Loan Services
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Northwest Community Credit Union always offers highly
competitive rates and short turn-around time!
AUTO/CONSUMER LOANS: The Credit
Union's "simple interest" loans have interest calculated
daily on the unpaid balance, with no prepayment penalties.
All loans are reviewed by the Credit Committee of the Board
of Directors and approved in one business day. Approval is
based on credit history, employment references, ability to
repay and collateral. (view rates)
MORTGAGE LOANS: Mortgage
loans are available for home or condominium purchase, as well
as refinancing to consolidate debt. Approval usually takes
a few days, with closing within three to four weeks. Credit
union mortgages are not sold, so you will deal with
us for the life of the loan. Members have the option of making
payments on a bi-weekly basis, at no additional charge.
HOME EQUITY LINES OF CREDIT: Using
the equity in your home is often a great way to pay for home
improvements, education, debt consolidation, vacations or
major purchases, with the possibility of the interest being
tax deductible. This most flexible of our loan options allows
you to write checks, as you need the funds, up to your pre-approved
credit limit. You may take advances from your credit line
for the first 10 years of your loan, borrowing up to 80% of
the appraised value of your home (minus your mortgage balance.)
You then have another 10 years to repay the loan, at the Prime
rate MINUS 0.25%, as published in The Wall Street Journal
(Floor of 5%). The rate of interest may go up or down quarterly,
if the prime rate has changed. (view
rates) Reasonable closing costs may be paid on the day
the loan closes.
TUITION LOANS: These unsecured
loans are offered to qualified parents of students in elementary
school through college, as well as adults who are, themselves,
going to college. With proof of enrollment and the tuition
bill, and the meeting of normal approval criteria, funds will
be disbursed directly to the individual responsible for school
expenses. (view rates)
SHARE SECURED LOANS: Loans may
be taken using your own savings or certificate at Northwest
Community Credit Union as the collateral. This is the perfect
way to keep your savings intact, while getting the money you
need at a low rate of interest. (view
rates)
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