Quick Equity

Home Equity Line of Credit

QE 1

  • Line of credit up to $25,000, use only what you need!
  • No Appraisal required for home owners with a Loan to Value ratio of 80% or less*. 
  • Minimal closing costs** which can be rolled into the loan.
  • Affordable monthly payments.
  • Predictable due date- payments always due on the 28th of the month.
  • Adjustable Annual Percentage Rate with a minimum of 5.000% and a maximum of 14.000%

QE 2

  • Line of credit up to $25,000, use only what you need!
  • For home owners with a Loan to Value Ratio up to 100%***. Appraisal not usually required*, however certain loan condition may require a formal appraisal.
  • Minimal closing costs** which can be rolled into the loan.
  • Affordable monthly payments.
  • Predictable due date- payments always due on the 28th of the month.
  • Adjustable Annual Percentage Rate is calculated as the Prime Rate plus 2.000% with a minimum of 6.000% and a maximum of 14.000%.

*Equifax Valuation tool (HVE) is used.

**Closing Costs include: HVE and Property Condition Report ($52), Title Policy (Ranges from $188 to $251, depending on the loan amount), Recording of Mortgage ($30), and Flood Search ($15). Total would be $285 to $348 in closing costs.

***Requires underwriting approval (NPF).

CPCU's Quick Equity product. No appraisal required, closing costs can be rolled in, and you can borrow up to $25,000 from the equity in your home. More details below. Member NCUA Equal Housing Lender.

For many members, our Quick Equity Line of Credit allows for them to utilize the equity in their home to pay for home repairs, take a vacation or consolidate other debts. 

Common home repairs:

  • Kitchen & bath remodeling
  • New flooring
  • Decks & patios
  • Windows & siding
  • Roofing
  • Standby Generators

Other things you should know

»The QE 1 and QE 2 are revolving lines of credit that use the equity in your home as security. This means that if you fail to make your payments you may put your home ownership in jeopardy. The monthly payment amount is calculated as 1.000% of the outstanding balance with a minimum payment of $50.00.

»The Annual Percentage Rate (APR) for the QE1 is adjustable based on the Prime Lending Rate as published in the Money Rate Section of the Wall Street Journal. If the Prime Rate changes the rate on the QE1 will adjust on the 1st day of the following month. The QE1 has a minimum APR of 5.000% and a maximum of 14.000%.

»The Annual Percentage Rate (APR) for the QE2 is adjustable based on the Prime Lending Rate as published in the Money Rates Section of the Wall Street Journal. It is calculated as the Prime Rate plus 2.000% with a minimum APR of 6.000% and a maximum of 14.000%. If the Prime Rate changes the rate on the QE2 will adjust on the 1st day of the following month.

CPCU Mortgages

Rates

15 yr Fixed: 4.300% APR*

*Annual Percentage Rate. (For Purchase or Refinance) Effective as of 6/25/19 and based on a Loan-to-Value (LTV) ratio of 80%. Offer subject to change, may be discontinued at any time. Not all applicants will qualify. Contact a loan officer for more details.

30 yr Fixed**: 4.870% APR*

*Annual Percentage Rate. (For Purchase or Refinance) Effective as of 6/25/19 and based on a Loan-to-Value (LTV) of 80%, 20% down payment required. Offer subject to change, may be discontinued at any time. Not all applicants will qualify. Contact a loan officer for more details.**Not Available for loans currently financed at CPCU.

1st Mortgages

  • 1st Mortgage Purchases require 80% Loan-to-Value of the purchase price, or appraised value, whichever is less.
  • Rates are set every Monday, according to the government rate spread.
  • We offer 15yr & 30yr Fixed rate 1st mortgages.
  • We also offer a 7yr balloon 1st mortgage loan.

1st Mortgages

  • 1st Mortgage Purchases require 80% Loan-to-Value of the purchase price, or appraised value, whichever is less.
  • Rates are set every Monday, according to the government rate spread.
  • We offer 15yr & 30yr Fixed rate 1st mortgages.
  • We also offer a 7yr balloon 1st mortgage loan.

2nd Mortgages

80% Loan-to-Value or less

  • Rates are set by the term of the loan, and the members credit score. These rates are Fixed.
  • Loan terms are available at 5yr, 10yr, and 15yrs.

Up to 100% Loan-to-Value (Insured)

  • Rates are set by the members credit score.
  • Terms are available up to 15yrs.
  • Over 80% LTV requires approval through DGU underwriters, and the CPCU loan committee.

2nd Mortgages

80% Loan-to-Value or less

  • Rates are set by the term of the loan, and the members credit score. These rates are Fixed.
  • Loan terms are available at 5yr, 10yr, and 15yrs.

Up to 100% Loan-to-Value (Insured)

  • Rates are set by the members credit score.
  • Terms are available up to 15yrs.
  • Over 80% LTV requires approval through DGU underwriters, and the CPCU loan committee.
Loan Calculator
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100% Financing

For those purchasing a home or refinancing who need up to 100% of the loan financed, we do have an option for that!  Please contact any of our loan officers to discuss this option. Please know that not all applicants will qualify for this option.

No PMI

We do NOT charge Private Mortgage Insurance on any of our home loans.

Reporting Insurance Coverage

Please remember that if you have a home loan with us we need you to send us verification of your paid property taxes.

You may do this 2 ways:

1.) Fax your paid property receipt to 517-371-2728.

2.) Mail a copy of your receipt to us at:
Consumers Professional Credit Union
525 W. Willow
Lansing, MI 48906

NMLS#

Consumers Professional Credit Union NMLS #446632

MLO#’s:

Lansing:  517-372-2400
Dave (#500636)         Kevin (#500634)        Suzanne (#1826278)  

Battle Creek269-964-2713 
Donna (#453986)         Lynsee G (#1759328)          Diann (#1769880)

Eaton Rapids: 517-663-8176
Jodi (#500639)          Treena (#990811)

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