State Employees Credit Union Refinance
Are you looking for a home refinance? If so, the State Employees’ Credit Union can help you. The credit union offers a variety of home mortgage programs, including adjustable rate mortgages and fixed-rate mortgages. You can also apply for a home equity line of credit (HELOC), which allows you to borrow up to 90% of your home’s value. HELOCs with this credit union typically carry no origination fees, and the APR starts at just 4.25%.
SECU offers home loans
Members of the State Employees’ Credit Union (SECU) have access to various loan programs at a competitive rate. Their home loan options include zero-down and low-down-payment mortgages. The credit union also offers special loans for first-time homebuyers. While the lender does not offer government-backed loans, it does offer conventional mortgages, which allow members to borrow up to 100 percent of the value of a home. Unlike government-backed loans, these loans are mortgage-free, which means that you’ll never have to worry about paying mortgage insurance.
In addition to fixed-rate mortgages, SECU offers adjustable-rate mortgages and home equity lines of credit. A HELOC is a loan that uses the equity in your home to pay off the loan. The term can range from five to 20 years. SECU charges no origination fees for HELOCs, and the APR on these loans can start at four and a half percent. SECU also offers mortgages to first-time buyers and accepts construction-permanent loans.
Auto loans
If you are in need of a car loan, consider using State Employees Credit Union for your auto financing needs. The credit union was founded in 1937, and has grown into a large institution with over 1.7 million members and an asset base of over $25 billion. SECU offers fixed-rate auto loans for employees in the Carolinas, Georgia, Tennessee, Virginia, and Washington, D.C. You can also apply for a refinance auto loan online, and close the transaction quickly and electronically.
The process to apply for an auto loan at a credit union is very similar to the application process at a bank. You simply fill out an application that asks for standard information. Credit unions typically offer loans for new and used cars, and many even finance purchases made through third parties. If you have pre-approval, you can head to a car dealership and purchase your vehicle. However, some credit unions require you to go into the branch to apply for a loan.
HELOCs
Home equity lines of credit (HELOCs) allow home owners to access a larger amount of money than they could ever need in a single loan. This type of loan allows borrowers to borrow up to 90% of their home’s value, often at a lower interest rate than their credit cards. The State CS HELOC offers no origination fees and a five-year draw period. There are three different fixed-rate repayment plans. The minimum balance required is $5,000.
HELOCs are revolving lines of credit, so borrowers can use them for home improvements, medical expenses, and other major purchases. Since the funds are revolving, some lenders may impose restrictions on what you can and cannot use them for. However, borrowers can use the funds to make educational purchases and pay for large purchases. However, there are certain restrictions that must be adhered to in order to avoid repercussions on your credit.
Mortgage assistance program
The State Employees’ Credit Union (SECU) is preparing to expand its mortgage assistance program by offering more programs to members. The MAP, or Mortgage Assistance Program, was established in January 2009 to help members stay in their homes during the recession. Thousands of North Carolina families have already benefited from this program. However, SECU is already gearing up for the next wave of participants, including those who may lose their jobs as a result of cuts to State government budgets.
The SECU Mortgage Assistance Program offers budgeting counseling and financial planning services for members. To date, more than 1,400 members have taken advantage of the mortgage assistance program. A new initiative called SECURE Mortgage was recently introduced, which helps members consolidate their existing mortgage loan balances and other SECU loans into one low-interest first mortgage loan. Those in need can apply for up to 100 percent financing of their primary residence through SECURE Mortgage.
Home equity lines of credit
A home equity line of credit, or HELOC, allows you to borrow money against the equity in your home as you need it. You set a maximum credit limit and repay only what you use. The interest rate is based on the Prime Rate, determined by the Federal Reserve. The rate you pay every month will change, depending on the Prime Rate at the time of application. However, you can save money on interest costs by taking out an HELOC with State Employees Credit Union.
HELOCs have many benefits. They are easier to qualify for than traditional loans, and you can draw from them anytime you need money. You can borrow up to 100% of the equity in your home with this type of loan. You can use the funds for anything, including home improvements, college tuition, or an epic vacation. While homeownership comes with a high price tag, it is by far the best investment you will ever make. With a home equity line of credit, you can enjoy a return on your home equity investment.