Mortgage Loans
We accept applications to purchase a home, refinance an existing mortgage loan, or even to construct a new home from start to finish. Consider your current and future financial situation to evaluate the options that best fit your needs. We’ll be glad to help you. The following is a list of different loan options that are available.
- 10, 15, 20 , 30 & 40 Year Fixed Rate Loan
- 5/25 & 7/23 Fixed Rate Balloons
- 1, 3 & 5 Year Adjustable Rate Loans (15 & 30 year terms)
- Lot Loans
- Bridge Loans
- Construction Loans with a one-time closing
Welcome Home Program - Grants Offered to Home Buyers
Are you in the market for a new home, but are struggling to gather the funds for a down-payment or closing costs? Directions Credit Union may be able to help with the
Welcome Home Program. The Welcome Home Program offers grant money to help members who are purchasing a new home. Members can receive up to $5,000 depending upon their particular need for down-payments, closing costs, or homeowners insurance. These funds are available on a first-come first-serve basis and will be available March 15th and we estimate they will be exhausted by the end of June. Contact our mortgage loan department for further information.
Features of Directions Credit Union Mortgage Loan
- Interest rates are locked at the time the application is taken
- Preapprovals are available
- Closing Costs may vary with loan amount and down payment percentage
- Minimum down payment is five percent. (For anything less than twenty percent down payment, private mortgage insurance (PMI) will be required. PMI is insurance required by the lender, which insures against loan default.)
- Mortgage credit life and credit disability insurance is available at the credit union.
- All mortgage loans are originated and serviced locally, at Directions Credit Union, in Sylvania, Ohio. Some restrictions may apply.
- Servicing of your Directions mortgage loan.
- Escrow accounts for taxes and insurance are available and are optional, in most cases.
- Escrow analysis is performed annually, to insure proper amounts are kept in your account at all times. Contact our mortgage lending departement at 419-841-9838 for further details and information.
We do business in accordance with Federal Fair Housing Law and the Equal Credit Opportunity Act.
