Arsenal Credit Union - Home Loan Products

We offer flexible rates and terms on our home loan products. Look through our helpful resources for home buying tips, or calculate your loan payments.

Apply for a:

Home equity loan or line of credit
Mortgage
First-time home buyers loan – There will be a charge for credit reports: $26.84 for an individual applicant and $43.46 for joint applicants.

Home equity loans (fixed rate) What's home equity?

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

First mortgages (fixed, adjustable, or balloon rate)

Our fixed-rate mortgages offer periods of 10, 15, 20, 25 or 30 years.
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.
Rates change daily. Call 314.962.6363 and say or press 4 for our current rates and terms.

There will be a charge for credit reports: $26.84 for an individual applicant and $43.46 for joint applicants.
Homeline home equity line-of-credit (variable rate) What's home equity?

Borrow up to 80% ($5,000 - $150,000) at prime + .5% APR*
Borrow up to 100% ($10,000 - $50,000) at prime + 1.5% APR*

*APR = Annual Percentage Rate. May adjust monthly. Adjustment cap 2%, floor 6%, lifetime cap 20%.

Helpful Resources

Buying a home: what buyers and sellers need to know about real-estate agents
Lions, tigers, bears, and lenders – important information about predatory lending
360 degrees of home ownership – understand the complex issues around owning, refinancing, and improving a home
Your credit score
Managing your debts: how to regain financial health
If you are having difficulty making your mortgage payments, there are several agencies and organizations that may be able to help. You can also call the U.S. Financial Literacy and Education Commission at 1.888.995.HOPE.
Tour our home buying coach.* *The Credit Union National Association recently won the Association for Financial Counseling and Planning Education’s 2008 Outstanding Consumer Financial Information Award for this and several other online financial literacy products.
For a library full of financial information, visit MEMBERS Financial Network.
Check your credit report for accuracy to get the best rate. Go to www.annualcreditreport.com or call 1.877.322.8228; reports are free to all residents of the U.S. and its territories.
Figure out what's best for your money with the following financial calculators:
Monthly Payments/Amortization Schedule
Mortgage Qualifier
15-Year vs. 30-Year Mortgage
ARM vs. Fixed-Rate Mortgage
Mortgage Points
Refinance Breakeven
Refinance Interest Savings
Mortgage Payoff

What's home equity?

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. 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.