Mortgage Loans

With a fixed rate mortgage, you’ll know exactly what your loan payment will be every month until your loan is paid off. That’s because your interest rate is fixed for the life of the loan. A fixed rate mortgage might be your best option if you want predictability.

• Many term and payment options available
• Low fixed rates
• Low closing costs
• No PMI
• Borrow up to 95% of your home’s value
• Access to dividend-earning escrow account
• Available for owner-occupied property

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With an adjustable rate mortgage (ARM), you’ll receive a lower rate for a set period of time and start out with lower monthly payments. After that, your rate will adjust based on the terms of your loan. This is a good loan option if you expect your income to increase or expect to sell your home in the next few years.

• Low closing costs
• Competitive rates
• No annual fees
• No PMI
• Borrow up to 90% of the home’s value
• Available for owner-occupied property

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A Balloon loan gives you the advantage of lower payments up front like an ARM combined with the fixed rates of a traditional fixed rate loan. Balloon loans tend to have shorter terms. With this loan, the majority of your loan amount will be due when the loan matures instead of being spread evenly across every payment.

• Low closing costs
• Competitive rates
• No annual fees
• No PMI
• Borrow up to 90% of the home’s value

You can use a Balloon loan for refinancing traditional real estate, non-conforming real estate, manufactured homes, single wide mobile homes with land, or land only. You can also use a Balloon loan to refinance an existing installment loan, consolidate your debt, pay for education expenses, and more.

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• Payroll deduction - Make your payment worry-free and have your payment taken directly out of your paycheck.
• Periodic Payments - Save money on finance charges and pay the loan off early by making weekly or bi-weekly payments.
• Possible tax benefits - Your home equity loan, home equity line of credit, or refinance may be eligible for tax benefits.
• No prepayment penalties - GenFed will not charge you a fee for paying off your loan early.
• Friendly loyal service and local loan approvals with a live voice answering the phone.  Our services are for our members only, not everyone else in the country.  We know you.  We work hard to help you handle your financial affairs.  And remember, because GenFed is a not-for-profit cooperative, people are worth more than money here.
• You’re more than a score. At GenFed, we use more than a credit score to decide when to grant a loan. With our approval system, members can understand the criteria. GenFed takes time to find out what’s behind the score. We look at more than the number. As an owner of GenFed, we owe you that much.