Mortgage Loan Types

Avoiding foreclosure

New Home Purchase

Purchasing your first home or your dream home? Whether you are relocating, up sizing, downsizing, or purchasing a new construction home, we are here to help.

Programs

  • Fixed Rate
  • Adjustable Rate
  • Jumbo
  • Construction
  • Condo
  • Investment
  • 2nd & Vacation Homes

Tap Into Fast

The moment a home goes up for sale - offers start rolling in. Let us move you to the top of the line with a mortgage fast pass. Get pre-approved with cash in your pocket options by utilizing the equity in your current home or ask about a bridge loan. The process is simple. Stop in to your local branch or call and ask to speak with one of our professional Loan Officers. You can also apply online.

Highlights

  • Local team and servicing
  • Fast & free pre-approvals
  • Apply online or with a local, professional Mortgage Loan Officer
  • Down payment options as low as 3% for first-time homebuyers
  • Competitive rates and programs
  • Bridge Loans & Home Equity - make your current home's equity work for you
  • Option low or no closing costs
  • Experienced underwriting and processing

Loans to Help You Refinance

There are many reasons to refinance your current mortgage. You can get a lower rate, a lower monthly payment, a lower payback term, remove Private Mortgage Insurance (PMI), build faster equity, make home improvements, consolidate debt, or "cash out" for that special occasion.

Programs

  • Fixed Rate
  • Adjustable Rate Mortgage
  • Jumbo
  • Construction
  • Condo 
  • Investment
  • 2nd Home 

Tap Into Fast

Apply online or contact a loan officer for efficient and personalized service.

Highlights

  • Local team and servicing
  • Fast processing
  • Apply online or with a local, professional Mortgage Loan Officer
  • Competitive rates and programs
  • Bridge Loans & Home Equity - make your current home's equity work for you
  • Option low or no closing costs
  • Experienced underwriting and processing

Home Equity Line of Credit vs. Second Mortgage

We know the options can be overwhelming - we're here to help. The chart below explains the differences between a Home Equity Line of Credit and a Second Mortgage. If you decide a Second Mortgage is the best option, you may apply here.


Home Equity Line of Credit Second Mortgage
Monthly Payments Payment set each time an advance is made* Set amount each month
Financing Up to $250,000 or 100% of equity
Up to $250,000 or 100% of equity
Repayment term Up to 20 years (5-year draw period) Up to 15 years
Tax deductible interest* Possibly Possibly
Appraisal of valuation May be Required May be Required
Rate Variable rate*** Rate fixed for balloon period
* A payoff period of 240 monthly payments (20 years) will be used to calculate the payment. Payments will be set to repay the balance after an advance, at the current annual percentage rate, within the payoff period. Payments may also change if the annual percentage rate increases or decreases.

**Consult your tax professional regarding interest deductibility

*** The rate is based upon the value of an index. The index is the highest rate identified as the Prime Rate in the Money Rates section of the Wall Street Journal. Rates are subject to change daily. Based upon the LTV ratio, a margin is added to the value of the index. The floor rate is 2.99% (Up to 80% LTV) and the maximum rate will never exceed 18.00%. You can obtain credit advances for 5 years. Your payment will be set to pay off any balance after the initial draw period for a period of 20 years. Minimum payments will never be smaller than $100. Payments will remain the same unless an advance is made. There is no minimum cash advance. The maximum home equity line depends on the home value and total loans secured by the home. Closing costs are paid by BHCCU, however you may be required to pay for an appraisal up front with the possibility of reimbursement at closing. You must consult a tax advisor regarding the deductibility of interest.

See our home equity brochure and disclosures for more information.

Build Your Dream Home

Get a construction loan and build your new home on an owned or new lot or remodel your existing residence.

Programs

  • Fixed Rate
  • Jumbo
  • 2nd Home
  • Up to 95% Loan to Value (5% Down Payment)

Tap Into Fast

The moment a home goes up for sale - offers start rolling in. Let us move you to the top of the line with a mortgage fast pass. Get construction pre-approval with cash in your pocket options by utilizing the equity in your current home or ask about a bridge loan. The process is simple. Stop in to your local branch or call and ask to speak with one of our professional Loan Officers. 

Contact a loan officer for efficient and personalized service. 

Highlights

  • Our construction loan process
  • Single Close transaction
  • Local team and servicing
  • 2.49% during construction phase - interest-only payments
  • Fast processing
  • Apply with a local, professional Mortgage Loan Officer
  • Competitive rates and programs
  • Experienced underwriting and processing
  • Experienced servicing during construction phase
  • Simple, quick transaction into conversion phase (fixed remaining term)
  • Use existing lot equity towards your down payment
  • 95% Loan to Value

Lot & Land Loans

Have you found the perfect place to build your dream home? This is an exciting time! Just like your new home, a loan with BHCCU will be fully customized to fit your needs.

With a lot loan, you can purchase land before construction begins. Once building starts, your lot can be financed as part of the construction loan. If you already own the land, you may be able to use your lot as equity for your construction loan. 

Programs

All our land and lot loans are adjustable rate mortgages. 

Lot Option 1 Lot Option 1 Land
Down Payment 20% 30% 40%
Build Timeframe Build within 12 months Build within 1-3 years None
Lot/Land Size Less than 25 acres Less than 25 acres More than 10 acres

Tap Into Fast

The moment a home goes up for sale - offers start rolling in. Let us move you to the top of the line with a mortgage fast pass. Get "Lot Loan" pre-approval with cash in your pocket options by utilizing the equity in your current home or ask about a bridge loan. The process is simple. Stop in to your local branch or call and ask to speak with one of our professional Loan Officers. Contact a loan officer for efficient and personalized service.

Highlights

  • Local team and servicing
  • Fast processing
  • Apply online or with a local, professional Mortgage Loan Officer
  • Competitive rates and programs
  • Lower payment while planning construction loan
  • Experienced underwriting and processing
  • Use existing lot equity towards your construction loan down-payment

Bridge Loans

Let us help you bridge the gap between purchasing a new home and waiting for your home to sell with a bridge loan. A bridge loan provides you with immediate cash flow so you can make purchases now.

This loan is backed by the equity in your home for your next home purchase or construction loan transaction.

Programs

  • 6 month
  • 10 month for construction

Tap Into Fast

The moment a home goes up for sale - offers start rolling in. Let us move you to the top of the line with a mortgage fast pass. Get "Bridge Loan" approved with cash in your pocket options by utilizing the equity in your current home or ask about a bridge loan. The process is simple. Stop in to your local branch or call and ask to speak with one of our professional Loan Officers. Contact a loan officer for efficient and personalized service.

Highlights

  • No payments during term
  • Local team and servicing
  • Up to 80% property value
  • Fast processing
  • Apply online or with a local, professional Mortgage Loan Officer
  • Experienced underwriting and processing
  • Use existing home equity towards your construction loan down-payment