30/5 Balloon Mortgage Loan
September 1 - 30, 2017
Get the home of your dreams with our
30/5 YEAR BALLOON MORTGAGE LOAN
Our Balloon Mortgage Loan is available for owner-occupied properties. (Existing LG&W FCU mortgage loans are not eligible for this offer.) The primary borrower must be an LG&W FCU member and the loan will stay with the credit union.
This loan offers a fixed rate for a shorter period of time with smaller monthly payments. One large payment, or balloon payment, is due at the end of the term. At the end of the term (60 months), you can refinance your loan, buy a new home, or pay it off.
Payments do not include taxes and insurance premiums. The loan amount is based on 90% of the appraised value or sale price of the home whichever is less.
A 60 month loan at 3.50% APR would have a monthly payment of $89.84 per $20,000.00 borrowed. At the end of the 60 months, there will still be a balance of $18,029.34 to be refinanced, paid off, or sell the home.
LG&W FCU will pay the appraisal fee, but there will be other fees that you will have to pay at closing. Please contact Rhonda or Linda at (901) 680-7995 for more information.