Home Loans

First Mortgages

The Lisbon Community Federal Credit Union is committed to becoming our Members' primary financial institution. By providing quality first mortgage loans at competitive rates with reasonable closing costs, we hope our Members will consider us first.

Mortgage ClickThe Lisbon Credit Union offers mortgage loans with terms up to 30 years, competitive rates and down payment requirements as low as 5%. Based on Loan-to-value ratios, Private Mortgage Insurance (PMI) is required on all loans with less than a 20% down payment (PMI is not available on single-wide mobile homes on land).

If the following requirements are met, borrowers can receive a gift for both the down payment and the closing costs:

  • A borrower’s credit score of 680 or higher.
  • A one unit property that is the primary residence.
  • A borrower’s debt to income ratio of 45 % or lower.
  • A purchase of a home or a rate and term refinance.

First mortgage loans can be used to purchase or refinance stick built homes, modular/manufactured or mobile homes on a full foundation.

The Credit Union also offers a Five Year Balloon Loan that has a monthly payment based on a 15, 20, 25 or 30 year amortization but becomes due in full after five years. These loans are priced lower than existing 15, 20, 25 or 30 year loans. Balloon loans work well for homeowners who plan on moving or refinancing in the next 5 years, but initially want to keep their monthly payment affordable.

Escrows for taxes and insurance are available on all first mortgage programs.

5-YEAR BALLOON MORTGAGES:
1.) 3.732% Fixed APR (Annual Percentage Rate) based on a 30 year amortization.
2.) Closing costs typically range from $1,300 to $1,700.

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Fixed Rate Equity Loan

Access the equity in your home with our excellent Fixed Rate Equity Loan program.

With a Fixed Rate Equity Loan from the Lisbon Credit Union, you can borrow up to 80% of your home's value less existing mortgages. This loan offers terms up to 20 years and escrow accounts may be available for taxes and/or insurance.

Just like a Home Equity Line of Credit, these loans can be used for a variety of reasons, including home improvements, funding a college education or consolidating debts. Interest is generally tax deductible, but we do recommend consulting a tax advisor.

1.) 5.541% Fixed APR (Annual Percentage Rate) for a 20 year term.
2.) 240 monthly payments of $6.88 per $1,000 borrowed.
3.) Closing costs typically range from $300 - $700.

 

Fixed Rate Junior Mortgages

Access the equity in your home with our excellent Junior/Second Mortgage program.

With a Junior Mortgage from the Lisbon Credit Union, you can borrow up to 80% of your home's value less existing mortgages. This loan offers terms up to 20 years and escrow accounts may be available for taxes and/or insurance.

Just like a Home Equity Line of Credit, these loans can be used for a variety of reasons, including home improvements, funding a college education or consolidating debts. Interest is generally tax deductible, but we do recommend consulting a tax advisor.

1.) 5.541% Fixed APR (Annual Percentage Rate) for a 20 year term.
2.) 240 monthly payments of $6.88 per $1,000 borrowed.
3.) Closing costs typically range from $300 - $700.

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Home Equity Line of Credit

If you're a homeowner, you may be missing out on one of the smartest ways to borrow affordably. Use the equity in your home to consolidate high interest credit cards, pay for a college education, purchase a new vehicle or go on that dream vacation.

The low variable rate is based on the Prime Rate plus zero and may be adjusted monthly. These revolving credit limits are based on your ability to pay and the value of your home. We can lend up to 80% of the appraised value of your property less any outstanding mortgage(s). With an initial advance of $20,000.00 or more, the Credit Union will pay up to $250 in closing costs.

Funds can be accessed by writing a check or by making advances at the teller line or through Home Banking or A.R.T., our Automated Response Teller. No minimum advance amount is required.

Monthly payments are based on 1 1/2% of the outstanding balance as of your last advance or $50.00, whichever is greater. Payments are due on the last day of the month.

Interest may be tax deductible (consult your tax advisor).

1.) There is no minimum initial advance required.
2.) There is no minimum Annual Percentage Rate (APR) that may be imposed. The maximum APR that may be imposed is 15%.
3.) Membership eligibility required. The APR may increase or decrease monthly. The interest rate will be based on the prime rate as published in the Wall Street Journal (the “Index”) plus zero percentage points (0%) (the “Margin”). The interest rate will change whenever the Index changes. Changes in the interest rate will be calculated by taking the Index figure available fifteen (15) days before the first day of the month (the “Change Date”) and adding to it the Margin stated above. This figure rounded to the nearest .25% will be the new interest rate effective until the next Change Date.
4.) Closing costs typically range from $250 - $750

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No Equity Home Improvement

Are you looking to do some renovations to your home but don't have the equity? We can help you with a No Equity Home Improvement Loan. We offer terms up to 10 years with a maximum loan amount of $20,000.00 and minimal closing costs. Loan proceeds can be used for any project that increases the value of your property.

