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WCCU offers a wide range of home loans at attractive rates.
Through WCCU Online Banking, you have 24/7 access to your mortgage. Make online payments, check your rate, check your mortgage balance, review mortgage history, monitor your escrow (tax/insurance) disbursements and more!
We service our mortgages – which means you make your payments directly to WCCU and we take care of you throughout the life of your loan.
The interest rate is locked in for the term of the loan, so you’ll know what your payment will be for easier budgeting. Choosing a fixed rate mortgage loan is often the route to go when you are entering into a long-term commitment with a property. This means that you know you’ve got more time to pay off a loan. Many rates and terms are available. You can choose a longer term loan and have smaller monthly payments. Or perhaps you would prefer a shorter term loan and make a larger payment, which means you pay less overall interest.
30-Year Fixed Rate Mortgage
The 30-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes. The 30-year fixed-rate mortgage stretches payments out over 30 years resulting the lowest monthly payment option.
20-Year Fixed Rate Mortgage
The 20-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes. This program offers all the advantages of the 30-year loan, plus typically a lower interest rate—and you’ll own your home 10 years faster. The disadvantage is that, with a 20-year loan, you commit to a slightly higher monthly payment.
15-Year Fixed Rate Mortgage
The 15-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes. This program also offers all the advantages of a 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment.
You can get a line of credit loan that you use as needed. Use your home’s equity (it’s value less any outstanding mortgages) to borrow for any purpose, such as home improvements, education expenses, medical expense, a new car, a vacation, a boat, or to consolidate bills into one low payment.
You only pay interest on the portion you use and the interest may be tax deductible. (Be sure to first consult with your tax advisor.)
Building a home? We realize the importance of your time, especially when you are dealing with builders and contractors during construction. They often require payment before your home is completed. WCCU offers options that keep your budget in line and your construction schedule on time.
The construction loan is a 12-month interest-only loan. The interest rate is constant, or fixed, during construction. You make interest-only payments during construction based on the amount drawn. You can purchase the lot before, or at the same time of the construction loan closing. Once the home is 100% complete, we’ll refinance the construction loan into a permanent mortgage. Lot equity typically can be counted towards the down payment.
WCCU will assist you in planning for the future. Competitive interest rates and low closing fees will save you money that you can invest in your next step.
Whether your planning to build a home in the future or desire to purchase land for investment, or recreational use, our vacant land financing programs offer fixed-rate and adjustable rate loan terms with down payments starting at 10% down (less than or equal to 10 acres) and 20% down payment for over 10 acres.
100% financing available for first time home buyers. Income guidelines apply.
Now is a great time to increase the value of your home through additions, improvements or remodels. A growing family may require additional bedrooms and play spaces or your changing mobility and lifestyle may require remodeling in your bathroom and living spaces. Beyond the interiors, you may look to change out your siding, roofing, windows, or landscaping. Whatever your changing lifestyle and needs, WCCU will work with you so you get a loan with a payment and interest rate to improve your home and your budget.
Purchasing a home that needs improvements? WCCU offers purchase-rehab loans that allows for home purchase financing combined with home improvement funds. After closing of the loan, the home improvement funds are set aside in a savings account with the ability to draw funds as work progresses.
Disclaimer: Each loan product requires different loan terms and underwriting guidelines. Membership with WCCU is required; please review the eligibility guidelines on our website. For specific loan terms and program information please contact a loan officer directly.
Ready to get started?
Basic Checklist and Information needed during the loan process:
If you currently own Real Estate:
For Assets, Investment Accounts and Retirement Accounts:
Additional documentation may be requested by your Loan Officer. Documentation varies by loan product and loan type.
Meet WCCU’s Mortgage Team
Our experienced team is here to guide you through the home loan process and help you navigate to the right loan to suit your needs. A free, no-obligation consultation can be set up through an email or phone call to any of our Mortgage Loan Officers. We can’t wait to meet you!
Westby Co-op Credit Union. NMLS# 486034. Equal Housing Opportunity.
Home Purchase Basics
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.
A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and steps. With the assistance of your WCCU Loan Officer and local Real Estate Agent, it should be an efficient and ultimately rewarding experience.
Count On Your WCCU Loan Officer To:
Count On Your Real Estate Agent To:
Count On Yourself To:
WCCU’s Mortgage Loan Process
Our online application takes approximately 20 minutes to complete. We’ll respond to your application within 1-2 business days.
If you are considering purchasing a new home and are interested in a pre-qualification to learn how much of a payment you can afford or qualify for, please complete the online application. Once a Loan Officer, receives the application your Loan Officer will discuss the various loan programs available based on your qualifications and financial information.
Or, have you selected a property and have an Offer to Purchase Contract with the Seller? The next step is to complete your loan application, which can be done easily through our website.
Interested in refinancing or building a home? Complete the online loan application to get started.
Your Loan Officer will email you with instructions for your eConsent (your approval to receive disclosures and loan documents electronically — you can review these documents online via a home/work/personal computer, tablet or mobile device whenever convenient for you). Once eConsent is obtained, you will be directed to eSign the loan disclosures through our Borrower Portal. Once eSign is finished, you can print or save the documents based on your needs.
Once your disclosures are signed and you have provided your intent to proceed with financing, an appraisal or property valuation is ordered. In addition, we’ll begin processing your loan file ordering the necessary employment, income and liability verification.
Once the appraisal is approved, loan processing and underwriting is complete, your loan is approved and ready to close. Your interest rate will be locked and we’ll begin preparing your file for closing. At this point, you are approximately one week away from closing.
We will prepare and send you a Closing Disclosure 3 business days ahead of the closing date so you will have time to review the loan terms, fees, and funds needed for closing.
You will sign your mortgage closing documents with your WCCU Loan Officer. For purchase transactions, closing documents will also be signed with the Real Estate Agent(s), Sellers, and a designated Escrow/Title Company to handle the funding of your loan.
Refinance transactions are typically closed at a WCCU branch location. Once you close and sign the mortgage documents, a 3-day waiting period applies per State of Wisconsin law (refinance only), and your new loan is funded or disbursed on the 4th business day.
Loan payments can be set up on automatic payment directly from a WCCU checking or savings account. Set up an auto payment – it’s easy!
We look forward to assisting you with your home financing!
Westby Co-op Credit Union. NMLS# 486034. Equal Housing Opportunity.