2040 Valleydale Rd Birmingham (Alabama) 
Welcome Home!
Unlock the door on your next mortgage!
- Save on closing costs
- Finance UP to 90% of the value of your home
- No Private Mortgage Insurance required
- Local decisions & held locally with us
Fantastic Fixed Rate Mortgage Options
and a
NEW 30-year fixed mortgage!
30-year rate as low as
3.10% APR
15-year fixed rate as low as
3.00% APR
10-year fixed rate as low as
2.99% APR
* Rate reflected is 80% of value of your home. Up to 90% of the loan value is available.
Is a 30-year fixed rate mortgage right for you? You’ll enjoy these benefits:
- Budget friendly monthly payment.
- Perfect for the person who wants to stay in their home for a long time.
- A fixed monthly payment and interest rate for 30 years.
Maybe a shorter term fixed rate will be a better fit for your needs? Here’s why this might work for you:
- You want to pay your mortgage off quickly.
- You want to stay in your home and are getting close to retirement.
- It builds equity in your home faster.
- There are no origination fees on our 10-year fixed mortgages.
Awesome Adjustable Rate Mortgages!
We saved a member $25,248.32 on a $200,000 15/1 adjustable
rate mortgage,and $4,598.72 in closing costs on a $200,000 loan.
it was thrilling to help refinance her home and save her money.
This loan is a great option for some members – Linda*
Adjustable Loan Rates as low as:
3/1, Adjustable after 3 years
5/1, Adjustable after 5 years
7/1, Adjustable after 7 years
10/1, Adjustable after 10 years
15/1, Adjustable after 15 years
Adjustable rate mortgages offer these benefits:
- Get in your dream house with an adjustable rate mortgage which enables you to start with a lower starting rate and monthly payment.
- Because of the lower up-front rate, you can buy more house.
- No negative amortization
- No prepayment penalties
- No private mortgage insurance and only a 10% down payment.
* Loan examples listed above is on a $200,000 mortgage. It is not reflective of all adjustable rate mortgages.
** The rates listed above are for 80% of the value of your home. We also offer an 90% loan value option.
Flexible Payment with Interest Only
Home Equity Loans!
Want to make some home improvements?
Like the idea of a flexible payment?
Check out our most popular second mortgage product.
I love my interest-only home equity line of credit. I’ve made significant home improvements over the last 5 years.
If I have a budget surprise – I know I can handle it. I may pay only the minimum that month, and maybe more than required the next month. Its flexibility is wonderful – Louise
Use the equity in your home to make large purchases or make the home improvements you’ve always
wanted.
Interest-only home equity line of credit as low as 3.25% APR
No closing costs for a loan advance of $15,000 or higher. If loan is paid in pull or principal balance within in
one year of the loan, closing costs will be assessed.
Use the equity in your home to make large purchases or the home improvement you’ve been dreaming
of.
You’ll enjoy the wonderful flexibility of an interest-only loan.
Draw for 10 year on your equity and repay over a 15-year period.
Each month your minimum monthly payment is the interest on the outstanding balance but you can pay more.
Sample Loan Payments and More Mortgage Information for you …
Loan payment examples do not include real estate taxes and homeowner’s insurance.
On a $200,000 loan for 30 years at 4.25% APR the monthly principal and interest payment would be $985.00.
On a $200,000 loan for 15 years at 4.00% APR the monthly principal and interest payment would be $1,480.00.
On a $200,000 loan for 10 years at 3.50% APR the monthly principal and interest payment would be $1,978.00.
Adjustable Rate Mortgages will adjust depending on the type of loan – Your rate is fixed for either 3, 5, 7, 10 or 15 years depending on your loan type and then may change thereafter annually up to the maximum of 6% of the starting rate. The annual percentage rate is the advertised rate and can vary based on credit worthiness, term of loan and down payment.
How Your Interest Rate and Payment Are Determined – Your interest rate will be based on an index plus a margin. Your payment will be based on the interest rate, loan balance, and loan term. The interest rate will be based on the average of interbank offered rates for six month U.S. dollar-denominated deposits in the London market based on quotations of major banks, as posted by Fannie Mae, plus our margin. We have recently used 2.50% as a margin. Your margin may be different. Ask us for our current rate and margin. Information about the index is published in the “Money Rates” section of the Wall Street Journal. Your interest rate will equal the index rate plus our margin unless your interest rate “caps” limit the amount of change in the interest rate. Your interest rate will not exceed the maximum rate allowed by law.
How Your Interest Rate Can Change – Your interest rate can change annually beginning upon the agreed upon change date after closing and annually thereafter. Your interest rate cannot increase by more than 2.00% annually and not more than 6.00% above the initial rate over the life of the loan. The interest rate will never go below the initial rate.
How Your Payment Can Change – Beginning on the change date, your payment can change annually based on the margin and index. Your monthly payment can increase or decrease based on annual changes to the margin and index. You will be notified in writing 60 days before the due date of payment at a higher amount. This notice will contain information about your interest rates, payment amount and loan balance.
APR= Annual Percentage Rate.
Rates are subject to change without notice.
Loan Rates Effective 7/17/2020
Mutual Savings Credit Union is federally insured by NCUA.
Equal Housing Lender