Credit Union ONE - Home Center | Debt Buster

Home Center

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Home Equity
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Debt Buster

  • Refinance up to 100%* of your home's current value without Private Mortgage Insurance (PMI)
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    What is Private Mortgage Insurance (PMI)?

     

    Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 0 - 5% of the home's value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.

    The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included in your monthly payment.

    It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount - below 75% to 80% of the property value. Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78% of the original property value. If you have any questions about when your mortgage insurance could be cancelled, please contact your Mortgage Specialist.

  • Shorter terms to accelerate owning your home free and clear
  • Save more with a Bi-weekly payment option
  • Take advantage of the current market's low interest rates
  • Combine your mortgage and home equity loan into one payment
  • Extra cash to consolidate credit cards, other debt or to use for
    home improvements

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Credit Union ONE is owner-partner of Member First Mortgage.Conditions apply.
*What is a Zillow Estimate? Credit Union ONE is not affiliated with Zillow.com.