North Central Area Credit Union

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North Central Area Credit Union

Branch Manager: Kelly Barton

129 Lake Street, PO Box 727
Roscommon, MI. 48653
Phone: (989) 275-5169
Fax: (989) 275-4340


North Central Area Credit Union provides personal service you can trust! We are your hometown credit union and we care about you. NCACU offers some of the lowest rates and best terms available and with a personal touch.

With low rates, there is no better time to refinance your mortgage and save money than the present. You’ll pay minimal closing costs, possibly lower your monthly payment, and free-up lots of cash to meet other needs. If you have a mortgage with another lender, now is a great time to compare your current rate with the competitive rates and products we offer.
Mortgage Products

* Application Information
* Balloon
* Construction
* Fixed-rate
* Adjustable
* Fixed rate home equities
* Variable rate home equities
* Vacant land

Our mortgages “conform” to the criteria set by FNMA/FHLMC.

Rates
Homes must be located in the state of Michigan. Current rates are available on our lobby rate boards or by calling the mortgage department at 989-910-5135 ext. 5240. Rates are subject to change without notice and not all members will qualify for the best rate. The actual interest rate available to you will be based on your credit history and loan to value.

Calculators
Mortgage Brochure

You will need this information when you apply!

* A copy of your current mortgage, warranty deed, or purchase agreement
* Your current pay stub showing year-to date income
* Most current year W-2 or 1099R
* Current bank statements for your depository accounts
* A current homeowner's declaration page
* A current summer and winter property tax receipts
* If self-employed, the last 2 years of federal income tax returns

Additional Information and articles:

* 10 Biggest Home Buying Mistakes
* Ask Yourself Some Questions
* Check-out The Neighborhood
* Glossary
* Investing In a Home
* Last Minute Tips Before You Buy That Home
* Make Home Buying Easier
* Buyer Wants To Move In Early
* Why Pay Rent When You Can Own
* Helpful information for first time mortgages
* Home Equity Loans – A Versatile & Effective Financial Tool
* Use Your Home Equity For Greater Investment Returns
* Financial Answers For Home Ownership

Mortgage Product Information

Application Information
To apply for an NCACU mortgage you must either make an appointment with our mortgage team or call your local branch using extension 5240 apply by phone. When you speak with one of our Mortgage staff you need the required information. (Please note that a $20 fee must be paid at the branch to pull your credit history.)

Balloon Mortgage
Balloon mortgages can be a good option for borrowers that plan to sell or payoff the loan within the next few years. The balloon term is typically five, seven or ten years with a 30, 20 or 15 year amortization period. At the end of the balloon period the loan must be paid off or refinanced at current rates.

Construction Mortgage
A construction loan is for a six month period. During this time borrowers pay interest payments on the current funds advanced during the construction phase. Upon completion of the home the construction mortgage is paid off with a conventional mortgage.

Fixed Rate Mortgages
A fixed rate mortgage means your rate and monthly principal and interest payment will remain the same for the entire amortization of the mortgage. This type of mortgage can be for 15, 20 or 30 year terms. Longer term mortgages offer a lower monthly payment, while shorter term mortgages can be a significant interest savings compared to the longer terms. Borrowers should consider what fits their monthly budget best.

Adjustable Rate Mortgages
Adjustable rate mortgages have rate adjustments over the life of the loan based on an index which means your payments will change based on the rate at the time of the adjustment, keep this in mind when considering whether this product works for your budget.

Closed End Equity Loans
You can tap into your home’s equity at a great rate with a one time advance for a set dollar amount and a stable monthly payment that will remain the same over the life of the loan. Home equity loans have shorter amortization periods than your first mortgage, typically between five to 12 years depending on the amount you are borrowing.

Home Equity Lines of Credit (HELOC)
A Home Equity line of credit establishes a credit limit that you can draw upon when needed. These loans are variable rate loans. Your interest rate can change quarterly throughout the year if the index rate changes. Your payment will change with rate changes and with advances taken on the line at the time the advance is taken. This can be a good product for members who simply want to be able to draw money quickly when needed.

Home Equity loan interest may be tax deductible; check with your tax professional to find out if your situation applies.

Vacant land mortgages
Our vacant land mortgages are designed for borrower’s who want to purchase a piece of property and build on it within the next five years. This mortgage requires a 20 to 30% down payment, is a 15 year amortization with a 5 year balloon, payable in full when the balloon comes due.


Copyright © 2007 North Central Area Credit Union