Real Estate Loans
Fixed Rate Mortgages are available in terms from 10 – 30 years on personal property as well as investment properties up to 4 units. Mortgage rates are adjusted daily and are based on the individual credit quality of the borrower. Generally we would require a loan to value ratio of 80% or lower.
Options also are available for Adjustable Rate, Balloon, FHA, VA and USDA loans.
For more information, call a Member Service Representative at 216-920-2000.
Reverse Mortgage Loans
For more information about Reverse Mortgages, contact Andrew G. Morean at 440-334-5269, ext. 206.
Home Equity Lines and Loans
Members may borrow up to 80% of the value of their home, minus their first mortgage balance. Members borrowing greater than 80% are subject to the current rate plus a premium.
Line of Credit*
Promotional Rate of Prime minus 1.50% APR for the first 6 months of the loan, then Prime Rate + 0% for the remaining term, currently 7.00% APR!
No application fee, closing costs or annual fee.
Draw period up to 5 years and 10 year repayment.
Only available for properties in Ohio.
Fixed rates as low as 8.00% APR.
Term up to 15 years.
Available on properties nationwide.
* Home Equity Lines of Credit are variable rate lines of credit, indexed to the Prime Rate as published in the Wall Street Journal plus a margin determined by the Board of Directors. The interest rate on approved loans can change semi-annually on the first day of February and August. The rate will be determined 31 days prior to the change date. The maximum rate is 18.00% APR or that allowed by law. Members cancelling a Home Equity Line of Credit during the initial 5-year draw period will pay the remaining unamortized closing costs. Ohio residents only. Available only on Owner-Occupied Residence. Subject to credit approval from each member’s individual credit quality.
** Home Equity Loans are fixed rate loans with rates currently as low as 6.50% APR, effective as of January 1, 2023 and are subject to change. Contact us for current rate. Loan is subject to credit approval based on each member’s individual credit quality.