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US Federal Credit Union, based out of St. Paul, Minnesota currently has some fairly noteworthy mortgage rates as well as a “free-in-10″ mortgage promotion which is only available for a limited time. Thanks to BankVibe.com reader Ian for bringing these products to our attention!
Quick history lesson on US Federal Credit Union:
Established in 1925, US Federal Credit Union is Minnesota’s oldest financial cooperative. Among their founders is credit union pioneer Thomas W. Doig, who helped establish over 1,000 credit unions during his lifetime.
Today, they claim to be one of the largest and most respected credit unions in the nation and have a long history of meeting member needs while earning exceptional ratings for financial stability and safety.
Current Mortgage Rates offered through US Federal Credit Union:
* Keep in mind the rates listed below are time sensitive in nature. Please refer to the date of this article for accuracy. Home loan, refinance and mortgage products available in Minnesota, Georgia, Wisconsin, Tennessee, Florida, Mississippi, and Arizona only.
- Fixed rate home equity loan up to 5 years and max LTV up to 70% comes with an APR as low as 5.94%.
- Fixed rate home equity loan up to 10 years and max LTV up to 70% comes with an APR as low as 6.09%.
- Fixed rate home equity loan up to 15 years and max LTV up to 70% comes with an APR as low as 7.04%.
- Home equity Line of Credit (HELOC) up to 70% LTV comes with an APR as low as 4.50%.
- Home equity Line of Credit (HELOC) up to 80% LTV comes with an APR as low as 4.50%.
- Home equity Line of Credit (HELOC) above 80% LTV comes with an APR as low as 4.50%.
Terms and Conditions:
Home Equity Line of Credit: The 4.50% Annual Percentage Rate (APR) is available with qualifying credit and a loan to value (LTV) of 70% or less. Higher rates apply to higher loan to values. The APR will vary based on an index. The index is the Prime Rate as published the 25th day of the month prior to the date of the interest adjustment in the Money Rates column of the Wall Street Journal. As of January 1, 2010 the variable APR for lines of credit is 4.50% – 7.00%. The rate is subject to change, but will not exceed 18%. The minimum rate is 4.50%. Closing costs typically range from $0 to $250. In most cases, members pay little or no closing costs. There is an over-the-limit charge of $10. Consult your tax advisor regarding the deductibility of interest. Property insurance is required.
US FCU’s Free in 10 mortgage rate promotion:
- Fixed rates as low as 4.213% APR and total closing costs of just $999.
Terms and Conditions:
Free-in-10 Mortgage offer for mortgage refinances only and is not available in all states. Savings may vary. Payments do not include applicable taxes and insurance, so actual obligation will be greater. Payment example: A $100,000 mortgage rate of 4.00% for 10 years would have a principal and interest payment of $1012.55. Assuming 80% Loan to Value, the resulting APR would be 4.213%. $999 closing cost offer good for loans up to $100,000, offer is $1299 for loans exceeding $100,000. Closing cost offer does not include the cost of appraisal if one is required. Other restrictions may apply. Rates effective 7/8/10 and can change daily. Equal Housing Lender.