Loans are available on land and to borrow against the equity you have in your home.
Land Loans
A loan may be taken out using it as collateral.
- Payment terms up to 10 years.
- Financing up to 80% of the appraised value.
First Mortgage Loans
The credit union offers First Mortgage loans to qualifying individuals on properties located in Pennsylvania. Specific features:
- Up to 15-year terms on fixed-rate mortgages.
- Prequalification is recommended.
- Rate is locked in at application.
- Balloon loans also available.
- $100 application fee, plus additional closing costs.
CHECU holds 15-year First Mortgage loans. First Mortgage loans at other terms are made through PHH Credit Union Services (PHH) to bring you the most technologically advanced method available of obtaining a mortgage. In most cases, PHH can give you a loan decision in 20 minutes, over the phone from the convenience of your home or office. PHH is available 6 days a week from 8:30 a.m. to 10:00 p.m. EST.
PHH also offers the industry’s strongest service guarantees to:
- Beat any lender’s price, GUARANTEED, or pay you $250.**
- Guarantee to give you a same-day loan decision or pay you $250.
- Guarantee to meet your agreed-upon closing date or reduce your interest rate by 1⁄8% for the life of your loan.*
Simply call 1-877-672-2283 to speak directly with an expert Mortgage Loan Consultant. The entire process is amazingly fast. All of the necessary information to provide the same-say loan decision will be gathered. Once PHH has your permission, it takes only 30 seconds for its advanced computer system to access your credit report!
Home Equity Loans
One of the benefits of owning your home is to gain access to cash with a Home Equity loan. CHECU offers both Fixed-Rate Home Equity loans and Variable-Rate Home Equity Line of Credit loans.
Fixed-Rate Home Equity Loans
- Up to 10-year terms.
- Up to 80% of the home equity, less current mortgage balance and all other liens.
- $10,000 minimum amount, $100,000 maximum amount.
- No application fees or closing costs.
- Possible tax advantages (see your tax advisor).
Variable Home Equity Line of Credit
- Rate is variable, changing semi-annually, and is based on Prime as published in The Wall Street Journal, plus a margin of 1% rounded up to the next 0.25%; minimum APR is 6.00%, maximum 15.00%; periodic cap per year is 1.50%.
- Up to 17-year terms—5 years draw period, 12 years repayment period.
- Minimum payment is $100.00.
- Minimum initial advance is $1,000.00; minimum subsequent advance $500.00.
- Access to line is by Home Equity Line of Credit Share Draft.
- Up to 80% of the home equity, less current mortgage balance and all other liens.
- $10,000 minimum amount, $100,000 maximum amount.
- $100 application fees and minimal closing costs.
- Possible tax advantages (see your tax advisor).
Real Estate Loans
