Slide background

Mortgages

loan-application2

 

Mortgage Loans

The Credit Union offers first and second mortgages. Contact one of our loan officers for rates and information.

First Mortgage Loans

Purchasing a home or refinancing your existing home mortgage is one of the most important financial decisions you’ll ever make. Cove FCU is dedicated to identifying the best loan product with the most beneficial terms to suit your mortgage situation.

We can take your application by phone at 859-781-LOAN (5626). Cove FCU is totally committed to quality service, integrity and professionalism throughout your mortgage process, reaching a level of excellence and customer satisfaction that you’ll truly appreciate. At Cove FCU we strive to make your entire mortgage experience…EASY!

Home Equity Loans

Enjoy your home for all its worth.

With every mortgage payment you make, you are building equity in your home. Why not use it? A home equity loan, like a credit card, gives you a pre-determined borrowing limit and allows you to access your money when you need it. Home equity loans can usually provide you access to larger sums of money, for longer terms and at lower interest rates compared to other types of loans. In most cases your interest is tax deductible (consult your tax advisor).

Consolidate Higher Interest Debt
Home Improvements
Dream Vacation
College Education
New Furniture or Appliances
…just to name a few

Home Equity Alternatives

Consider a home equity loan as an alternative to refinancing your mortgage
Avoid closing costs and other processing fees
Less paperwork and hassle
Make your loan payment at Cove FCU
$ 100,000.00 Appraised Value of Property x 90% Loan-to-Value Ratio
$ 90,000.00 Adjusted Property Value
$ 90,000.00 (90%) Appraised Value of Property
- $60,000.00 First Mortgage Outstanding
_______________________________________________________
$ 30,000.00 Approximate Equity for Your Home Equity Loan

Variable Rate Line of Credit
Draw period is five years from date opened
Annual percentage rate may vary
Rate is based on credit score and available equity (see above example)

Fixed Rate Closed End 2nd Mortgage

One time draw

You’ve put time and money into making your house a home. Now it’s time to let your home give you something back!