COURTESY OF DOWNEAST CREDIT UNION
Downeast Credit offers a variety of products sure to meet your mortgage needs. Whether you are purchasing or refinancing, we have the right solution for you!
A variety of Mortgage products offered at Downeast Credit Union:
Conventional, fixed rate mortgages from 10 to 30-year terms
- This includes modular home financing
- Serviced in-house for you by a local team to call with questions and pay directly at a local branch
Manufactured home financing up to 30 years
- Members who own their own land can now finance their single, doublewide or modular homes, that are five years old or newer, at the same rates as traditional mortgages at DECU.
- In-house servicing for peace of mind and convenience
Government lending options
- Veterans Affairs
- Maine State Housing Program
- Federal Housing Administration Loans
- Rural Housing Loans (USDA)
If you finance your mortgage with one of Downeast’s in-house loan products, we offer some outstanding incentives:
0.50% loyalty rate discount off in-house financing
- One Loyal Member at Downeast Credit Union just closed on her modular home loan and is saving $20,329 in mortgage interest with the 0.50% Loyalty Discount!
A rate reduction offer during the first 5 years of your mortgage if rates go down!
- This is offered without the hassle of refinancing, saving you time on paperwork and money on closing costs. This can save thousands of dollars on a refinance!
“These Loyalty Discounts can mean tens of thousands of dollars to a Member!” explains Tonia Lanier, Senior Vice President of Lending and Internal Operations at DECU. “If you have a $250,000 mortgage at a 30-year term, the half percent loyalty discount will save you $29,000 in interest over the life of the loan. Then the option to reduce your rate in the near future without the expenses of a full refinance can mean even more significant savings.”
In addition to new home purchases, DECU also works with members on refinances. While Mortgage rates may still be higher than in past years, there can be scenarios where refinancing now makes sense, including:
- If your existing interest rate is higher than what you qualify for now. Perhaps you’ve been working to repair or build your credit and have made great strides to increase your score. You may qualify for a better rate or terms and decide to refinance.
- If you are interested in changing the terms of your mortgage for a more favorable payment.
- If you have built up equity in your home and you’d like to roll in high-interest debt to help save money on interest.
When it comes to real estate lending, each scenario is unique. Downeast Credit Union is dedicated to guiding you every step of the way, ensuring a smooth and informed homebuying experience tailored specifically for Maine residents and credit union members.
Learn more at www.downeastcu.com/realestate.
