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Home Loans
Dreaming of a new home?
Whether you are buying or refinancing your home, ICCU's mortgage experts promise you exceptional personal service.
Isabella Community Credit Union mortgage services include:
Closings in typically 4-5 weeks
Exceptional member-focused service
Some of the area's lowest closing costs
Helping homeowners for over 30 years
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
| Mortgage Rates | ||
| Effective Date: 03/04/2021 | ||
| Loan Type/Details | Note Rate | Annual Percentage Rate (APR) After Prepaids* |
| 15 Year Fixed | as low as 2.625% | as low as 2.714% APR |
| 20 Year Fixed | as low as 3.000% | as low as 3.129% APR |
| 30 Year Fixed | as low as 3.250% | as low as3.344% APR |
| 5 Year Balloon | 30 Year Amortization | as low as 2.625% | as low as 2.767% APR |
| 10 Year Balloon | 30 Year Amortization | as low as 2.875% | as low as 2.959% APR |
| Vacant Land Loan | 5 Year Balloon | add 2% to current rate | |
| * Rates are subject to change without notice and are based on LTV ratios, credit scores, and other factors. APR is calculated based on a mortgage loan amount of $175,000.00; purchase or no cash-out refinance with 80% financing and 740 and higher credit score. No points. | ||
Residential Construction Loan
Build Your Dream Home.
We want to help to make your dreams come true! ICCU's Residential Construction loan can help you get from breaking ground to moving in to your new home.
Finance up to 80% of the home construction price or appraised value with ICCU.
Up to 12 months of interest-only payments while the project is completed
No second closing for permanent financing
Mobile Home Loan
Finance your mobile home purchase or refinance with ICCU.
Home may not be older than 20 years, with inspection.
Home must be located in a mobile home park or community
Minimum of 10% down payment required for purchase
Single-wide Term Options:
66-month balloon with payment schedule up to 180 months
Fixed-rate up to 120 months
Double-wide Term Options:
66-month balloon with payment schedule up to 240 months
Fixed-rate up to 120 months
Take the first step, fill out the Mortgage Inquiry! A mortgage officer will contact you within a business day to discuss your situation.
Mortgage FAQs
Didn't find your answer? Ask Us!
ICCU NMLS# 400086