Real Estate Loans

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SOUTHWEST Louisiana Credit Union now offers 1st mortgage in-house and secondary market 1st mortgage loans to its members.

The credit union's has associated with PHH Mortgage to offer secondary market 1st mortgage loans. There are over thirty different programs ranging from full documentation loans to short form, little documentation loans. Through PHH the credit union can now offer it's members up to 100% financing if the member qualifies under the PHH Mortgage guidelines. All loans through PHH are at very competitive secondary market rates.

The credit union's in-house mortgage loans go up to 85% of the appraised value or selling price which ever is least. These loans can not exceed $250,000 and the credit union will finance no longer than 20 years. The credit union now offers "NEW CONSTRUCTION" loans with interim financing to it's members. The credit union also offers 2nd mortgages with 20 year financing. 1st and 2nd mortgage can not exceed 85% of the appraised value of the property.*

Homeowner's policy is required with credit union as the loss payee on all Real Estate Loans. Flood determination will be made, and if property is in flood designated area flood insurance will also be required.

*Payment example: If a member has a 20 year mortgage with an Annual Percentage Rate of 8.00% the member would have a payment of $ 8.36 per $1,000 borrowed. All mortgages with the credit union at this time have fixed interest rates that will not increase after the consummation of the loan.

For current rates CALL CHRISTY MOORE or RENEE HILL at the credit union.

REMEMBER ALL REAL ESTATE LOAN APPLICATIONS HAVE TO BE PLACED IN PERSON AT ONE OF THE CREDIT UNION OFFICES. AT THIS TIME WE DO NOT TAKE REAL ESTATE APPLICATIONS OVER THE INTERNET.

For any other information call (337)477-9190 or come by the credit union today.

Get a quote on your Home Insurance click here.

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