Real Estate Loans

Ready to make
your move?

Whether you are purchasing your first home, looking to save money by refinancing your current loan, or would like to make improvements to your home, our mortgage loan officers are experienced and eager to help you today!

Note: The BFCU only grants loans for properties which are located in Houghton, Keweenaw, Baraga, or Ontonagon counties.

Home Loans

Purchases

Are you looking to finance a new home purchase? Look no further than your credit union for all of your mortgage needs. We can process your loan from origination to closing at our credit union branch.

Fixed rate, fixed term loans with terms ranging from 5 to 30 years
Balloon loans with 5 year balloons and 15 to 30 year amortization terms
As low as a 3% down payment with a Fannie Mae First Time Home Buyer Loan
Local servicing of loan payments and local loan assistance

Refinancing

Are you looking to refinance your existing mortgage? We may be able to provide you with a better interest rate or cash out.

Fixed rate, fixed term loans with terms ranging from 5 to 30 years
Balloon loans with 5 year balloons and 15 to 30 year amortization terms
Local servicing of loan payments and local loan assistance

Home Equity Loans

Generally allows for better loan rates and longer term loans
You can borrow up to 90% of your home’s current value in combination with other mortgages loans
You can use your home equity loan for any purpose – home improvements, automobiles, boats, recreational vehicles, investments, vacations, etc.

Home Equity Line of Credit (HELOC)

A HELOC provides maximum flexibility and low financing costs. Write your own loan anytime you wish and pay interest only on the amount of your credit line used.

These loans have a 15 year draw period
At the end of the draw period, the balance can be paid back over 10 years
Borrow up to 90% of your home value
These loans have an adjustable interest rate
Only pay interest on the loan amount you are using
Can be a first or second lien (commonly referred to as a first or second mortgage)

Fixed Rate Loan

A Fixed Rate Home Equity Loan allows you to lock in a low fixed interest rate. Loan proceeds will be disbursed in full at closing, and monthly payments will begin shortly thereafter.

Loan terms ranging from 5 to 15 years
Borrow up to 90% of your home value
The interest rate and payment amount is fixed for the full term of the loan
Can be a first or second lien (commonly referred to as a first or second mortgage)
First liens may qualify for a 30 year fixed rate

Land Loans

Own or purchasing vacant land to build? We offer Iand loans to help you purchase or refinance the property of your dreams.

Fixed rate, fixed term loans with terms ranging from 10 to 15 years
Balloon loans with 5 year balloons and 15 to 30 year amortization terms
As low as 15% down payment
Local servicing of loan payments or any other loan assistance

Notes:

APR = Annual Percentage Rate. Rate and term may vary depending on your credit score and are subject to change without notice. Loan availability and interest rates are subject to underwriting requirements.

The BFCU only grants loans for properties which are located in Houghton, Keweenaw, Baraga, or Ontonagon counties.