CONVENTIONAL
Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies Fannie Mae and Freddie Mac which offer standardized underwriting guidelines for conforming loans. These loans carry fixed rates and a variety of repayment terms that can be tailored to your individual needs. We offer low downpayment, high loan-to-value mortgages with flexible credit guidelines. Loans with less than 20% down require mortgage insurance. Generally, these loans do not have prepayment penalties.

Payment Example: 360 monthly payments of $5.30 per $1,000 borrowed at 4.875%. Taxes and Insurance not included, therefore actual payment obligation may be greater.

 

HOME EQUITY LOANS
GECU's Home Equity Loans allow you to use your home's equity to create the life you've longed for... without selling your home! A Home Equity Loan allows you to borrow up to 80% of your home's equity (minus any outstanding liens) for a wide range of purposes at lower interest rates. Using your home's equity, which is the difference between its appraised/market value and the amount of any outstanding mortgage balances, gives you the freedom to invest in your family's future. If your property is located in the United States and within a 150 mile area of El Paso County, you can apply for a Home Equity Loan once every 12 months. Different rules apply to loans made to New Mexico residents.

Payment Example: 360 monthly payments of $7.43 per $1,000 borrowed at 8.125%. Taxes and insurance not included, therefore actual payment obligation may be greater. Second Lien loans do not require taxes and insurance.
 
 

 

HOME IMPROVEMENT LOANS
GECU can help you realize your dreams with a Home Improvement Loan! Whether your project is big or small, GECU can make your dream home a reality. Home Improvement Loan terms range from 5 to 15 years.

Payment Example: 180 monthly payments of $9.64 per $1,000 borrowed at 8.125%. Taxes and insurance not included, therefore actual payment obligation may be greater. Second Lien loans do not require taxes and insurance.
 
 

 

RESIDENTIAL LAND LOANS
Land Loans are available for purchase, refinance, or equity transactions. Purchases require 40% down. Maximum Loan-to-Value on refinances or equity loans is 60%. The interest rate is based on credit worthiness. Contact GECU at (915) 778-9221 for more information.

Payment Example: 180 monthly payments of $9.64 per $1,000 borrowed at 8.125%