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Below is a list of the home loan products we currently offer. You can choose to hold any of these first mortgage programs in your portfolio or have us sell them in the secondary market; or do a mix of both options! Home Equity loans are exclusively portfolio products. Held loans or sold, CUMAnet does not charge any origination, processing, underwriting, commitment or closing fees to your members.
We'll gladly customize both first mortgage and home equity programs to meet your ALM needs! For example, we created a 5/2 ARM mortgage program at the request of one of our credit union partners and a closed-end adjustable home equity loan product (our 5/5 Flex) for another!!
Remember...whether you choose to hold loans in your portfolio or sell them in the secondary market CUMAnet, LLC always offers an on-line application and home loan center and we always service your members' loans in your credit union's name – for the life of the loan!
- Fixed Rate Terms of 10, 15, 20, 30 or 40 Years
Bi-Weekly Payment Options are available on all fixed rate loans with no fees or interest rate add-on!
- Adjustable Rate Loans with Initial Fixed Terms of 1, 3, 5, 6, 7 or 10 Years
Our innovative 6/2 ARM is fixed for the first six years and adjusts in two year increments thereafter with caps of 2% per adjustment and 5% lifetime.
- Multi-Partner Mortgage Loan Participation Program
This unique program matches the strengths, needs and goals of our credit union alliance members. By sharing resources, we keep the benefits of mortgage lending within the credit union community and help you say "Yes" to more members' home financing needs!
- Fixed Rate Terms of 3, 5, 7, 10, 15 or 20 Years
- NEW! 5/5/FLEX Program
EXCLUSIVE to CUMAnet Alliance Member Credit Unions, our innovative "hybrid" of a Fixed Term and a Variable Rate home equity loan provides the credit union and your members with the best of both worlds!! The interest rate changes once every 5 years plus the "flexibility" of this dynamic program allows your members to choose a term of 10, 15 or 20 years.
- Lines of Credit
Are 100% customizable to meet your needs as well as those of your members. For example:
- "Fixed Term Convertible" loans that convert to monthly adjustable rates for the remaining term of the loan. For example, Prime Rate for the first 6 months then Prime Rate for the remainder of the term.
- "Initial Term Discount" programs have formulas tied to special rates you set for an initial term that then adjusts to an index and margin formula of your choosing.
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