Ideal Mortgage

Competitive rates. Professional service.

Ideal Mortgage

Ideal Mortgage

Fixed

Fixed-Rate Mortgage Options

A traditional fixed-rate mortgage is an excellent fit for borrowers looking for a stable, predictable monthly payments over the life of the loan. This option is available for owner-occupied and second homes.

Highlight

  • Can be used for owner-occupied and second homes
  • As low as 3% down payment for a purchase transaction, 10% down for a second home purchase
  • Mortgage insurance is required if you borrow more than 80% of the home’s value
  • Maximum loan amount: $417,000
  • 10, 15, 20 and 30 year terms
  • Available for single family, 2-4 units, condo, or townhomes

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VA Mortgages

Benefits

VA guaranteed mortgage loans are available to Military Service Veterans, current active duty, service men and women and their surviving spouses

Highlights

  • Fixed-rate option
  • No down payment
  • No Mortgage Insurance

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FHA

Benefits

This product is helpful for borrowers with limited funds to use as down payment. It offers both fixed and adjustable rate mortgages, and includes qualification guidelines for eligible borrowers.

Highlights

  • 3.5% down payment required for a purchase transaction
  • 15 and 30 year terms
  • Available for single family, 2-4 units, condo, or townhomes
  • Owner-occupied residence

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ARMs

Benefits

This mortgage loan program offers a lower initial rate with built in rate protections for the borrower. The rate will not adjust more that 2% per year after the first five years not to exceed 6% from the starting rate for the life of the loan.

Highlights

  • 5% down payment for a purchase transaction
  • Mortgage insurance is required if you borrow more than 80% of the home’s value
  • Maximum loan amount: $417,000
  • Available for single family, 2-4 units, condo, or townhomes
  • Owner-occupied and secondary residence

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Refinance

Refinancing your mortgage could potentially reduce your interest rate and monthly mortgage payment. When you refinance at Ideal CU you can expect great rates and personalized service with your goals in mind. Take a look at some of our fixed-rate refinance options below.

10 Year Fixed Rate Mortgage Special

10 Year Mortgage Special

Reduce your mortgage rate and term with our low-closing cost 10 year mortgage* special. This is a great option if you are looking to:

  • Pay less at closing
  • Reduce interest rate
  • Move from a variable rate product to a fixed rate mortgage
  • Combine first and second mortgages into one loan with one easy payment
  • Pay off your mortgage in 10 years or less

Mortgage loan details

Loan must be established as a first mortgage (Second Mortgage not available with this rate and term) Minimum credit score is 680 to obtain this mortgage special Borrower pays closing costs of $1,395 with appraisal, $995 without an appraisal This is a limited time offer and Ideal CU may discontinue at any time so act fast.


*Maximum loan amount $417,000. A minimum credit score of 680 is required to obtain this rate. Closing costs vary by state. $1,395 if appraisal is required. Payments do not include amounts for taxes and insurance premiums. Offer is subject to normal credit qualifications. Rate is subject to change. Property insurance is required. Consult your tax advisor regarding deductibility of interest.

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Simple Home Loan Refinance

Simple Home Loan Refinance

This loan offers the flexibility of a home equity loan without the extra expenses incurred with a standard mortgage loan.  Enjoy minimal paperwork, a quick turn-around time, and no closing cost with a slightly higher rate.

  • 80% maximum loan to the value of your property
  • Loan amounts from $10,000 to $150,000
  • Loan terms from 5 to 30 years
  • Available for Single Family, 2-4 units, Condo, or Townhomes

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HARP - Program ending December 31, 2015

Ideal Credit Union is a HARP Lender

What is HARP?

HARP 2.0 is a program that allows homeowners who are underwater on their mortgage refinance to today’s much lower interest rates. In particular, it's geared toward people who can't find assistance elsewhere and have made on-time mortgage payments.

Who is eligible to refinance using the HARP program?

In order to refinance your mortgage at Ideal CU under the HARP program your mortgage loan must meet these criteria:

  • The mortgage must be owned or guaranteed by Fannie Mae
  • The mortgage must have been sold to Fannie Mae on or before May 31, 2009
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
  • The current loan-to-value (LTV) ratio must be greater than 80%
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months

Program ending December 31, 2015! Check to see if your mortgage is owned by Fannie Mae here. Then apply to refinance your mortgage today!

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Other

Other Ideal CU Mortgage Loan Options:

Investment Loan

With home values down significantly from what they once were it may be a great time for an individual to purchase a home for investment purposes.

  • 20% down payment required
  • Maximum Loan amount: $417,000
  • 10, 15, 20 and 30 year terms
  • Available for Single Family, 2-4 units, Condo, or Townhomes

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