Mortgage Loans

So you've scouted neighborhoods, measured square footage and studied more housing styles than the average architect. And now you have to learn the ins and outs of all these mortgage options? Fear not. At Capital Credit Union, our friendly lending experts can clearly lay out the details and guide you to a loan that helps you comfortably achieve your homeownership dreams.

Know Your Options

• Conventional Mortgages for Primary Residences, Secondary Residences or Investment Properties: Fixed-rate and adjustable-rate loans (ARM) are available. Choose from 10-, 15-, 20- or 30-year mortgages as well as other repayment terms. Primary residence and secondary residence conventional mortgages offer low down payment requirements.
• Lot Loans: This loan is used to finance a residential lot or land suitable for construction of your new home.
• New Construction Loans: With preapproval of permanent financing, this short-term loan covers the cost of custom home building. Once the home is built, we'll help you apply for a mortgage to pay for the completed home. A lot goes into building a new home, but we keep it simple.
• Federal Housing Administration (FHA) Loans: These government-backed loans are often ideal for first-time home buyers. Attractive qualities include low fixed rates, as little as 3.5% down payment requirement and less-stringent credit rating qualifications.
• U.S. Department of Agriculture Loans: These fixed-rate mortgages are for buyers who want to live in rural areas or certain suburbs. No down payment is required.
• VA Loans: Active duty military, reservists, veterans and their surviving spouses may be eligible for 100% financing with a low fixed rate and no private mortgage insurance requirement.
• North Dakota Housing Finance Agency Program: This program helps North Dakotans who need down payment or closing cost assistance. If borrowers qualify, they can get a fixed-rate loan for as little as $500 in out-of-pocket costs.
• Refinancing: Depending on your situation, refinancing your home loan may help you obtain a lower interest rate, reduce your monthly payment, or shorten the term of your home loan.

Capital Credit Union is a full-service financial institution with locations in Bismarck, Mandan, Fargo, Beulah, Hazen, New Salem and Flasher, North Dakota.