Home is Where the Heart Is
SUMMARY: If you're considering buying a home, it's important to understand why the Credit Union is the right mortgage fit. With a variety of loan options available, keep us in mind when you're ready to take advantage of the benefits of home ownership.
Buying a home is one of the biggest decisions you make. Whether you're in the market for your first home or the home of your dreams, the Credit Union's expert loan specialists are here to make the process simple and easy.
Finding the home that fits your needs
We offer a variety of home loan options, depending on the property you plan to finance:
- Conventional and Jumbo Loans: We offer traditional fixed-rate or adjustable-rate loans. If your home exceeds the conventional loan limit of $766,550, you can also take advantage of our special jumbo loan pricing.
- First-Time Home Buyer: Receive a special discounted ARM or fixed-rate loan and low down payment options. This is perfect for members who've never owned a home or haven’t owned in the last three years.
- Streamline and Cash-Out Refinances: A refinance may help you lower your monthly payment and even shorten the term of your loan. If you need cash, use the equity in your home for renovations or high-interest debt consolidation.
- Investment Properties and Second Homes: Take advantage of competitive rates if you're in the market for a residential investment property or looking for a second/vacation home.
Staying agile in a shifting market
It’s no secret that the current rate environment is all over the place. However, our Rate Modification can give you peace of mind during this uncertain time. Once you have a mortgage with us, we'll be able to change your interest rate for a low fee when rates fall. If you'd like to switch to a fixed rate, the fee is 1% of your outstanding balance. If you'd like to switch to an ARM rate, the fee is 0.5% of your outstanding balance. To get the process started, talk to a loan specialist today.
The benefits of a Credit Union mortgage
- Fast pre-approvals and free 60-day rate locks1
- Low closing costs and no prepayment penalties
- In-house servicing by the Credit Union
- Convenient online payment options
- A cash rebate up to $3,0002 for the purchase and/or sale of your home with our complimentary Members on the Move program
- A $250 cash-back bonus3 or a 25,000 Connection Point reward4
Four reasons to own your own home
- Equity: Money paid for rent is money you'll never see again. But mortgage payments allow you to build equity ownership interest in your home. Equity is a ready-made savings plan, and you can easily access that equity with a cash-out refinance or HELOC (Home Equity Line of Credit).
- Predictability: Unlike rent, your mortgage payments don’t go up over the years, so your housing cost may decline as you own the home longer. However, keep in mind that compared to when you rent, the cost of insurance and property taxes are more important and will rise over time.
- Freedom: The home is yours. You can decorate it any way you want, and you're able to benefit from your investment if you own it.
- Stability: Remaining in one neighborhood for several years gives you a chance to participate in community activities. It also allows you and your family to establish lasting friendships and relationships, and provides your children the benefit of educational continuity.
1 We offer a free 60-day rate lock on both purchase and refinance transactions and a free 90-day rate lock on construction-to-perm loans. All rate locks are valid for up to 60 or up to 90 days respectively from the date the Rate Lock Agreement is signed. Certain terms and restrictions apply. Contact a mortgage loan officer for full details.
2 Cash back is available in most states. The real estate program is not available in Iowa. In some states, a gift card or commission credit at closing may be provided in lieu of the cash-back bonus. The cash-back bonus is only available with the purchase and/or sale of your home using a program-approved real estate agent. The $3,000 figure is based on an average purchase or sale price of $500,000 or greater.
3 Visa Signature® Cash Back credit card is required for this offer. The amount of cash-back rewards to be credited to your American Airlines Credit Union Visa Signature Cash Back credit card is $250 for a new mortgage to the Credit Union. Internal refinances are eligible and will qualify for this offer only if a minimum of $50,000 in additional principal is borrowed. Internal modifications are not eligible. One award per funded loan. All loans are subject to credit approval and Credit Union lending guidelines. Signature Cash Back credit card requires a minimum credit limit of $5,000. See Cash Back Rules available on our website for complete program description at AACreditUnion.org/Cash-Back. Allow 4-6 weeks after closing date for the balance to appear on your “Cash Back Rewards Summary” on your statement. Credit Union reserves the right to change or end the program and its terms and conditions at any time without notice. This offer is non-transferrable. Any bonuses or monies received in association with this promotion are subject to IRS reporting requirements. Recipients are responsible for income tax liability, if applicable.
4 A Visa® Platinum Rewards credit card is required for this offer. The number of Connection Points awarded in conjunction with your new mortgage loan is 25,000 points for new mortgages to the Credit Union. Internal refinances are eligible and will qualify for this offer only if a minimum of $50,000 in additional principal is borrowed. Internal modifications are not eligible. One award per funded loan. See Connection Point Rules available on our website for complete program description at AACreditUnion.org/Connection-Points. This offer is non-transferrable. Any bonuses or monies received in association with this promotion are subject to IRS reporting requirements. Recipients are responsible for income tax liability, if applicable. Allow 4-6 weeks after closing date for balance to appear on your “Connection Points Summary.” American Airlines Credit Union reserves the right to change or end the Mortgage Connection Points Program and its terms and conditions at any time without notice.
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