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Home Loan Options

Home Loans

“Conventional” Fixed Rate

Mortgages (home loans) that are fixed in length of term (10, 15, 20 or 30 years) and interest rate, making budgeting easier for you. This the most common type of mortgage, or home loan.

Adjustable Rate Mortgages (ARMs)

Loans in which the interest rate changes every year, after an initial term. This allows for payments to be spread out over time, and to be potentially lower as interest rates fluctuate. Terms may be more flexible since this type is underwritten and serviced by UnitedOne.

Veterans Administration (VA)

Special, fixed-rate loans available to eligible veterans. These are government-insured and require no down payment, making it easier for veterans to purchase homes.

Wisconsin Housing & Economic Development Authority (WHEDA)

Available to those with low to moderate incomes. The down payment can be as low as 3%, which is helpful when saving a down payment is difficult.

Federal Housing Administration (FHA)

Government-insured mortgages available to those who may have challenging credit histories. The down payment can be as low as 3 ½% and from flexible sources, including gifts.

USDA Rural Development

Specifically for those looking to move into designated rural areas. This loan requires little to no down payment and offers borrowers flexibility, making it a good option for members looking to move into rural areas.

Construction Loan

A special loan designed for those building a new home. Make interest only payment for the first 9 months of the loan, and then it will automatically convert to fixed rate financing after.

Home Equity Options

Home Equity Loan

A Home Equity Loan allows members to use the equity in their home for a loan which can be used for anything such as home improvements, purchase of an automobile, debt consolidation, educational purposes, etc. These are also referred to as second mortgage loans.

Home Equity Line of Credit (HELOC)

A HELOC allows members to have a line of credit based on the equity in the member's property. Advances of credit may be made for 10 years and used however the member wants.

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