend, or if you plan to conduct a cost-efficient home renovation over time.

  • Traditional HELOC
    • 10-year term
    • Variable Rate
    • Payment is equal to $15 per thousand borrowed
  • 5-Year Balloon / Interest-Only HELOC
    • 5-year term
    • Variable rate
    • Interest-only payments

Land-Only Equity Loans

Home equity loans and HELOCs relate specifically to land with a constructed home. However, we also offer “land only” equity loans if you desire equity financing on land. Land equity loans offer terms up to 12 years and up to 80% of the land’s value based on acreage. The interest rates for a land-only equity loan are closely matched to equity loan interest on a first mortgage.


Guidance

Are you confused and need more guidance on finding the right loan for you? Feel welcome to breathe fresh oxygen into your life by taking advantage of our GreenPath financial wellness home counseling. We provide personalized advice so you can feel confident making intelligent choices when buying a new property. Our team can assist you in obtaining a prequalification for a mortgage or equity loan, refinancing an existing one, or even purchasing a new residence.


Why Choose Auburn University Credit Union

Are you interested in buying a house? Do you want to make sure you get the best deal possible?

At AUCU, we offer personalized mortgage or equity loans that suit your goals and finances. Speaking to a knowledgeable loan officer will help you build a plan for your future and create a loan that will be the launching point for the next phase of your life as a successful homeowner.

Take the guesswork out of planning your mortgage or equity loan. Let us help finance your dream home! Contact Auburn University Credit Union’s loan experts at (334) 844-4120 to learn more about their personalized designed loan mortgages and how to apply today.

Image Source; shisu_ka/Shutterstock


CHECK OUT OUR GREAT LOW RATES

All loans are subject to credit approval. Rates are subject to change and are based off of credit worthiness.

LOAN RATES

NEED TO MAKE HOUSING DECISIONS?

Foreclosure prevention and support, homebuyer and reverse mortgage counseling, and other resources to help you make informed decisions about your housing options.

HOUSING COUNSELING