Home Mortgage Loans

Whether you are looking to purchase a new home or refinance your current one, look no further than Pelican State Credit Union for an affordable low-rate mortgage.

Now is the time to apply for a Mortgage Loan with Pelican! For a limited time only, we are waiving the 1% loan origination fee. Plus, we have home loan rates as low as 2.23% APR!*

Today's RateTermas low as
Interest Rate
as low as
APR
70% Loan to Value (LTV)Maximum 7 Years1.99%2.234%
70% Loan to Value (LTV)8 - 10 Years2.99%3.167%
70% Loan to Value (LTV)11 - 15 Years3.49%3.613%
Benefits
  • Great low rates
  • Local decision-making
  • Several loan options and terms
  • Fixed-rate loans — multiple terms available
  • Adjustable Rate Mortgage (ARM) loans
  • First-time homebuyer specials
  • Federal Housing Administration loans available
  • Insured by the FHA
  • Lenient credit requirements
  • Seller contributions now available*
  • Personal service

*Rates as low as 2.23% APR: Pelican State CU membership required. APR = Annual Percentage Rate. Mortgage loan rate and term are based on product, Loan to Value (LTV), collateral and credit qualifications; not everyone will qualify for the advertised rate. To qualify, LTV for homes must be 70% or lower. First mortgages only. The home being financed must be primary residence. If refinancing an existing Pelican Mortgage, rate reduction requires $4,000 new money or a 0.5% rate increase to qualifying rate will apply. Rates are subject to change at any time. Traditional fees and costs associated with mortgage closing and appraisals will apply. Homeowner's insurance required. Escrow for insurance and taxes may be required. The following mortgage loans are not eligible for this promotion: Mobile Home with or without land, ARM, Balloon, HELOC, Home Equity, Lot/Land and Commercial. See Pelican Mortgage Representative for additional details. Rates quoted are not locked in and are subject to change. Rates are not locked until a rate lock acknowledgement has been signed. The Annual Percentage Rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. Interest rates and APRs are based on current market rates and are for informational purposes only. Rates are subject to change without notice and APR (Annual Percentage Rate) calculations are based on certain assumptions related to closing costs and fees.


*For the APRs listed, the calculation is based on a loan amount of $100,000, excellent credit, an owner occupied property, a 70% combined Loan to Value ratio and does not include taxes and insurance – actual obligations will be greater. Based on this example, monthly payments of principal + interest only would be $1,276.31 for a 7 year loan, $965.15 for a 10 year loan and $714.40 for a 15 year loan. If approved, your terms may vary based upon your specific situation.


Maximum loan limits and minimum equity/down payment requirements apply.


All Pelican State Credit Union mortgages comply with federal and state regulations.

*Membership required. This information is not an offer to extend consumer credit. Rates and terms are subject to change without notice. Product is offered through our partner, CU Members Mortgage. Applications will be processed using FHA guidelines. Some restrictions apply. See representative for details.

Private Mortgage Insurance

When it comes to your home and family, you can never be too careful. Private Mortgage Insurance (PMI) is required of all first mortgage loans with less than 15% down payment. Homeowners must have proof of homeowners insurance.

Title Insurance is required for mortgages greater than $75,000. There's no better investment than a home that's safe and secure — both physically and financially.