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Find Your Dream Home and Let Us Do the Rest.

At LOC Credit Union, we don't just want your mortgage business, we understand how important a home can be to your quality of life, both emotionally and financially. Whether you're in the market for your first home, or seeking to refinance an existing mortgage, we'll put our expertise to work for you.

In addition to our 10,15, 20 and 30 year conventional Mortgages, we also offer a number of Adjustable Rate Mortgages (ARMs), Government, FHA and VA Loans, and a Life Cycle Mortgage option perfect for those looking to consolidate debt as part of their near or long-term financial plan.

Not sure what loan option is right for you? We'll be with you every step of the way to help you pursue your home ownership goals thanks to our:

  • Great low rates and custom mortgage products
  • Very competitive fees and closing costs
  • Team of experts ready for you with more than 20 years of mortgage lending experience

Your Homebuying Goals. Our Unique Solutions.

Our goal is to become your lender of choice when it comes to all of your Real Estate needs. In addition to our standard mortgage offerings, we've put together a number of unique financing options when it comes to buying a home. While we know every buying situation is unique, we've crafted a number of different programs that could fit each of your financing needs.

Adjustable Rate Mortgages (ARMs)

If an initial lower monthly payment is important to you, don't plan to be in your home for the long-haul, or plan to payoff your mortgage in less than 10 years, an Adjustable Rate Mortgage can offer rates that can be up to1.50% less than a conventional 30-year fixed mortgage.

You'll have the option to pick a lower rate for an initial term of either 3, 5 or 7 years to match your needs with a payment that is amortized over a 30-year term.

  • Provides more flexibility for a qualified buyer to be approved
  • Rates lower than 30 year fixed, which results in lower payments
  • Purchases up to 95%
  • Cash out refinance available up to 90% (PMI required if over 80% LTV)
  • Loan is assumable to a future qualified buyer
Life Cycle Loan Program

This program is perfect for those who are planning a retirement or other life event in the near future and need to consolidate other debt with a cash out refinance option, or those looking to improve household cash flow by lowering  interest rates on other outstanding debt. Eligibility based on excellent credit (FICO Score 740+) and within debt ratio limits after paying with debts with loan proceeds.

  • 100% cash out first mortgage for 7 & 10-year terms
  • 95% cash out first mortgage for 15-year term
  • 90% cash out first mortgage for 20-year term
  • No Private Mortgage Insurance (PMI) required
Bridge Equity Loan Program

With LOC’s exclusive Home Equity Bridge Loan program, you can unlock the equity you already have in your current home to make a new home purchase or to improve your home just before sale or to pay off certain obligations to help quality for a new home purchase.

  • Borrow up to 75% of your current homes value
  • Provides you with an open line of credit to be used when needed
  • Pay no interest until you advance on the line
  • Provides you with a pre-approval letter for a new home purchase
Blanket Loan

Looking for the chance for financing on multiple properties? Look no further than our Blanket Loan. This unique offering allows you to use additional property equity for collateral for collecting loan-to value purposes.

  • Provides opportunity for one mortgage on two properties
  • Max 75% of combined appraised value of all properties involved
  • Great opportunity to refinance a land contract on a second home or land
Non-Warrantable Condos

Do you have your sights set on a new condominium under construction or one that will be part of a future phase that you're interested in? If so, our non-warrantable condo option may be right for you. 

  • Financing available on new condos that are still under construction
  • LTV up to 95% with PMI approval
  • 30-year fixed program with a standard rate

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Rates

LOC Mortgage Programs
Effective Date: Friday, May 20th, 2022
RateAPRPointsPayment Example
3/3 ARM - 15 Year
3.125% 4.842% 1.000pts $1,306.00
3.375% 4.913% 0.500pts $1,329.00
3.625% 4.887% 0.000pts $1,352.00
3/3 ARM - 30 Year
3.250% 4.970% 1.000pts $816.00
3.500% 5.261% 0.500pts $842.00
3.750% 5.247% 0.000pts $868.00
5/5 ARM - 15 Year
3.375% 4.573% 1.000pts $1,306.00
3.625% 4.645% 0.500pts $1,329.00
3.875% 4.716% 0.000pts $1,352.00
3.500% 4.809% 1.000pts $842.00
5/5 ARM - 30 Year
3.750% 5.059% 0.500pts $868.00
4.000% 5.309% 0.000pts $895.00
7/1 ARM - 15 Year
3.625% 4.217% 1.000pts $1,352.00
3.875% 4.329% 0.500pts $1,375.00
4.125% 4.440% 0.000pts $1,399.00
7/1 ARM - 30 Year
3.750% 4.556% 1.000pts $868.00
4.000% 4.632% 0.500pts $895.00
4.250% 4.709% 0.000pts $922.00
15 Year Fixed
4.500% 4.719% 0.625pts $1,434.00
4.625% 4.807% 0.375pts $1,446.00
4.750% 4.875% 0.000pts $1,458.00
30 Year Fixed
5.125% 5.255% 1.000pts $1,021.00
5.250% 5.358% 0.375pts $1,007.00
5.375% 5.450% 0.000pts $1,050.00

All payment examples are based on a sample purchase transaction of $250,000 with 25% down and a FICO score of 740 or greater for a single family residence.

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Get to Know Our Mortgage Expert, Bill

Born in the foothills of Appalachia, Bill Cook (NMLS #174319) has been involved with Real Estate lending for more than 25 years with experience in loan origination, underwriting and closing of mortgage loans. Bill has a wide background, including management of multiple state operations & sales for mortgage lending, as well as portfolio lending. Bill is ready for a no-pressure discussion on options to be pre-approved for a home or refinance!

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Take advantage of our 12-month introductory rate of 1.99% on a Home Equity Line of Credit today.

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