Mortgages
In House Mortgage Loans- 1/1 year, 3/1 year, 5/1 year & 10/1 year Adjustable Rate T-Bill Loans Available - The rate is fixed for the initial term period, then the rate is adjusted annually each year after, up to 30 year amortization. (Maximum increase is 1% per year for 1/1 year and 3/1 year; 2% per year for 5/1 year and 10/1 year; maximum lifetime increase for all is 6%.)
- 5-, 10-, 15-, & 20 Year Fixed Rate Loans Available
- Simple Application Process
- No Application Fee or Prepayment Penalty
- Payments are Credited the Same Day they are Received
- No Escrows Required
- Weekly and Bi-Weekly Payment Options - breaking your monthly payment down can save you a significant amount in interest and allows you to pay your loan off earlier
- Eligible for Loan Interest Rebate
- Loan Serviced Locally - talk to a Credit Union Loan Officer at any time
Secondary Market Mortgages
- Fixed Rate Loans Available
- Rates may be a little lower than In-House Mortgage Loan
- Borrow up to 97% of the Value of Your Home (Private Mortgage Insurance is Required)
- No Application Fee or Prepayment Penalty
- No Escrows Required if Loan-to-Value Less than 80%
- More personal financial documentation is required with loan application than with an In-House loan application.
- Serviced locally at CoVantage Credit Union.
- Payments can be made at any CoVantage location or through payroll deduction, e-TEX
internet banking, or TEX audio response. - Call us anytime if you have questions about your mortgage.
- Account information appears on your CoVantage monthly statement.
- Payments can be made at any CoVantage location or through payroll deduction, e-TEX
Programs for First-Time Home Buyers
WHEDA (Wisconsin Housing and Economic Development Authority)
Effective immediately, WHEDA® will not accept new rate locks under its Home Program until further notice. The volatility of the capital markets is impacting WHEDA's access to capital and our cost of capital. As a result, WHEDA is suspending rate locks under its Home Program until the capital markets stabilize and WHEDA's access to low-cost capital is restored.
Guaranteed Rural Housing (GRH)
The GRH program assists low to moderate-income homebuyers in obtaining a 30-year fixed rate mortgage without the down payment or monthly mortgage insurance typically required by conventional lenders. Home mortgages can be made for up to 100% of the dwelling's appraised value and in some cases, may include closing costs and repairs.
- Property must be in an eligible rural area or community.
- Property must be a new or existing stick built or modular home meeting HUD guidelines or a new manufactured home on permanent foundation.
- Applicant must have an adjusted annual household income that does not exceed the moderate income limits for the area.
- Applicant must demonstrate adequate repayment ability (i.e. 29% principal, taxes, insurance and interest; maximum 41% total debt ratio).
- No limitation on source of closing costs.
- Guarantee fee of 2% of the loan amount can be financed up to 102% LTV.
- For more information, click here or talk to a CVCU Mortgage Loan Specialist.
Easy Reverse Mortgage
- Similar to a traditional reverse mortgage, it can be used as source of income to help pay monthly expenses, travel the world, or just live retirement as you intended.
- If you are age 62 or older, and live in the home on which the mortgage would be applied, you may be eligible for this loan. Perfect for retirees.
- Can provide a fixed income for the next 10 years.
- Attractive to those who are planning to stay in their home for a few more years, who have limited or no debt against their home, and who prefer dealing with a local lender.
- The borrower’s house may include additional acreage or properties as long as the house is part of the property.
- No monthly maintenance fees and very low start-up costs.
- Fees due up front will typically total about $2,300 for a home valued at $150,000.
- Unlike a traditional loan, there are absolutely no monthly payments.
- Interest rates are fixed for the term of the loan and the balance will be due at the end of the loan term.
- Borrowers will be required to pay taxes when due and provide proof of payment within sixty days of when it is due. The borrower will also be required to provide proof of homeowners insurance. If the Credit Union is required to pay those items, it will be taken out of the next year’s draw.
- An appraisal is required. If the appraisal indicates deferred maintenance, it will need to be determined if that maintenance will need to be done prior to, or concurrent with, the loan.
- Borrower must have a history of using credit wisely and managing their finances.
- To ensure a reverse mortgage is in their best interest, all borrowers will be counseled on the pros and cons of the mortgage prior to signing for the loan. Borrower will need to attend counseling sessions provided by Fannie Mae; or provide a letter of opinion from their attorney or financial planner (not related to CoVantage) stating that they have reviewed the proposed mortgage.
- The Loan is serviced in-house by local CoVantage staff.
CLICK HERE FOR A COMPARISON OF A COVANTAGE EASY REVERSE MORTGAGE VS. A TRADITIONAL REVERSE MORTGAGE
Refinance your Current Mortgage
- Lower the interest rate you currently pay on your mortgage loan. You can save thousands of dollars with just a small decrease in your interest rate.
- Use the lower rate as your opportunity to shorten the term on your mortgage loan. Pay your mortgage off sooner than you thought possible.
To find out which mortgage is right for you, call us at 715-627-4336 or
toll free 1-800-398-2667.
Did you know you could save thousands of dollars when you make weekly or bi-weekly mortgage payments? Instead of making one large monthly payment, smaller payments are made every week or every two weeks. You can substantially reduce the amount of interest you'll pay over the life of your loan and pay your loan off years sooner than you would with traditional monthly payments. See the example below on the same 30 Year Fixed Rate Mortgage at 6.75% APR*: |
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MONTHLY PAYMENTS |
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WEEKLY PAYMENTS |
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(Weekly or Bi-weekly Payment options not available on Secondary Market Mortgage Loans.)
*APR=Annual Percentage Rate
