Home Loans

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Whether you're looking to purchase your first home or refinance your current one, KCT's Mortgage Services can help you every step of the way and offer a variety of financing options to fit your financial goals.

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Fixed-rate Mortgages

• Fixed monthly principal and interest payments for the life of the loan
• Available for purchases, refinances and cash-out refinances
• Available in 10, 15, 20 and 30 year terms
• Minimum down payment of 5% (3% for First Time Homebuyers) 

Adjustable Rate Mortgages (ARMs)

• The rate changes during the life of the loan. ARMs usually offer a lower initial interest rate than fixed-rate loans.
• Available in 1/1, 3/1, 5/1, 7/1 and 10/1 ARMs

FHA Mortgages

• More relaxed credit requirements and minimum down payment of 3.5%
• Available in 15 and 30 year terms
• Available for purchases, refinances and cash-out refinances

VA Mortgages

• Affordable financing and no down payment requirements
• Available in 15 and 30 year terms
• Available for purchases, refinances and cash-out refinances

First-time Home Buyer Program

• At least one borrower hasn't had ownership interest in a property in the last three years.
• Minimum down payment of 3%

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*KCT Credit Union awarded marketer of the year for 2018.
This award recognizes credit unions for their marketing and education of mortgage loans. In 2018, we offered several educational seminars for both our Members and the communities we serve about the following topics:

• Homebuying and Mortgage Workshop
• No obligation Debt Checkups for 1st time home buyers or buyers who are interested in a mortgage to start a plan that can be followed to achieve homeownership.
• Free consultations that include preliminary asset, income and credit review. 

NMLS #: 530593

We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

Q: Why do I need to get pre-qualified?

A: You will find out how much you can borrow with an estimated interest rate based off your personal situation and any other programs you may qualify for.

Q: What does the pre-qualification process consist of?

A: A formal assessment and review of your credit history* including any assets and debt you may have.

Q: What information do I need to get pre-qualified?

A: General information and documentation including:

Personal Information:

• Legal Name
• Birthdate
• Social Security Number
• Addresses from the past three years

Employment Information:

• Employment history and monthly income from the past three years
• Copies of previous two years W-2s
• Copies of previous two years signed Federal tax returns
• Copies of most recent pay stubs reflecting one month's income

Other Documentation:

• Copies of most recent bank statements (at least two months)
• Copies of previous months stocks, bonds, investment accounts (if applicable)
• For self-employed or commissioned borrowers: complete and signed federal tax returns for two years and corporate returns including all pages and schedule forms (if applicable)
• Current mortgage statement (if applicable)
• Current owners insurance policy (if applicable)

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Research the Market

Use the HomeAdvantage^® Property Valuation tool and Market Trends reports to find out just how much your home is worth as well as what is going on in your neighborhood.

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Find Your Dream Home

Search for your dream home using your preferred criteria, and then save those searches so you can receive email alerts when new matching properties become available.

Visit kctcu.mycuhomeadvantage.com to learn more or to set up an account today. These services are all free to you so we can help give you the best home advantage!

Home Equity Loans

Equity is the difference between your home’s market value and the balance still owed on your mortgage loan. You can use your home’s equity to fund home improvement projects, paying down large debts or financing unexpected expenses or emergencies.

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Home Equity Line of Credit (HELOC)

A home equity line of credit is perfect for ongoing home improvement projects, college tuition payments, or an emergency line of credit. This option provides the flexibility and convenience to access funds (up to your approved limit) when you need them, plus no closing costs.*

• Use up to 85% of the equity in your home.
• Interest may be tax deducible (consult your tax advisor to find out if you qualify)

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Home Equity Fixed Rate Loan

A Fixed-Rate Home Equity Loan offers members the comfort and security of fixed monthly payments and fixed rates for the life of the loan, plus no closing costs.* These home equity loans are great for home improvement projects and debt consolidation.

• Use up to 85% of the equity in your home.
• Interest may be tax deducible (consult your tax advisor to find out if you qualify)

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¹Annual Percentage Rate (APR). Home Equity Line of Credit (HELOC). The rate you receive is based on the Prime Rate, currently at 5.00% APR as of October 1, 2019, lien position and creditworthiness. The APR for KCT’s HELOC may change quarterly on January 1, April 1, July 1 and October 1 based upon the Prime Rate as reported by the Wall Street Journal. The floor for KCT’s HELOC is 4.00% APR, and the ceiling is 18.00% APR. Owner occupied, primary residence only. Minimum HELOC line amount is $10,000 with an initial draw of $10,000. Rates subject to change. All loans subject to approval. Membership and other qualifications apply.

²Annual Percentage Rate (APR). Home Equity Fixed Rate (HEFR). Minimum loan amount $10,000. Advertised rate is based on excellent credit history, lien position and discount. Membership and other qualifications apply. The interest rate you receive will be determined by your creditworthiness and lien position. Payment example: a $10,000 loan with a 60-month term at 3.99% would have 60 payments at approximately $186.43. Payment may vary from example if electing KCT Protection. Rates subject to change. All loans subject to approval. Receive a 0.25% discount on approved HEFR loan rate when you setup or have an existing automatic deposit into your KCT Checking account of at least $500.00 per month with automatic loan payment. Discount only available on HEFR.

*KCT Credit Union will waive closing costs if initial draw is $15,000 or greater for a HELOC or if loan amount is $15,000 or greater on a HEFR. Initial closing costs include a $245 appraisal fee (approximate) and a $65 title search fee. You may be charged a $50 inactivity fee if no transaction is made within 12 months. A late charge of 5% or $10, whichever is greater, will be assessed if payment is more than 10 days late. Offer subject to change.