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| Conventional Purchase |
| Conventional Refinance |
| Home Equity Loan |
| Home Improvement Loan |
| Jumbo Mortgage |
| Adjustable Rate Mortgage (ARM) |
| Unimproved Land Loan |
| 2nd Lien |
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Conventional Purchase
The purpose of this loan is to purchase a primary residence, second home or investment home in the case where the loan amount will be less than $417,000.
Term: 30 years
Maximum Amount: $417,000
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This product may be serviced by Members Choice Credit Union or a select mortgage servicer depending on the final results of your mortgage review. |
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Conventional Refinance
This loan is used to refinance your existing primary residence, second home or investment home in the case where the loan amount will be less than $417,000.
Term: 30 years
Maximum Amount: $417,000
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This product may be serviced by Members Choice Credit Union or a select mortgage servicer depending on the final results of your mortgage review. |
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Home Equity Loan
Consider taking advantage of the equity in your home for things like home improvements, vacation, tuition and more. Texas law allows you to borrow up to 80 percent of your home’s fair market value, minus the balance of any mortgages on the home.
$100,000 — Fair Market Value
x .80
$80,000 — Credit value of your home
- $60,000 — What you owe on your mortgage
$20,000 — Maximum amount available to borrow
Term: 20 years
Maximum Amount: $250,000
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| This product will be serviced by Members Choice Credit Union. |
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Home Improvement Loan
Spruce up the place where you enjoy being the most – your home!
With a home improvement loan from Members Choice you can remodel your kitchen, update a bath, landscape your yard and so much more. With flexible terms and a great low rate from your credit union, you’ll be enjoying your new home improvement in no time.
Term: 20 years
Maximum Amount: $250,000
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This product will be serviced by Members Choice Credit Union. |
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Jumbo Mortgage
The purpose of this loan is to purchase or refinance a primary residence in the case where the loan amount will be over $417,000.
Term: 30 years
Maximum Amount: $2,000,000
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This product may be serviced by Members Choice Credit Union or a select mortgage servicer depending on the final results of your mortgage review. |
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Adjustable Rate Mortgage (ARM)
The adjustable rate mortgage can be used for the following products:
• Purchase or Refinance
• Conventional or Jumbo
Term: 30 years
Maximum Amount: $2,000,000
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| This product may be serviced by Members Choice Credit Union or a select mortgage servicer depending on the final results of your mortgage review. |
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Unimproved Land Loan
This product can be used to purchase or refinance unimproved land.
Term: 12 years
Maximum Amount: $250,000
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This product will be serviced by Members Choice Credit Union. |
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2nd Lien
This product is for a stand-alone purchase money or refinance 2nd lien. There are 2 options:
• Up to 90% CLTV with a max loan amount of $200,000
• Up to 95% CLTV with a max loan amount of $100,000
This second lien can be either a 15 year fixed product, or a 15 year balloon product.
Term: 15 years
Maximum Amount: $200,000
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This product will be serviced by Members Choice Credit Union. |
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