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Types of Loans

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 typcially 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 slighly 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.

Home Equity Line of Credit (HELOC) 
A home equity line of credit (HELOC) is a form of revolving credit in which your home serves as collateral. A HELOC allows homeowners to use the equity in their home to pay for major items such as education, home improvements, medical bills, and consolidate debts. 

Construction Loan
Building a home?  WCCU offers construction loans to build a new home. 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.

Purchase-Rehab Loan
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. 

Vacant Land Loan
WCCU offers financing for vacant land. 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.    


Disclaimer: Each loan product requires different loan terms and underwriting guidelines.  Membership with WCCU is required. For membership eligiblity, check our Home page. For specific loan terms and program information please contact us directly.  Thank you.



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Vacant Land Loans
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