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Home Equity Rates
Mortgage Loans
The decision to purchase a home or to refinance an existing mortgage can be a difficult one. Once the decision is made, finding the right financing can be an equally difficult task.
In order to provide our members with the greatest choice of financing alternatives, we have contracted with three mortgage companies, each specializing in different programs, to handle the underwriting process for our mortgage loans.
- For FHA or VA Loans or Conventional Mortgages, click HERE
- For Conventional Fixed Rate or Adjustable Rate Loans, click HERE.
Home Equity Loans
Unlock the cash vault hidden behind your front door. Your home can be a great source of financing for:
- New or used vehicles
- Education loans
- Home Improvements
- and more
In addition, the interest paid may be tax deductible, unlike most other loans. (Consult your tax advisor for tax deductiblity information.)
The credit union offers two home equity programs:
- Home Equity Line of Credit
A variable rate loan, the HELOC allows the borrower to advance funds when needed up to the established credit limit. Payments vary in relation to the outstanding balance.
- Home Equity Closed End Loan
A fixed rate loan, the Closed End Equity allows only one advance, with fixed payments for the term of the loan.
To Apply:
- Visit one of our offices
- Call the Mortgage Department at 313-291-7060
Notice to Inquirers and Loan Applicants
You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans.It is illegal to establish a minimum ortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00. It is illegalto deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition. If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection. If you are granted a loan but the amount required for a downpayment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation. The rights described in this notice are set forth in and limited by Act 135 of the Michigan Public Acts of 1977. If you believe that your rights under this act have been violated, you should contact the Financial Institutions Bureau of the Michigan Department of Commerce. Its address is: Financial Institutions Bureau, Urban Investment Unit, PO Box 30224, Law Building, Lansing, MI 48909. Its telephone number is: (517) 373-8674.
First Catholic Federal Credit Union
9300 Cooper
Taylor, Michigan
48180
313.291.7060
Fax: 313.291.7816
info@firstcatholic.org
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