WCFCU Home Loan

A home loan is the money consumers may use for the purchase or repair of a building (apartment, house, land, etc.) under a real estate pledge. Usually, the mortgage loan is granted for a long term up to 10 - 20 years, and the payments are repaid monthly in equal or decreasing installments. The monthly payment is consist of the loan amount, the interest, and the related commissions.

The available home loan amounts range from $5,000 - to $90,000.

The home loan helps you to buy your own home, initially paying only 30-35% of its real value. As a result, you immediately become the owner of a home, and you gradually pay the rest.

Home Loan Types

Depending on your financial abilities, Wayne County Federal Credit Union provides the following loans for purchasing or refinancing a new home:

• Jumbo loan - perfect for borrowers with good credit
• Conventional loan - a traditional secured loan good for refinancing
• Fixed-rate mortgage
• Adjustable-rate mortgage

Want to buy a home or refinance another home loan? Contact WCFCU for more information about these loan products.