We offer competitive mortgage loans, whether you are buying a new home or looking to refinance. Turn to us for help when buying locally or across the nation.
This is a first trust, five-year balloon mortgage loan on which the principal and interest payment is amortized over 30 years and the Maturity Date is five years. And then thereafter for a period not to exceed thirty (30) years from the date of the Note. Any single adjustment is limited to three percent.
The credit union will loan you up to 80% of your home's appraised value at preferred interest rates or 90% at slightly higher rates and both products are with no points. For condominiums, we will loan up to 80% of the value and still no points are charged.
We are providing this mortgage for purchases or refinances if you live in a single family home, condo, or townhouse in Maryland, Washington D.C., Virginia and West Virginia.
The Board of Directors has chosen a variable rate for the Interior Federal Credit Union HELOC because it provides an accurate reflection of the market conditions. The rate can change on January 1 and July 1 and will be based on an index of the Prime Rate as based in the Wall Street Journal with the following margin:
- 90% to greater than 80% loan to value = Prime Rate minus 25 bases points.
- 80% or less loan to value, Prime Rate minus 50 bases points.
Here are some of the great benefits for the Home Equity Loan:
- The minimum line of credit is $10,000 and the maximum line of credit is $250,000.
- Interior FCU will pay normal settlement fees if there is an initial advance of $25,000 or more and no prepayments are made within the 1st year
- Single Family Homes/Townhouses: borrow up to 90% of your home’s current appraised value minus any first mortgage balance
- Condominiums, you may borrow up to 80% of your home’s current appraised value minus any first mortgage balance
- The first advance must be taken at settlement
- The first advance must be for at least $5,000. Additional advances must be for at least $100
- This loan has an “Apply Only Once” feature, so to meet future borrowing needs, apply for you maximum credit limit now, then borrow only what you need.
- Interest Rate floor is 4% with a ceiling of 18%; 15-year draw period then 20-year payback period
- Access your line of credit of online
- Receive first 50 standard checks FREE
- No closing costs
Once approved, you will receive 50 FREE standard checks. Simply write checks for any amount up to your available credit line. For an immediate advance, sign into Online Banking. There's no need for a new credit application with each request. Interest on a Home Equity Line of Credit may be tax-deductible. (Consult your tax advisor)
The Home Equity Line of Credit is a variable rate loan. The annual percentage rate may change. Rates are subject to change July 1st and January 1st. The interest may be tax deductible. Consult your tax advisor.
HELOC loans available to owners of single family, townhouses and condominiums except in FL, NM, ND, OK, TX. Interior FCU will pay normal settlement fees if there is an initial advance of $25,000 or more and no prepayments are made within the first year of the loan.
The credit union offers a fixed-rate second trust mortgage for up to $250,000, with a term of twenty years. (Loan is available to owners of single family, townhomes and condominiums in all states except for Florida and Texas).
On Single Family Homes and Townhouses, loans shall be limited to 90% of the appraised value of the property. On Condominiums, loans shall be limited to 80% of the appraised value or the assessed value of the property.
HELOC loans available to owners of single family, townhouses and condominiums except in FL, NM, ND, OK, TX. Interior FCU will pay normal settlement fees if there is an initial advance of $25,000 or more and no prepayments are made within the first year of the loan.
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at a branch office regarding the locations where HMDA data may be inspected. To receive a copy of these data send a written request to 12201 Sunrise Valley Drive, Room BA208 MS700, Reston, VA 20192.
The Department of Interior Federal Credit Union’s Disclosure Statements is available for review at the Federal Financial Institution Examination Council (FFIEC) web site. To obtain the Disclosure Statement, click here.
Is it a good time to refinance or buy a new house? The credit union offers two great resources on home buying and refinancing.
Personal Finance Resource Center offers
articles, calculators, Home & Family finance radio, and video. The resource center will guide you through the process of purchasing or refinancing your home.
Anytime Adviser Coach is an interactive guide that coaches you through the process of finding and buying a house.
You trust Interior Federal Credit Union to provide you and your family with quality products and services to meet your financial needs. We've joined with a dedicated team of insurance professionals to bring you MEMBERS Home Insurance.
- MEMBERS® Home is the property and casualty coverage solution most preferred by credit unions and their members.
- Provides an exclusive member savings discount and superior member service.
- Convenient e-service, pay your bill or make changes to your policy, even report a claim. All online.
- Receive fast, easy access to claims service 24-hours a day.
The Interior Federal Credit Union has teamed up with SMARTMOVE® to offer you a special rebate program. As a SMARTMOVE® participant, you'll receive professional real estate assistance-plus a cash rebate, when you buy or sell real estate in the United States.
SMARTMOVE® service and rebates are available free of charge to any member who buys or sells a home and meets program guidelines. For more information, and to see available rebates, click here.