1.) 5.950% Fixed APR (Annual Percentage Rate) for a 10 year term.
2.) 120 monthly payments of $11.08 per $1,000 borrowed
3.) Closing costs typically range from $100 - $150

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Mobile Homes

We offer a variety of ways for Members to finance Mobile Homes located on private land or in a park. Whether purchasing new or used, or looking to refinance, we offer very competitive rates with flexible terms.

Mobile Homes Located on Land
If you are looking to purchase a mobile home on land, the Credit Union will finance 80% of the lesser of the purchase price or appraised value.

If you are looking to refinance your existing loan, the Credit Union will finance up to 80% of the appraised value. For those homes located on a full foundation, terms up to 30 years are available. If the home is on a slab, we offer terms up to 20 years. The payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation will be greater.

These loans qualify for our First Mortgage Rates.

FULL FOUNDATION:
1.) 5.302% Fixed APR (Annual Percentage Rate) for a 30 year term.
2.) 360 monthly payments of $5.52 per $1,000 borrowed.
SLAB:
1.) 4.816% Fixed APR (Annual Percentage Rate) for a 20 year term.
2.) 240 monthly payments of $6.46 per $1,000 borrowed.
 

 Mobile Homes Located in a Park
We also offer financing on mobile homes located in a park or on leased/rented land.

On the purchase of a NEW mobile home, we will finance up to 90% of the purchase price. On older mobile homes, we will finance up to 80% of the lesser of the purchase price or appraised value.

On the refinance of an existing mobile home loan, we will finance up to 80% of the appraised value.

Tax & insurance escrows are required for these types of loans. The payments do not include amounts for taxes and insurance premiums, and the actual payment obligation will be greater.

Terms available vary based on the year of the home.

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Construction

Considering building your dream home? Let us help you!

Our Construction Loan program offers these convenient features:

  • Construction terms up to 12 months
  • A fixed interest rate during the construction period
  • Flexible draw periods to accommodate the needs of General Contractor and Member
  • Automatic conversion to a Five-Year Balloon Loan at the end of the construction period, thereby reducing closing costs

Turn Key Packages:

Construction Loans may be also used to build modular, manufactured and doublewide homes on a full foundation.

When applying for a Construction Loan, please provide the following information:

  • Verification of employment (most recent pay stub) or at least two years' income tax returns if self-employed
  • Verification of funds for the down payment and closing costs
  • Copy of deed to your land (if currently owned)
  • Copy of Sales Agreement on land (if being purchased)
  • Construction contract between you and the builder - this must be signed by both parties
  • The contract will define the total set price to build, a specified completion time and the number of draws for work done (six or less pay out stages)
  • Complete construction plans and specifications (materials to be used)
  • Building permit
  • Builder's Risk Insurance during the construction phase (needed at closing)

Note: Our Construction Loan program is specifically designed for those Members who have a General Contractor build their home. However, the program is flexible. Members will be allowed to be their own general contractor if they have a large down payment and they demonstrate the experience and skills necessary to complete the homebuilding project.

1.) 6.00% Fixed APR (Annual Percentage Rate) for a 12 month term.
2.) Closing costs typically range from $750 - $1,250; 1 point also required.

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Land

Have you found a piece of land but you're not quite ready to build on it? Are you looking to purchase land for an investment and now you need the perfect loan? A Land Loan with the Lisbon Credit Union is definitely for you!

With a Lisbon Credit Union Land Loan, you can finance as much as 80% of the lesser of the sales price or the appraised value with terms up to 15 years. We also have minimal closing costs that make our Land Loans a great deal! If you currently have a land loan, we may be able to refinance and save you money.

1.) 6.557% Fixed APR (Annual Percentage Rate) for a 15 year term.
2.) 180 monthly payments of $8.71 per $1,000 borrowed.

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Call one of our Loan Officers at (207) 353-4144 or toll-free at (877) 353-4144 or e-mail us today for more information on these great programs!