Mortgage/Real Estate Loans Spectrum members can now apply online for Mortgage Loans through our new dedicated Mortgage Loan website in conjunction with CUSO Mortgage. There, you'll also find payment calculators, rate information, and educational reading about home-buying, both for first-time buyers, and those who have been through the process already. (NOTE: Spectrum Federal Credit Union offers for information only certain third party links. Spectrum FCU is not to be held responsible for any confusion or misinformation which might result from reading such websites. Additionally, SFCU does not endorse or make a practice of gathering information on websites directed towards children. Please be advised that you are leaving the credit union website and linking to an alternate website not operated by the credit union. Spectrum FCU cannot be held responsible for the content of the third party website and does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies may differ fom those practiced by the credit union.) Whether you are selling your home, buying your first or second home, rate-comparison shopping to refinance your current home mortgage or needing funds for a home improvement - check out Spectrum's home loans!* Spectrum offers first mortgages in most states. Check with our mortgage department to make sure our mortgages are offered in your state. For the lowest possible monthly payment, Spectrum offers a 30-year fixed rate fully amortized (meaning debt is reduced by periodic payments) mortgage loan with no balloon payment. And Spectrum's 10-, 15- or 20-year fixed rate fully amortized, no balloon mortgage helps pay for the home in less time and offers faster equity build-up. For members who tend to move every several years or who are unsure as to where they may be in 7 years, the 30-year due in 7 loan may be the right choice. Members will receive a lower rate for selecting this loan option (because the credit union has slightly less risk having committed our loan funds for a shorter period of time) and convenient for members who choose to pay the balloon payment in 7 years or to refinance their loan at that point. For home purchases over $417,000, Spectrum offers jumbo loans, too! First mortgage loans up to 80% loan to value, or up to 90% loan to value with private mortgage insurance. Spectrum also offers adjustable rate mortgages (ARMS), such as 3/1, 5/1 and 7/1. What this means is at after the initial three, five or seven year period the interest rate adjusts annually. The benefit is that this loan may allow you to qualify for a higher loan amount which may translate into a larger home you may not otherwise be able to afford. All Spectrum mortgage loans are conforming real estate loans. This means these loans have been written to specific underwriting standards issues by the FNMA (Federal National Mortgage Association) and the FHLMC (Federal Home Loan Mortgage Corporation), often referred to as Fannie Mae or Freddie Mac. Spectrum's Mortgage Vendor Relationships Spectrum Federal Credit Union offers a complete array of mortgage loan products. East Coast members (except those in New York) may contact HomeBuyers Benefit Team. Otherwise, you can call our Mortgage Loan Department at (800)782-8782. So discover Spectrum's home loans! To get started, simply contact us for your application or click here for more information (enter 'mortgage' in the search box!). You'll soon be on your way to a home, a home improvement or saving money on refinancing! NOTE: The Home & Family Finance link offers a lot of information to help you learn about mortgage loan terminology, which can be confusing. Additionally, there are articles that can help you out on a variety of financial topics for the entire family, from auto loans to the importance of savings and thrift! Check it out! Please contact Spectrum at 800-782-8782, ext. 3527, (or ext. 3537) or e-mail us from your personal computer and tell us you're interested in a mortgage loan. You may also complete a short form mortgage loan qualifier application on this website and we'll help you! Equity Plus Loans As of March 2009, Spectrum is not offering Equity Plus Loans. Fixed Rate Second Mortgages If you are interested in a second mortgage, Spectrum offers them for members living in many states. We offer fixed rate seconds with fixed terms (7, 12, 15 or 30-due-in-15 year terms, up to 80% loan-to-value, and NO prepayment penalties). Home Equity Line of Credit If you need to do some home improvements or need some ready cash for a large purchase, you may be interested in home equity lines of credit. This type of loan is secured by the possibly untapped resource of the equity value you have in your home. Please click on Prime Choice and Prime Choice Plus - home equity lines-of-credit. * Spectrum first mortgage loans are offered to members in 46 states (Alaska, Hawaii, New York and North Carolina not included). Home equity line-of-credit is offered to California, Virginia and Maryland resident homeowners only. Processing fees and vendor fees at actual cost.