Mortgages

G.A.P. FEDERAL CREDIT UNION OFFERS SEVERAL WAYS TO FINANCE A NEW HOME, REFINANCE TO PAY OFF AN EXISTING LOAN ELSEWHERE, AND BORROW FOR HOME IMPROVEMENTS WITH THE ADVANTAGE OF TAX DEDUCTIBLE INTEREST.(Consult your tax advisor.)

HOME EQUITY LOANS: Do you need to make some home improvements or repairs, pay off some high interest credit cards, or go on vacation? Maybe our Home Equity Loan (for Pennsylvania residents) is just what you need. Appraisal, attorney and flood determination fees will be paid by the Credit Union, except if a loan is canceled by the member before the transaction is finalized, all fees will be paid by the member. Also, if a member does not qualify for at least $5,000, the appraisal fee will be paid by the member. - Your home may be full of $$CASH$$

Our variable-rate Home Equity Line of Credit Loan and is available for up to 80% of your home’s appraised value less existing mortgages for a maximum of $40,000. The rate changes quarterly and is based on the 26 week US Treasury Bill plus four (4) points. Your payment is calculated over an 11 year term for your maximum line of credit approved.

Buying a new home? Refinancing your current mortgage for much needed repairs or a lower rate?

MORTGAGES (for Pennsylvania residents) are available on primary residence only. Our one year variable rate is based on the Wall Street Journal Prime Rate (within two (2) points). The maximum rate over the term of the loan can be no higher than 7½ points above the initial loan rate. The rate will not increase by more than 2 points in one (1) year. We will finance up to $200,000 for a maximum of 20 years. We will finance 80% of the appraised value less any existing mortgages.

Proof of homeowners insurance, flood zone determination and receipts for paid taxes on a yearly basis are required for all our mortgage loans.

Payroll and Automatic Deductions save you time and worry!
You’ll have greater peace of mind knowing that your loan payment is made on time every month with Payroll Deduction, Direct Deposit or an automated transfer from your G.A.P. FCU share or share draft account.

G.A.P. Federal Credit Union offers member-pay Credit Life and Disability Insurance.
Find out how Credit Life Insurance can give you greater peace of mind by helping to pay the remaining loan balance in the event of the borrowers’ death. Credit Disability Insurance can help make a stressful time easier by making your payment for you in the event you become disabled. Ask a member service representative for more details on these types of insurances.

*Rates are subject to change without notice.

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	Mortgages