Home Loans
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The Credit Union is committed to becoming our Members’ primary financial institution. One way we seek to achieve this objective is by offering a variety of mortgage programs to meet the needs of the Membership. Whether you are looking to purchase a home or renovate your existing home, we have the mortgage for you.
Lisbon Credit Union offers mortgages with terms up to 30 years, competitive rates, and down payment requirements as low as 5%. Private Mortgage Insurance (PMI) is required on all loans with less than a 20% down payment.
First Mortgages, Rocket Mortgage Referral Program
The Credit Union has established a loan referral program with Rocket Mortgage whereby lending staff assists with the completion of the Loan Application and gathering information needed to originate a loan through Rocket Mortgage. The rates quoted below assumes the property being financed is an existing single-family home that will be used as the Member’s primary residence. Rates also assume a 60-rate lock and a credit score is 700 or higher. Payment information does not include any escrows.
First Mortgages, Loans Kept In-House
This program benefits those Members who prefer to keep their mortgage locally. These loans originated for retention in the Credit Union loan portfolio and are serviced by the Credit Union. All payments made to these loans are made at the Credit Union. Any questions that Members may have are answered by Credit Union staff.
Fixed-Rate Equity Loan
With a Fixed-Rate Equity Loan from 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.
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).
Funds can be accessed by writing a check or by making advances at the teller line or through Home Banking. 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.
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.
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.
These loans qualify for our First Mortgage Rates.
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.
Terms available vary based on the year of the home.
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 the General Contractor and Member
Automatic conversion to permanent financing, such as a 30-year, fixed-rate loan or a Five-Year Balloon loan
Please contact us for an appointment with one of our loan officers.
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 investment and now you need the perfect loan? A Land Loan with 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.
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!
