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Consolidate your debts plus receive a $500 Closing Cost Credit.
Conquer your debt
all in one product

What is a Debt Buster Loan?

 

More borrowing power for bigger transactions

Reduced Closing Costs
Receive a $500 closing cost credit when you refinance your mortgage with Credit Union ONE
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Borrow between $10,000 and $548,250
Cash-Out Feature
For debt above 80% LTV
Private Mortgage Insurance (PMI)
Save more monthly with no PMI required!
Debt Buster Loan-to-Value (LTV)
LTV up to 95%
Debt Buster Terms
Fixed rates only with terms up to 20 years.
Loan Restrictions
The loan is only for debt consolidation, not for home improvements, and solely for primary residences.
Closing Costs
Closing costs are required for this type of loan.
Personalized Service
Receive personalized service from a dedicated Mortgage Consultant
Get started with your Debt Buster Loan.
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Related resources

What does Loan-to-value (LTV) ratio mean?

To calculate this ratio, you need to compare the amount you want to take out compared to the apprasial value of your home.  

ex.)  If you buy a house that appraises for $150,000 and put down $15,000 (10% of the appraised price) you will then need to borrow $135,000 from the bank. The loan-to-value ratio will then be 90%. The higher the LTV ratio, the greater the risk because defaults are more likely. LTV decreases as you put more down. 

What is an Escrow Account and what are the requirements for this loan?

Escrow accounts are like savings accounts that are managed by your mortgage lender. Your lender will deposit a portion of every mortgage payment into your escrow account to cover estimated property taxes, homeowners, and mortgage insurance premiums, long with flood insurance if necessary. It does not cover water/sewer bills, one-time assessments by your local government, nor homeowners association dues, or supplemental tax bills.

This loan will require a deposit payment into an escrow account regardless of Loan-To-Value.

What type of housing qualifies for this type of refinancing?

Primary residents of Michigan and parts of Ohio including Cuyahoga, Lake, Lucas, Sandusky, Summit, and Wood counties are eligible. Condos and single-family homes qualify if there have been no prior bankruptcy or foreclosures.