Products

Mortgage Loans • Outsmart PMI Mortgage

 

At Associated Credit Union, we know that paying Private Mortgage Insurance (PMI)¹ is hard to swallow, so we've decided to pay it on your behalf. If you haven't owned a home in the past three years or have been reestablishing yourself in the market, our Outsmart PMI Mortgage² may be right for you. The Outsmart PMI Mortgage benefits are:

  • Lender-Pay Private Mortgage Insurance (LPMI)
  • 6/5 ARM will adjust every sixth year by no more than 2.00% per adjustment, and by no more than 6.00% over the life of the loan
  • Minimum loan amount is $50,000 and goes to up $250,000
  • Up to 95% loan-to-value
  • No prepayment penalty

To apply, call us at 770.448.8200, ext.2141 or apply online.

 
 

1 Private Mortgage Insurance (PMI) reimburses the lender if you default on your home loan.

2 This is your primary residence and is a single unit property; Debt-to-income ratio is less than 43%; minimum representative credit score of 680. The maximum loan to value (LTV) ratio is 95%.

Mortgage rates are subject to change. Adjustment period is every sixth year by no more than 2.00% up or down per adjustment, with a floor rate of 2.875%, with the lifetime of the loan adjustment not to exceed 6.00% above the initial rate. The new interest rate at adjustment is the Index, United States 5 Year Treasury Yield, plus a margin of 2.250%. Minimum loan amount is $50,000 and the maximum loan amount is $250,000. Actual payments will vary based on your individual situation and current rates. Offer available to residents within the states of Georgia, Florida, North Carolina, South Carolina, Alabama, and Tennessee.

Some restrictions may apply. Associated Credit Union assumes (unless otherwise noted) that: Borrower paid costs include a $75 application fee(which is refunded at loan closing), 1% origination fee, appraisal fee, attorney costs, title exam and binder, lender’s title insurance, owner’s title insurance(if requested by the borrower), prepaid interest, escrow reserves, recording fees, state and local taxes on the transaction, GA Residential Mortgage Loan Fee (if applicable), termite letter inspections, and if necessary, septic and or well inspection reports, other fees may apply; Associated Credit Union will pay the mortgage insurance premium, credit report fee, real estate tax service fee, and the flood certificate fee.

Payment Example: On a $150,000, 6/5 ARM, 30 year amortization, with an initial rate of 3.875% (3.995% APR), the maximum amount that the interest rate can rise under this program is 6 percentage points, to 9.875%, and the monthly payment can rise from a first year payment of $705.36 to a maximum of $1,092.58 starting in the eighteenth payment year. Payments shown do not include taxes and insurance; actual payments may be greater. APR = Annual Percentage Rate. All rates and offers are as of January 1, 2016 and are subject to change without notice.

We do business in accordance with the Federal Fair Housing Law and the Equal Housing Opportunity Act. NMLS #401922.

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