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Home Loans


  • Have you been dreaming about buying a home you can call your own?
  • Considering consolidating your debt?
  • Do you have some large expense coming up such as sending a child to college or maybe paying for braces or a wedding?

Take advantage of the various home loan products available at TelComm CU.

  • Home purchases & refinances
  • Home Equity Line of Credit
  • Debt consolidation
  • Rental Property

Mortgage Application (Printable)

When purchasing a home, you’ll need:

  • Most recent two years of W2 forms and the previous two year’s 1040 Federal tax returns
  • A completed and signed mortgage application
  • Two most recent pay stubs reflecting 30 days year to date earnings
  • Copies of your last two months’ bank statements

When refinancing your First Mortgage, you’ll need:

  • A completed and signed mortgage application
  • Copy of one of your most recent pay stubs, reflecting year-to-date earnings
  • Copy of the previous year’s 1040 Federal tax returns and W2s
  • A copy of your homeowner’s insurance policy (must show coverages of dwelling)
  • A copy of your most recent mortgage statement

5 Year Adjustable Rate Mortgage (ARM)

This type of mortgage loan is an ideal option for a buyer who:

  • Knows he/she is not buying your “forever” home.
  • A first time home buyer or individual who really values lower closing costs than a conventional “fixed” mortgage rate usually offers.
  • Someone new to an area learning which part of town is closest to work/school/church/medical offices, etc.

Provides for a loan up to 80% of the value of the home. Rate is fixed for 5 years with the possibility of the rate adjusting up to no more than 2%, then fixed for another 5 years. Payments set up over a maximum term of 30 years. The maximum the rate can adjust over the life of the loan is 6%. Serviced by TelComm and not sold to an outside lender. No pre-payment penalty.

15/20/25/30 Year Conventional Fixed Mortgage

These types of home loans are best suited to members who:

  • Are able to comfortably afford closing costs
  • Those who feel relatively certain they will be staying in the home for 5+ years

FHA Mortgage

Less rigorous lending standards and lower down-payment requirements make FHA loans popular with mortgage borrowers.

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. The FHA is an agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

More details are available here: Hud.gov

VA Mortgage

The U.S. Department of Veterans Affairs helps Servicemembers, Veterans, and eligible surviving spouses become homeowners.  VA provides a home loan guaranty benefit and other housing related programs to help you buy, build, repair, retain or adapt a home for your own personal occupancy.  VA Home Loans are provided by private lenders and the VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

For more information about VA home loan options please click here:  VA Home Loans

USDA Mortgage

The United States Department of Agriculture offers Housing Assistance to rural Americans as well as home renovation and repair programs.

For more information about rural housing opportunities please click here: USDA.gov

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is a tool which allows you to utilize the equity in your home to borrow money for whatever you need.  Generally, HELOCs are used for large expenses, such as home improvements, college expenses, medical bills or even auto purchases.  Often the interest on a HELOC may be tax deductible – consult your tax advisor for more information.

A home equity line of credit (HELOC) is a line of credit extended to a homeowner that uses the borrower’s home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion. Interest is charged on a predetermined variable rate, which is usually based on prevailing prime rates.

For example:

Appraised value of home                                $100,000

Percentage of credit accessible                        x 80%

Percentage of appraised value                   = $80,000

Less balance owed on mortgage                 –$40,000

Potential line of credit                                     $40,000

Home Equity Lines of Credit from TelComm CU allow members to borrow up to 80% of the value of the home. Closing costs can usually be included in the loan and are generally under $600. Interest is charged only on the balance owed and payments are amortized over 20 years. Members are able to borrow up to the credit limit for the first 10 years. HELOCs are serviced by TelComm CU and are not sold to an outside lender. No pre-payment penalty.

For more information on HELOCs click here:  Consumerfinance.gov

Debt Consolidation

There are times when it makes dollars and cents to consolidate outstanding debts (credit card, auto loan, college expenses, medical bills etc.) into one location with one monthly payment.  A Home Equity Line of Credit (HELOC) is an option which could make sense for your personal circumstances.  In some instances, the interest on a HELOC is tax deductible – consult your tax advisor to be sure.

Rental Property Loans

Members have inquired and we are now prepared to help – TelComm Credit Union is ready and able to assist you with a purchase or refinance your 1-4 unit rental properties!

  • Available for dwellings with 1-4 units
  • 75% loan-to-value for purchases or refinances
  • 5 year ARM’s (Adjustable Rate Mortgages) which do not require member to re-qualify & can be amortized up to 30 years
  • 60% “cash-out” available on 1-2 unit dwellings
  • Much lower closing costs than conventional Fannie Mae/Freddie Mac loans
  • Local Servicing

Please contact Chris at the Sunshine location with questions about this product by phone at 417.886.5355.

Or Email:  cglenn@telcommcu.com today!

Mortgage Application (Printable)