5, 7, & 10 Year Balloon Mortgage
A balloon mortgage is a short-term loan that offers lower monthly payments because it’s not fully paid off at maturity. At the end of the loan term, your monthly payment “balloons” to include payment of the outstanding principal.
ICCU offers balloon mortgages with terms of 5, 7, and 10 years, with payments that are amortized over 30 years. In other words, the amount of your monthly payment is based on a schedule as if you would be making continuous monthly payments for 30 years to pay off the loan. But, because the term of the loan is so much shorter, at the end of the term you owe the outstanding balance. This amount is paid off through refinancing the loan or selling your home.
A balloon mortgage may be the perfect financing option for you, if you:
- Plan to live in a home for 5, 7, and 10 years or less
- Want to lower your existing mortgage payment
- Have less than 10 years to payoff your mortgage
Yes, ICCU offers a wide-variety of mortgage products, including:
As well as these special mortgage products:
- Federal Housing Administration (FHA) Loan
- USDA Rual Development Loan
- Veterans' Affairs (VA) Loan
- Vacant Land Loan
It depends, we would need to collect your income information, see your funds on deposit for a down payment, and pull your credit report to know for sure. However, please give us a call or stop by the Isabella Office, we would be happy to talk with you and get an idea before you apply.
Absolutely! It's a great idea to get prequalified as you start searching for your new home. That way, you are sure to look at houses you are confident you can afford plus, the realtors and sellers know you can qualify for the mortgage, potentially making your offer more appealing than someone who isn't prequalified. Prequalifications are valid for 90 days.
Currently, ICCU does not have a First Time Home Buyer Program.
However, if you are looking for a lower down payment requirement than ICCU's conventional mortgage (5% down payment), we do have options to help!
- Federal Housing Administration (FHA) Loan: 3.5% down payment
- Rural Development Home Loan: 0% down payment
You do not need to be a member to apply for a mortgage, however you will need to be a member to obtain financing, so please make sure that you do qualify for membership.
ICCU NMLS# 400086