Mortgage & Home Equity Loan Rates
Effective July 28, 2010  (rates are subject to change)

*Please note: Loan rates listed above represent our best rate and are subject to change.  Not all members qualify for the best rate.  Interest rates are determined by credit score, thus quoted "As Low As."

Mortgage and Home Equity Loan

Alpena Alcona Area Credit Union has a professional and knowledgable lending staff waiting to assist you with your mortgage and home equity needs. We have some of the lowest closing costs around, and you will always find competitive rates and affordable terms. Alpena Alcona Area Credit Union services all mortgage loans directly, which means all your payments and questions will be handled at our office by people you've come to know and trust. Whether you would like to buy a new home, refinance your current mortgage, or build your dream home, start with Alpena Alcona Area Credit Union.

Fixed Rate Mortgages

If you would prefer a loan with an interest rate that never changes this would be the loan for you. The Credit Union offers fixed rate mortgage loans with up to a 30-year term. With a long term mortgage loan, you will find a lower monthly payment than with shorter term mortgage loans. This may be the friendliest loan for your monthly budget. The Credit Union also offers shorter term fixed rate products, such as 15 and 20 year mortgage loans.

Balloon Mortgage

This mortgage program is for the buyer that may buy a home with plans to sell or payoff the loan within the next few years. The balloon mortgage is written for a 5 or 7 year term, but the monthly payment is based on a 30 year amortization. That means you pay a set payment each month, but at the end of the term the balloon payment must be paid in full. At that time, you can choose to re-write the loan for another balloon term at the current rate or with a maximum 3% cap, or you can rewrite into a fixed rate mortgage loan. Generally a balloon mortgage loan has a lower interest rate than a fixed rate mortgage.

First Time Buyers

The Credit Union may be able to help get you into your first home with a little or no down payment mortgage. The Credit Union offers mortgage loans with as little as 10% down, plus closing costs. The Credit Union also offers Rural Development loans with as little as zero down, subject to available funds through the government agencies. Please contact the Mortgage Department for further information at 989-354-1515. 

Construction Loans

We can help you build that home you've been dreaming about. A construction loan from the Credit Union is quick and convenient. You apply and close only one time, and the funds for the construction project are deposited into your share account at the Credit Union. You will earn interest while your home is being built. To pay construction bills, simply bring in the invoices and we will disburse your funds. For additional details, please contact the Credit Union Mortgage Department.

Vacant Land Loans

Found the perfect spot to build your dream home or to build your hunting camp? The Credit Union is able to offer either a 5 year or 7 year balloon mortgage, with up to a 30 year amortization. Please contract the Mortgage Department for specific details at 989-354-1515.

Home Equity Loans

After being in your home for a period of time, you may have built up equity that you can use for any purpose, such as purchasing property, buying a second home, college education expenses, or debt consolidation. Our home equity program offers:

• No application fee
• Fixed rate loans
• Variable rate line of credit
• Easy application process
• Affordable rates and terms
• Weekly, bi-weekly or monthly payments

Contact our Equity Deparment for further details at 989-354-1515 or 800-443-3577 option 6 or e-mail at mortgagedept@aaacu.com or Click here for a Mortgage Application.