For many people, owning a home is a lifelong dream. Lower finance charges, building equity faster, and the convenience of automatic payments among the benefits you can enjoy by relying on MECU for financing a home or refinancing your existing mortgage with another lender.

• Fixed interest rate mortgages – various terms
  
  
• Adjustable rate mortgages – 3/1, 5/1, 7/23 Balloon.
  
  
• Jumbo mortgages
  
  
• "Buy in Baltimore" mortgage loans offering special rates
  for homes purchased within Baltimore City
  

MECU offers programs that meet the needs of:

First-time homebuyers – Low down payment requirements, competitive rates, no points and economical payments, makes it affordable to purchase a home.

Homeowners who want to build equity fast – Our option for an accelerated bi-weekly payment schedule allows you to repay your loan early and save thousands in interest expense. We also offer educators and other 10-month employees 21-payments per year. To take advantage of this benefit, you must have payments set-up through one of Baltimore City's payroll systems.

Here's how it works: A bi-weekly payment is determined by dividing the monthly payment by two.

You make 26 biweekly payments, or a total of 13 monthly payments (reflecting the 26 pay periods each calendar year for many City employees). This means one extra monthly payment per year but, as you can see in the example shown the effect is that you can save on finance charges and a 30-year loan is paid out in about 23 years.

Example: 30 Year Mortgage Payable
Monthly vs. Biweekly
• Comparison based on $100,000 loan
• Loan paid in full in about 23 years
• Sample Rate: 6.000% approximately

Monthly payment
Principal /Interest- $ 599.56
Total Interest $115,832.17

Bi-weekly payment
Principal/Interest $299.78
Total Interest $91,560.17

Savings – Loan would be repaid early with Total Interest Saved - $24,272.00

Buy in Baltimore – A unique purchase money mortgage at below market rates to encourage homeownership in Baltimore City.

Use SMARTMOVE® when you buy or sell a home - As a member of MECU, you can use the services of SMARTMOVE when buying or selling real estate - and receive a cash rebate. To qualify, you must register with SMARTMOVE before contacting a real estate agent, and you must work with the agent recommended to you by SMARTMOVE. To learn more about the program and to register, call 1-800-645-6560 or go online at www.smartmove.com/mecu.

Refinance with MECU and establish a home equity line of credit at the same time – you'll pay no additional closing costs. That way, the line of credit will be available for you when you choose to use it.

Use our Mortgage Calculators to see how much house you can afford, bi-weekly payments vs. monthly payments, and more. Click here.

REQUIREMENTS FOR ALL MORTGAGE LOANS

MECU Mortgage Loans may be used to purchase or refinance a primary or secondary residence within the state of Maryland, Pennsylvania, Delaware, Virginia, and District of Columbia.

Borrower(s) must be a MECU member in good standing. Borrower and co-borrower(s) must be at least 18 years of age.

Purchase money mortgages are granted for existing and new residential dwellings within Maryland.

The dwelling must be designed as either an owner-occupied principal residence or as a secondary residence. Ask the mortgage loan officer for details regarding the qualifications for secondary residences.

LOAN LIMITS: Minimum loan granted is $10,000; maximum is in accordance with current FNMA/FHLMC guidelines.

FEES: You will incur certain fees in conjunction with obtaining a mortgage loan. These fees will be disclosed in detail at various stages throughout the application process and again at settlement of the loan. Application fee: $150

Settlement costs vary depending on the property and amount borrowed. You will be given a good faith estimate of the settlement costs you will incur when you apply for your loan.

Escrow payments: You are required to maintain homeowner’s insurance on the property and to pay the property taxes. If the property is located in a designated flood zone, you are required to carry flood insurance.

MECU collects escrow payments for insurance, property taxes, ground rent, etc. and these amounts will be included in your mortgage payment.

Mortgage loans are granted on the basis of credit worthiness. MECU is an equal housing lender.

GET INFORMATION ON YOUR CURRENT MORTGAGE 24 BY 7

• If you already have a MECU mortgage, information on your existing account is just a click away. Get information on your current balance, your next payment date, maturity date, interest paid to date and more. Sign in at Mortgage Info Online.

• To sign up for this free service, have your loan number available. You will be asked to set up a User ID and a password. When you do this, choose an ID and a password that you will remember. So, sign up for Mortgage Info Online today.