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Mortgage Loans

 

Ideal Home Loans & Refinance

Find the right solution for you

Whether looking to purchase or refinance, Ideal Credit Union is here to help you from start to finish. Find the right solution for you. Need some help? Call us at 651-747-4663 or make an appointment to meet with an Ideal Mortgage Loan Advisor.

Conventional Mortgage Loan

The fixed rate conventional mortgage loan is the most popular loan available today. Apply Now

  • Competitive fixed rate
  • Up to 30-year terms**
  • Available for purchase or refinance
  • As low as 3% down payment options

FHA Mortgage Loan

This option is helpful for borrowers with limited funds and offers flexible credit requirements. Apply Now

  • Fixed and adjustable rate options
  • Available for purchase or refinance
  • As low as 3.5% down payment options

Adjustable Rate Mortgage (ARM) Loan

This mortgage loan offers a lower initial rate with built in rate protections for the borrower. Apply Now

  • 10/5, 10/1, 7/1, 5/1 available
  • Lower monthly payment***
  • Initial fixed rate period

Jumbo Mortgage Loan

A jumbo loan is one way to buy a home that exceeds conforming loan limits of $647,200.00. Apply Now

  • Competitive fixed rate options
  • Available for purchase or refinance
  • As low as 5% down payment options

Simple Home Loan Refinance

The Simple Home Loan Refinance option makes refinancing more affordable with closing costs capped at $1,999. Apply Now

  • Maximum closing costs of $1,999 or less3
  • Fixed and variable rate options
  • Finance up to 80% of home's value

VA Mortgage Loan

VA guaranteed mortgage loans are available to Military Service Veterans, current active duty, servicemen and women, and their surviving spouses. Apply Now

  • Competitive fixed rate options
  • Zero down payment
  • Mortgage insurance not required

Ideal Home Loans

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*APR is Annual Percentage Rate

**Payment example: On a $250,000 home loan at 3.652% APR for a 30-year term, monthly payments would be $1,143.93 per month. Payments do not include applicable taxes and insurance and may result in higher payments.
Payment example: On a $200,000 mortgage loan at 3.264% APR for a 15-year term, monthly payments would be $1,406.70. Payments do not include applicable taxes and insurance and may result in higher payments.

***To see what your payment would be, divide your mortgage amount by $10,000, then multiply the monthly payment by that amount. For example, the monthly payment for a new loan amount of $60,000 would be $60,000 divided by $10,000 = 6. Multiply the payment amount by this number, e.g. 6 x $47.02 = $282.12 (as of January 03, 2022).

PREPAYMENT. You may pay this ARM loan in whole or part without penalty at any time. If you are paying more than your regularly scheduled payment, you must notify us as to how you want the funds applied.

Adjustable Rate Mortgage Disclosures

1 Zero Down Mortgage Program: available for qualified applicants with minimum 700 credit score. Some restrictions may apply. Available for purchase transactions and owner-occupied residence up to max loan amount of $647,200. Payment example: On a $200,000 mortgage loan at 5.181% APR for a 15-year term, monthly payments would be $1,600.51. This payment example does not include taxes and insurance and the payment will be higher than the disclosed payment. Subject to mortgage insurance approval. Not eligible for condos or multi-family properties.

2 No Lender Fee Mortgage Program: Maximum loan amount $453,100. Payments do not include amounts for taxes and insurance premiums. Offer subject to normal credit qualifications. 1% origination fee is waived. Rate subject to change. Property insurance is required. Consult your tax advisor regarding deductibility of interest. Payment example: On a $200,000 loan amount with a $250,000 purchase price for 30 years at 5.089% fixed APR, monthly proposed principle and interest payments would equal $1084.55. Payments do not include applicable taxes and insurance and may result in higher payments.

3 Simple Home Loan Refinance: Maximum loan amount $250,000. A minimum credit score of 680 is required to obtain this rate. Closing costs vary by state. The average closing cost is $1,299 but will not exceed $1,999 if appraisal is required. Offer is subject to normal credit qualifications. Finance up to 80% of homes value. Available for Single Family Home, 2-4 units, Condominium, and Townhome. Primary & secondary occupancies acceptable. Property insurance is required. Consult your tax advisor regarding deductibility of interest. Payment example: On a $250,000 owner-occupied (primary residence) home loan at 3.652% APR for a 30-year term, monthly payments would be $1,143.93 per month. Payments do not include applicable taxes and insurance and may result in higher payments. Rates are subject to change at any time.