| Mortgage Loan Options |
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Purchase & Refinance Loans |
Whether you're looking to buy a new home or refinance your existing home, Metro 1st Mortgage can help. Rates are still low, so now is the perfect time to find the right mortgage for you. |
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FHA & VA Loans |
Metro does government loans too! Both FHA and VA loans offer low or limited down payment options. VA loans are offered only to those who have served in the armed forces, while FHA allows all borrowers to apply. |
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| Alternative Lending Programs |
You don’t have to have to "fit inside the box" to qualify for a mortgage loan with Metro Credit Union. Metro offers several loan programs for borrowers who have had credit challenges in the past. We also offer alternatives for self-employed borrowers who may not qualify for full income documentation loans. |
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Fixed Rate Second Mortgages |
Metro’s fixed 2nd mortgages allow you to borrow equity against your home, at very competitive loan-to-values. With a fixed interest rate, you have the peace of mind knowing that your interest rate will not change. Use your home’s equity for debt consolidation, home improvements, and much more. And with the flexibility of an amortization of up to 30 years, your payment is one you know you can afford.
In addition, a 2nd mortgage is also great when used to purchase a home. Mortgage insurance is avoided when combining a 2nd mortgage with a 1st mortgage, which makes mortgage payments even more affordable!
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Home Equity Line of Credit - HELOC |
A HELOC is another type of a second mortgage loan. The difference between this loan and a standard second mortgage is that a HELOC allows a borrower to establish a credit line based on the equity in your home. The monthly payment to principal and interest depends on the balance of your HELOC, the interest rate and the remaining term. A HELOC has an interest rate that varies with the Prime Rate. For added convenience you can also access your HELOC through a VISA card. |
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Bridge Loans |
Purchasing a new home often involves selling your existing home. A Bridge Loan allows you to tap into the equity from your current home to use as a down payment on the new purchase until your current home sells. Bridge loan terms may vary. |
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| Adjustable Rate Mortgages |
Adjustable rate mortgages feature an interest rate that will increase or decrease based on the condition of the economy. Monthly payments will vary from year to year. You should consider this type of mortgage if you are planning to stay in a home for just a few years. An adjustable rate mortgage offers the benefit of a lower interest rate in the initial years of the mortgage, which means your payment is typically lower than a fixed rate mortgage during the introductory period.
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Applying For Mortgages |
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