Loans

There comes a time in most peoples’ lives when they need a helping hand. Are you looking to buy a home or a car? How about that dream boat, camper or business you’ve always wanted? Maybe, you would prefer to consolidate your existing debt and reduce your monthly payments? Very few people have the cash on hand to buy most of these things outright. That’s where we come in, HCCU offers a wide range of loans for your needs, wants and unexpected hiccups. So, whether you’re looking for a new home or a snowmobile, see if we can help with one of our many loan products.

What are my loan type choices?

Consumer loan – A consumer loan application is used when the loan does not involve any type of real estate, land or business. Consumer lending is for personal loans such as, vehicles, boats, campers and some unsecured lending.

Kwik Cash – Kwik Cash is a revolving line of credit (usually up to $2500) that is available for use as long as the monthly payments are being made and you are not over your credit limit. Once approved, the funds are available on your account and can be withdrawn as needed.

HELOC-(Home Equity Line of Credit) – A HELOC is an open ended, 5 year, interest only loan that is made using the equity you have in your home. Payment of the interest due is required each month and the loan must be paid in full at the time of maturity.

3/1 ARM loan – A 3/1 ARM is a closed end loan with a maximum term of 30 years. During the first three years of the loan, the interest rate will be the same as your initial interest rate. At the onset of the fourth year until the maturity date of the loan, the interest rate can change annually.

5/1 ARM loan – A 5/1 ARM is a closed end loan with a maximum term of 30 years. During the first five years of the loan, the interest rate will be the same as your initial interest rate. At the onset of the fourth year until the maturity date of the loan, the interest rate can change annually.

Fixed Rate/ Secondary Market Loan – A Fixed Rate Loan is a closed end loan with a maximum term of 30 years. The interest rate will not change over the life of the loan. At the present time all HCCU Fixed Rate loans are Secondary Market Loans, which means the loan will be underwritten following Freddie Mac or Fannie Mae guidelines and will be sold to Freddie Mac or Fannie Mae after the loan closes and is disbursed.

We offer Vacant Land Loans. If you are interested in a loan using vacant land as collateral, please choose the 3/1 ARM or the 5/1 ARM product.

For Construction loans, please contact a Mortgage Loan Specialist for more information.

For further details and full disclosures on all of loan products, please speak with one of our Loan Officers. You may also view and print loan disclosures and applications at the “Forms & Applications” page.