Traditional Products 

Fixed Rate Mortgage

With a fixed rate mortgage, your rate will stay the same throughout the term of the mortgage loan. The interest rate is fixed, which means your principal and interest payments will not change. However, if there is an increase or decrease in taxes or cost of hazard insurance, an increase or decrease in the total dollar amount of the payment will occur.

• Fixed monthly principal and interest payment
• Finance up to 97% or 100% through the First Time Home Buyer's Program* or  ECU 100 Mortgage
• 15-, 20- and 30-year fixed terms available
• No prepayment penalty
• Reduce your interest rate by paying discount points

An adjustable rate mortgage (ARM)

An adjustable rate mortgage differs from a fixed-rate mortgage in many ways. Most importantly, with a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With what is referred to as a “hybrid” ARM, you have the benefit of features from both a fixed and adjustable rate product. The interest rate is fixed for a specific term based on the product you choose, (usually 5 or 7 years) and then adjusts annually in relation to an index. Payments may go up or down accordingly.

ARMs may be a great option depending on your circumstances. Your Mortgage Specialist will explain how the ARM works and help you understand the pros and cons.

• Interest rate will be fixed for 5 to 7 years and then adjust annually
• 15-, 20-, & 30-year terms available
• Finance up to 95%* or 100% through the  ECU 100 Mortgage
• No prepayment penalty
• Reduce your interest rate by paying discount points

Construction Loans

With Eastman Credit Union steadfast at your side, building your dream home is closer than you think. We offer low payment, low rate, and low or no down payment options. Our team of mortgage specialists will be there beside you taking care of your financial needs and keeping you informed of all the details.

• Free consultation with Mortgage Specialist
• One loan, one closing, and one set of closing costs
• Finance up to 95%
• Fixed rate construction/permanent loans
• Up to 12-month construction period

Specialty Loans

First Time Home Buyers

We've made it easier for you! Our First Time Home Buyers Program is designed to help with traditional expenses associated with a mortgage loan. Now is a great time to buy and we're here to help you achieve your dream of home ownership.

• Finance 100% of the purchase price of your home plus a majority of the closing costs*
• 30-year fixed term available
• No Private Mortgage Insurance (PMI) requirement
• No prepayment penalty

 ECU 100 Mortgage

This program helps eliminate some of the stresses associated with a traditional mortgage loan by offering up to 100% financing, which means no down payment. And we'll be right beside you every step of the way from application to closing. Your loan is processed, approved and serviced right here at ECU.

• Up to 100% financing available - even if you're not a First Time Home Buyer (purchases only)
• No Private Mortgage Insurance (PMI) required
• Fixed and adjustable rate options available

 ECU Purchase Plus

This program helps home buyers both purchase and renovate a new home with one loan and one payment. And we'll be right beside you every step of the way from application to closing. Your loan is processed, approved, and serviced at ECU.

• 100% financing of purchase price
• Up to $30,000 for upgrades and renovations
• Total loan cannot exceed 105% of appraised value for maintenance upgrades and renovations
• Total loan cannot exceed 100% of appraised value for cosmetic upgrades or renovations

 ECU Closing Cost Cutter

We will finance up to 100% of your home purchase price and pay up to $5,000 on your closing costs. Thinking about refinancing your home? You can benefit from the ECU Closing Cost Cutter™ on your refinance, too. USDA loans are excluded.

Closing costs paid by ECU are based on your loan amount

Loan Amount/Closing Costs Paid by ECU

- Up to $100,000/Up to $2,000
- $101,000 to $300,000/Up to $3,000
- $301,000 plus/Up to $5,000

Government Loans

VA Loan Program

ECU is proud to offer veterans a mortgage loan with exceptional service and a great loan rate. A Veterans Administration (VA) loan offers low or no down payment terms and is restricted to individuals qualified by military service or other entitlements. Thank you for your service!  

• Finance up to 100% of the purchase price
• Seller may contribute up to 4% toward closing costs
• Gifts allowed for closing costs
• No prepayment penalty

USDA Loan Program

Sometimes working hard and having a steady income are just not enough to qualify for a traditional mortgage loan. The United States Department of Agriculture (USDA Rural Housing) loan is available at ECU to help lower income households obtain home loans at reasonable mortgage rates.

• Finance up to 100% of the purchase price
• Seller may contribute closing costs
• Gifts allowed for closing costs
• No prepayment penalty

 FHA Loan Program

Owning a home is the American dream, but sometimes coming up with the down payment can be overwhelming. ECU offers Federal Housing Administration (FHA) loans with lower down payment options for those who cannot afford a conventional down payment. Please contact us at 578.7398 or 800.999.2328 to apply for a FHA mortgage loan.

• Finance 96.5% of the purchase price
• Seller can contribute up to 6% toward closing costs
• Gifts allowed for closing costs
• No prepayment penalty

Home Equity Products

Home Equity Line of Credit

A Home Equity Line of Credit enables you to use the equity in your home as collateral to make advances on a line of credit for an agreed period of time. Similar to a credit card, the advances made are not to exceed the credit limit.

Please note that this product is not available in Texas.

• Adjustable and Interest-only products available
• ECU pays the majority of your fees
• Easy access to your Home Equity Line of Credit with the Equity Express® Debit Card
• Minimum loan amount of $10,000

Home Equity Loans

Whether you have a lot of equity in your home or just a little, ECU has a home equity loan that's right for you. With a home equity loan, you can use the equity in the home as collateral. These loans are useful in financing major events such as home repairs, medical bills or college education expenses.

• Minimal closing costs
• Up to 100% financing*
• No prepayment penalty