Coosa Pines Federal Credit Union offers a variety of fixed and variable rate real estate loans.  Our mortgage products offer competitive interest rates and low closing costs, along with terms to fit your needs.
 

Advantages of a credit union real estate loan:

• No application fees
• No pre-payment penalties
• No call centers and strangers to deal with – you’ll always deal with people who you know and trust!
• Interest may be tax-deductible (Please consult a tax professional for advice.)

• 15-Year Fixed Rate
• Mobile Home 15-Year Fixed Rate
• 7-Year No Fee
• PrimePlus Mini-Home Equity Line of Credit
• PrimePlus Home Equity Line of Credit
• 5/15 and 5/30 Adjustable Rate Mortgages
• Mobile Home 5/15 Adjustable Rate Mortgage
• Land-Only Loans
• Construction-Perm Loan

The 15-Year Fixed Rate Mortgage offers a competitive rate fixed for the life of the loan.  With a fixed rate mortgage, you need never worry about rates going up!

• First mortgage only
• Primary dwelling and second home
• On rental property, first mortgage only and restrictions apply* 

*Some restrictions apply.  Contact a Loan Officer for complete details.

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The Mobile Home 15-Year Fixed Rate Mortgage offers a competitive rate fixed for the life of the loan. With a fixed rate mortgage, you need never worry about rates going up!

• First mortgage only
• Primary dwelling and second home
• Current & previous 4-years models only

*Some restrictions apply. Contact a Loan Officer for complete details.

The 7-Year No Fee is a fixed-rate mortgage loan with a minimum loan amount of $5,000.00 and a maximum of $35,000.00.  There are no closing costs unless the loan is paid off within the first twelve (12) months!*  The current year's tax assessment may be used in place of an appraisal.*  Maximum term is seven (7) years.

• First mortgage for primary dwelling or second home
• Second mortgage for primary dwelling only
• Minimum loan amount of $5,000.00
• Maximum loan amount of $35,000.00
• Borrow up to 95% of your home's value

*Member/ borrower must pay all actual closing costs if loan is paid in full within twelve (12) months of date booked.  Current year's tax assessment may be used in place of an appraisal, however in certain situations an appraisal may be required.  Some restrictions apply.  Contact a Loan Officer for complete details.

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The PrimePlus Mini-Home Equity Line of Credit (also called a Mini-HELOC) is similar to our PrimePlus HELOC in that it features a 5-year draw period (unless renewed) and a 15-year repay period. 

Members may make payments and advances on lines of credit using our free Virtual Branch, Mobile Money, and Express Line services, and receive convenience checks to access available credit.
 

• First or second mortgage
• Primary dwelling only
• Minimum initial draw of $3,000.00
• Loan amount $5,000 to $35,000

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The PrimePlus Home Equity Line of Credit (also called a HELOC) is an open-end line of credit that allows you to access the equity in your home to be used any way you wish!  The PrimePlus HELOC  features a 5-year draw period (unless renewed) and a 15-year repay period. 

Members can make payments and advances on lines of credit using our free Virtual Branch, Mobile Money, and Express Line services, and receive convenience checks to access available credit.

Since the interest on home mortgage loans is often tax-deductible*, many borrowers use PrimePlus HELOC funds not only for home improvement, but also for auto purchases, education expenses, appliances and furnishings, debt consolidation, and more!

The PrimePlus HELOC rate is tied to the Prime Lending Rate as published in the Wall Street Journal (WSJ), plus a margin, and is adjustable monthly after the first six (6) months.  The rate can adjust no more than 2% in any one year, and no more than 6% over the life of the loan.  Payments are always 1.5% of the outstanding balance. 

• First or second mortgage
• Primary dwelling only
• Minimum initial draw of $3,000.00
• Loan amount $35,001 and up

*See a tax professional for advice.  Some restrictions apply.  Contact a Loan Officer for complete details.

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Also called ARMs, the Adjustable Rate Mortgage offers a low initial rate that is fixed for 5 years.  The initial ARM rates are often lower than rates for fixed rate mortgages.  After the initial 5-year period, the rate can adjust on an annual basis for no more than 2% in any one year, and no more than 6% over the life of the loan.

• First mortgage up to 30-year term
• First or second mortgage up to 15-year term
• Second mortgage on primary dwelling only
• On rental property, first mortgage only and restrictions apply*

*APR = Annual Percentage Rate.  Some restrictions apply.  Contact a Loan Officer for complete details.

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Also called ARMs, the Adjustable Rate Mortgage offers a low initial rate that is fixed for 5 years. The initial ARM rates are often lower than rates for fixed rate mortgages. After the initial 5-year period, the rate can adjust on an annual basis for no more than 2% in any one year, and no more than 6% over the life of the loan.

• First mortgage only
• Primary dwelling and second home
• Current and previous 4-years models only

*APR = Annual Percentage Rate. Some restrictions apply. Contact a Loan Officer for complete details.

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Unimproved Property may be used as collateral for a fixed rate loan through Coosa Pines FCU. 

Unimproved Property is defined as land without buildings and/ or structures.  The maximum term for this loan is twelve (12) years.  The credit union may loan up to 50% of the appraised value or selling price, whichever is less*. 

• First mortgage only

*On a house with acreage, the credit union may loan up to 90% on the house and surrounding five acres, then 50% on the remaining acreage.  Some restrictions apply.  Contact a Loan Officer for complete details.

Improved Property may be used as collateral for a fixed rate loan through Coosa Pines FCU. 

Improved Property is defined as land in a tract of 5 acres or less that is zoned residential, within a developed subdivision, or located on a lake waterfront and has access to utilities.  The maximum term for an Improved Property loan is twelve (12) years.  The credit union may loan up to 90% of the appraised value or selling price, whichever is less*.

• First mortgage only

*On a house with acreage, the credit union may loan up to 90% on the house and surrounding five acres, then 50% on the remaining acreage.  Some restrictions apply.  Contact a Loan Officer for complete details.

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The Construction-Perm Loan is a first mortgage real estate loan that carries you from the construction phase to permanent financing with just one closing.  With a qualified licensed contractor/ builder and credit union financing, you can build your dream house.  When construction is completed, your loan will automatically convert to a permanent real estate loan. 

Save money by only paying closing costs once!

• First mortgage
• Primary or second homes

*Some restrictions apply.  Contact a Loan Officer for complete details.

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