MECU Mortgage Loans
With MECU, your dream is within reach.
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- Calculators
- Smartmove®
- LiveBaltimore
- Adjustable Rate Disclosure
- Loan Pricing Disclosure
- HMDA Notice
- Adjustable Rate Mortgages
Looking to reduce your monthly payments, consolidate bills and lower your mortgage payment? With MECU’s great low rate and no points options, refinancing your current loan at one of our great low rates is a smart decision. Thinking about purchasing a home? Well, we’ve got great rates, special programs and even reduced price properties for sale! See why financing with MECU is the smart way to go!
REFINANCING
- Very low rates compared to other financial institutions. Lower your payment, improve your terms and build equity faster. Applying is fast and simple through MECU's Mortgage EasyApp.
NEW MORTGAGES
- 0.25% “base rate” loan discount for homes purchased within Baltimore City and First-Time Home buyer purchases. (Must have, or open, a MECU checking account with direct deposit and direct payment)
- Interest Rate Rebate on the interest you pay on your loan. (Subject to board approval.)
- Summer payment deferral option for 10-month Baltimore City teachers, paraprofessionals and other 10-month Baltimore City school employees. No payments are due in the summer when you have no income – your loan payments match your income stream!
- Our “preferred” partner relationship with LiveBaltimore provides valuable resources on incentives, tax credit, and grants to maximize your savings and home-buying experience.
- Cash rebate from SmartMove Realtors (restrictions apply).
- Low cost Loan Protection and Homeowner Insurance plans.
Apply Now! 1st Mortgage Loan Rates |
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|---|---|---|---|
| Base Rate (as low as) |
APR * (as low as) |
Monthly Payment * ($150,000 loan amount) |
|
| 0 Points Option | |||
| 30-year fixed rate | 4.250 % | 4.389 % | $737.91 |
| 20-year fixed rate | 4.125 % | 4.317 % | $918.88 |
| 15-year fixed rate | 3.500 % | 3.741 % | $1072.32 |
| 10-year fixed rate | 0.000 % | 0.000 % | $0.00 |
| 7/1 ARM (adjustable rate) | 3.375 % | 3.131 % | $663.14 |
| 5/1 ARM (adjustable rate) | 3.000 % | 2.913 % | $632.41 |
| 3/1 ARM (adjustable rate) | 3.125 % | 2.892 % | $642.56 |
| 1 Point Option | |||
| 30-year fixed rate | 4.000 % | 4.219 % | $716.12 |
| 20-year fixed rate | 3.875 % | 4.178 % | $899.12 |
| 15-year fixed rate | 3.250 % | 3.632 % | $1054.00 |
| 10-year fixed rate | 0.000 % | 0.000 % | $0.00 |
*APR = Annual Percentage Rate based on a 95% Loan to Value ratio. While this page is updated regularly, rates are subject to change. Monthly Payment amount is based on a $150,000 loan amount for principal plus interest at the lowest available APR and does not include taxes and insurance which will increase your monthly payment. Your actual rate may be higher based on your credit score, loan amount, repayment term, collateral, credit history and ability to repay. Rates will be 0.50% higher on Investment properties. Subject to verification of collateral. Adequate property and flood insurance is required. MECU membership required.Rates as of: February 1, 2012 |
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