Mortgages      

Program Features and General Information:

1. Borrower must be a member of the Credit Union.
2. Property must be located in the State of Maine.
3. Credit Union offers fixed-rate first mortgages. Current loan rates are: 5.25% for 15 years, 5.50% for 20 years and 5.75% for 30 years (Minimum loan amount is $100,000.00 for 30-year loans).
4. Maximum loan term for mobile home on land is 15 years.
5. Maximum loan term on property that is not borrower’s primary residence is 12 years.
6. Maximum loan amount is $250,000.00.
7. Home equity loans are variable at Wall Street Prime Rate (Currently 3.25%).
8. For second mortgages and land loans, the interest rate is fixed at 6.75%.
   Maximum term for second mortgage is 15 years and land loan is 12 years.
9. Mortgage loan payments can be made as often as weekly and there is no penalty for early payoff.
10. There are no origination fees or points associated with our mortgage loans.
11. Borrower pays for the following:  title work, appraisal, recording fees and any work performed by the Credit Union's attorney for the closing of the mortgage. These fees may be financed into the mortgage loan.
12. Credit Union does not handle escrow accounts for taxes or insurance.
13. Once approved, the borrower has the right to select an attorney for title work.
14. Credit Union finances up to 80% of appraised value.

Application Information Needed:

1. Completed loan application. Residential Mortgage Application
2. Copies of current pay-stubs and last 2 years of IRS tax returns.
3. Copy of deed to property.
4. Copy of current tax bill from town.
5. Copy of Purchase and Sale Agreement (If applicable).