Home Loan Products
There s no feeling quite like holding the key to your new house for the first time. Although it s such a simple piece of metal, one key has the power to unlock the walls guarding the space where your most significant life events will unfold.
Home is where you will entertain your closest friends and family; it provides a safe haven for your children s imaginations to flourish; it comforts you each night when you rest your head. It does all of this and everything in between.
At Arsenal, we know that home is the epicenter of your world. Our home loans are designed to help you stop dreaming and start living in a space you can call your own.
Our fast, professional mortgage team will guide you through the process with the superior service you ve come to expect from your credit union. (Click here for a current list of Mortgage Loan Originators at Arsenal Credit Union who are registered with NMLS.) Our licensed loan officers will help you determine which of the many different types of mortgage products we offer best fits your need.
We re here to help you any way we can. You may find this FAQ document and these mortgage calculators helpful, plus these other resources.
A great first step is to get pre-qualified so you have a good idea of how much you can afford; there s no obligation to borrow. Use this form. Or, you can skip that step and apply for a mortgage loan now.
Rates may change daily. For current rates and terms, click here or call 314.962.6363 and say or press 4 then 1. If you have found your dream home, consider locking in a rate as soon as possible.
If you are a first-time homebuyer, our local partner, First Integrity Mortgage Services, can show you how you can become a home owner.
Protect your home and what s inside it with homeowner s insurance. Cover yourself against losses or damage from fire, weather, theft and more. Protect yourself from liability if an accident happens on your property.
Go Green Loans
These loans carry special rates and terms for homeowners looking to make energy-efficient improvements. Borrow as little as $500 or as much as $15,000 for up to 60 months at interest rates as low as 5.99% APR*. Click here to read more.
*APR = Annual Percentage Rate. Rate varies and is based on creditworthiness. Lowest rate cited as of September 1, 2017, and is subject to change. Contact the credit union for complete details.
Home Equity Loans and Lines of Credit
The equity you have in your house is the difference between what you still owe on your house (your mortgage balance) and what your house is worth on the market now (the appraised value).
You can borrow against your equity to consolidate bills, fix up your home, finance college tuition, even purchase a new car. Unlike many other lenders, we allow you to borrow up to 100% of the equity you have in your home, plus we pay for the associated closing costs * on such loans a $500 to $700 value on average! Interest on home equity loans is often tax deductible, too. Check with your tax advisor for details.
If you choose a home equity line of credit, you can draw on it as you need it. For example, if your credit line is $22,000, you might decide to initially use $5,000 to pay off all your credit card debts. A year or two later, you may want to remodel your kitchen or basement and get a $10,000 advance from your credit line to make it a reality. Tap into your line of credit anytime without reapplying with special checks from the credit union. As you pay off your credit line, the money becomes available for you to borrow again.
Home equity loans (fixed rate)
- Borrow 60%, 80%, or 100% of your home s equity.
- At 60%, borrow a minimum of $20,000.
Home equity lines-of-credit (variable rate)
- Borrow up to 80% ($10,000 – $150,000) at the prime rate**
- Borrow up to 100% ($5,000 – $100,000) at the prime rate + 1.0% APR***
*ACU may pay closing costs for home equity loans or lines of credit. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate. In the provided example, if borrowing 60% of the equity you have in your home, you could borrow $33,000. At 100%, $55,000.
**Floor 4.50%, May adjust monthly. Adjustment cap 2%, lifetime cap 20%
***APR = Annual Percentage Rate. Floor 6%. May adjust monthly. Adjustment cap 2%, lifetime cap 20%.
To apply for a home equity loan or line of credit, please visit any of our branches or call us at 314.962.6363 or 618.239.6363, option 4.
If you currently have a home equity loan or line of credit with us, you can update your insurance information here.