Mortgage loans
First mortgages | Second mortgages | Home equity lines of credit | How to apply
When you are in the market to purchase
a new home or looking to refinance your present mortgage loan, see Your Credit Union!
- We offer first and second mortgages with terms from 10 to 30 years. The refinance current first mortgage rate is 5.50 percent APR or 5.25 percent APR * with payroll deduction
- We guarantee your rate for five years
- There are no points and application fees
- We service all of our loans and there is no repayment penalty
- You automatically save an additional .25 percent off the rate with payroll deduction or electronic repayment
- Closing costs generally range from $200 to $800
- 4.99 percent APR with 731+ credit score
Apply now and take advantage of $500 off closing costs on first mortgages and $300 off closing costs on second mortgage through April 30, 2010. Click here for current rates.
First mortgage loans
- Financing available up to 90 percent of the value of your home.
- Private Mortgage Insurance (PMI) is required if the down payment is less than 20 percent of the home's value.
- Private Mortgage Insurance allows you to own your own home with as little as 10 percent down payment.
- Loans can be repaid up to 30 years and are subject to credit approval.
- Rates are guaranteed for at least five years.
- Please call Loan Services for current PMI requirements
All loans subject to credit approval. Membership eligibility required. Your actual rate will be based on criteria such as credit score, credit history and payment method. All rates subject to change without notice. Other restrictions may apply. For current rates, click here.
Second mortgage loans
Competitive rates and excellent service are what members expect at Aurora Credit Union. Whether you are looking for a fixed rate loan or an open line of credit see your Credit Union!
- Financing available up to 80 percent of your home's value.
- For closed end loans the rates are guaranteed for at least five years.**
- Loans can be repaid up to 10 years and are subject to credit approval.
- Your actual rate will be based on criteria such as credit score, credit history and payment method. All rates subject to change without notice. Other restrictions may apply.
**First and second mortgages are subject to a five-year demand period, respectively. At the end of the demand period, Aurora Credit Union reserves the right to call the loan due. At such time, you are invited to apply to refinance the loan.
Home equity lines of credit
- Home equity lines of credit have a variable rate equal to the prime rate and are subject to change monthly.
- Closing costs range from $200 to $800.
- Your rate may increase but will never exceed 18 percent or go below 4 percent
- The minimum monthly payment on the line of credit loans is 1 percent of the outstanding balance.
- Consult your tax advisor for interest deductibility.
The following items are required to process your application:
- Complete loan application
- Proof of income
- Copy of your property tax bill
- A real estate appraisal (please let us know if you have an appraisal less than one year old)
- Copy of your homeowners insurance
- Title Insurance Policy
- Proof of property insurance
How to apply
Please contact Loan Services at 414-649-7948 or 888-530-9555. Click here to go to our Application Forms page or fax a request for an application to 414-643-1496.
