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Loans

Home Loan Products

We offer mortgages, including for first-time home buyers. In addition, we offer home equity loans, home equity lines of credit, and Go Green loans.

Home Equity Loans and Lines of Credit

The "equity" you have in your house is the difference between what you still owe on your house (your mortgage balance) and what your house is worth on the market now (the appraised value).

You can borrow against your equity to consolidate bills, fix up your home, finance college tuition, even purchase a new car. Unlike many other lenders, we allow you to borrow up to 100% of the equity you have in your home, plus we pay for the associated closing costs* on such loans – a $500 to $700 value on average! Interest on home equity loans is often tax deductible, too. Check with your tax advisor for details.

If you choose a home equity line of credit, you can draw on it as you need it. For example, if your credit line is $22,000, you might decide to initially use $5,000 to pay off all your credit card debts. A year or two later, you may want to remodel your kitchen or basement and get a $10,000 advance from your credit line to make it a reality. Tap into your line of credit anytime without reapplying with special checks from the credit union. As you pay off your credit line, the money becomes available for you to borrow again.

Home equity loans (fixed rate)

  • Borrow 60%, 80%, or 100% of your home's equity.
  • At 60%, borrow a minimum of $20,000.

Home equity lines-of-credit (variable rate)

  • Borrow up to 80% ($10,000 - $150,000) at the prime rate
  • Borrow up to 100% ($5,000 - $100,000) at the prime rate + 1.0% APR**

*ACU may pay closing costs for home equity loans or lines of credit. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate.
**APR = Annual Percentage Rate. May adjust monthly. Adjustment cap 2%, floor 6%, lifetime cap 20%.

Please read our home equity disclosure.    What you should know about home equity lines of credit

To apply for a home equity loan or line of credit, please visit any of our branches or call us at 314.962.6363, option 6.

We make the mortgage loan process easy and convenient for you. Our fast, professional mortgage team will guide you through this important process with the superior service you've come to expect from your credit union. Click here for a current list of Mortgage Loan Originators at Arsenal Credit Union who are registered with NMLS.

If you currently have a home equity loan or line of credit with us, you can update your insurance information here.

 

Go Green Loans

These loans carry special rates and fees for homeowners looking to make energy-efficient improvements; click here to read more.

 

First Mortgages

Choose from a short- and long-term, adjustable- and fixed-rate mortgages:

  • An adjustable-rate mortgage (ARM) may have a lower up-front interest rate than a fixed-rate mortgage. (Rate caps vary by plan.)
  • Balloon mortgages offer low monthly payments at a fixed rate for seven years. With the final balloon payment of principal and interest, you can choose to pay off the loan or refinance it.  

See below for home buying tips, calculate your loan payments, and other great resources.

Rates change daily. For current rates and terms, call 314.962.6363 and say or press 4.

Apply for a mortgage loan

We make the mortgage loan process easy and convenient for you. Our fast, professional mortgage team will guide you through this important process with the superior service you've come to expect from your credit union. Click here for a current list of Mortgage Loan Originators at Arsenal Credit Union who are registered with NMLS.

 

Helpful Resources

 

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3780 Vogel Road; Arnold, MO 63010|
314.962.6363 and 1.800.719.6363|
arsenalcu@arsenalcu.org