2040 Valleydale Rd Birmingham (Alabama) 
Interested in a mortgage payment that won’t change? Plan to stay in your home for several years? If so, a fixed-rate mortgage might be perfect for you!
Some members may want to pay their mortgage off faster. For members with a variable rate this is an excellent time to get a fixed rate for a specific period of time. With the changes in tax deductions home equity loans may not be deductible. For specific tax implications, consult with your tax adviser and how it applies to you. However, we know that consumers enjoy the convenience and peace of mind that a home equity line of credit can provide if you have a large unanticipated expense.
We wanted to offer these two new mortgage types as options. We want to reassure you that if you have a loan with us and you want to keep the same terms then there is no action required. Mutual Savings is pleased to offer a variety of mortgage loan types that fits your needs right now and in the future.
10 Year Term
Fixed rate of 3.99% APR with 90% or less loan-to-value
- Fixed rate for 10 years
- No prepayment penalty
- Up to 90 percent loan to value with no PMI required.
- No origination fees
15 Year Term
Fixed rate of 4.50% APR with 90% or less loan-to-value
- Fixed rate for 15 years
- No prepayment penalty
- Up to 90 percent loan to value with no PMI required.
- Origination fees will apply, see credit union for details.
Visit the Mutual Savings Credit Union loan rates page for our current real estate loan rates!
10 year mortgage disclosure
APR = Annual Percentage Rate. Normal credit qualifications apply. No origination fees for the 10-year fixed mortgage. Other fees, including recording fees, document preparation and title fees will apply. If funds are for a refinanced loan, then closing costs may be financed with the loan. On a $200,000 loan for 10 years at 3.99% APR the monthly principal and interest payment would be $2,023.90. This does not include real estate taxes and homeowner’s insurance. We will loan up to 90 percent of the purchase price or the appraised value – whichever is the lower amount. Financing up to 90 percent with no Primary Mortgage Insurance. No prepayment penalties. See a credit union representative for more details. To speak with a mortgage loan representative, please call 205-682-1197.
15 year mortgage disclosure
APR = Annual Percentage Rate. Your APR may be different based on the final loan amount, loan to value and finance charges. Normal credit qualifications apply. Origination fees apply. Additional fees, including recording fees, document preparation and title fees will apply. If funds are for a refinanced loan, then closing costs may be financed with the loan. On a $200,000 loan for 15 years at 4.50% APR the monthly principal and interest payment would be $1,530.04. This does not include real estate taxes and homeowner’s insurance. We will loan up to 90 percent of the purchase price or the appraised value – whichever is the lower amount. Financing up to 90 percent with no Primary Mortgage Insurance. No prepayment penalties. See a credit union representative for more details. To speak with a mortgage loan representative, please call 205-682-1197.
