Mortgage Loans

So you've scouted neighborhoods, measured square footage and studied more housing styles than the average architect. And now you have to learn the ins and outs of all these mortgage options? Fear not. At Capital Credit Union, our friendly team of lending experts can clearly lay out the financing details and guide you to a mortgage loan that helps you comfortably achieve your homeownership dreams.

Know Your Options

• Conventional Mortgages for Primary Residences, Secondary Residences or Investment Properties: Fixed-rate and adjustable-rate loans (ARM) are available. Choose from 10-, 15-, 20- or 30-year mortgages as well as other loan repayment terms. Primary residence and secondary residence conventional mortgage loans offer low down payment requirements.
• Lot Loans: This loan is used to finance a residential lot or land suitable for construction of your new home.
• New Construction Loans: With preapproval of permanent financing, this short-term loan covers the cost of custom home building. Once the home is built, we'll help you apply for a mortgage loan to pay for the completed home. A lot goes into building a new home, but Capital Credit Union keeps it simple.
• Federal Housing Administration (FHA) Loans: These government-backed loans are often ideal for first-time home buyers. Attractive loan qualities include low fixed interest rates, as little as 3.5% down payment requirement and less-stringent credit rating and approval qualifications.
• U.S. Department of Agriculture Loans: These fixed-rate mortgages are for home buyers who want to live in rural areas or certain suburbs. No down payment is required.
• VA Loans: Active duty military, reservists, veterans and their surviving spouses may be eligible for 100% home financing with a low fixed rate and no private mortgage insurance requirement.
• North Dakota Housing Finance Agency Program: This program helps North Dakotans who need down payment or closing cost assistance. If borrowers qualify, they can get a fixed-rate loan for as little as $500 in out-of-pocket costs.
• Mortgage Refinancing: Depending on your current mortgage loan situation, refinancing may help you obtain a lower interest rate, reduce your monthly mortgage payment, or shorten the repayment term of your home loan.

Mortgage Lending Team