mortgage loan options

All about mortgages.

And refi. And construction loans. And lot loans. No matter your property plans, we have a loan option available for you.

Don't hesitate! Find a Mortgage Advisor in your area to get started now.

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the United difference

We've been rolling out the welcome mat since 1949.

In this day and age where every bank, credit union, and online site offers you comparable rates on mortgages, United offers you just a bit more. We’ve been financing home buying since 1949 and we’ve kept to our local, personable values all these years.

We're People

This means you can talk to a real person. You’re unique and the type of rate and loan you need is specific to you. We get that and we have real people speak with you to make sure you have the right fit. Even if you are unsure you’re ready, we’d love to talk to you and answer any questions you might have. Whether you choose to do your mortgage transaction digitally, on the phone, or in person, know that a real United Mortgage Advisor is looking after you.

We're Local

Being local means more convenience for you. You can drop in to speak with your Mortgage Advisor or even pay your mortgage loan at any branch location.3

We're Experienced

With the housing market boom and interest rates changing day to day, talk to a United Mortgage Advisor to lock in your rate or get expert guidance on the housing market.

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mortgage loans in a snapshot

Here's a quick overview of what mortgage loans from United offers. Don't think you'll qualify? Reach out to United and discuss your options. We will fit your needs into the perfect mortgage option for you.

competitive rates
flexible repayment terms up to 360 months1
borrow up to 100% of the property's value
easy to apply online, on the phone, or in person
discount with autopay from a Rewards Checking or Ultra Checking account1
PMI on loans over 80% LTV. Some loans excluded
loans offered for nearly every state2
make payments at any branch location3
experienced Mortgage Advisors to help you
option to roll-in closing costs into loan

what properties we cover

Single Family Planned Unit Developments (PUDs) 2-4 Unit Multi-Family Dwellings Condominiums Modular Homes Manufactured Homes Proposed Construction Townhomes Vacant Land / Lots
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mortgage loan options

Conventional Loan

Standard home mortgage loan.
options & eligible for
  • FRM
  • 5/1 ARM
  • 7/1 ARM
  • Primary Residence
  • Second Home
  • Investment Property
ideal for

Members who have a variety of credit characteristics allowing for competitive solutions to purchase or refinance a home.

100% LTV Loan

options & eligible for
  • FRM
  • 5/1 ARM
  • 7/1 ARM
  • Primary Residence
  • Non-conforming
  • 100% LTV
ideal for

Members who don’t have a lot of equity in a home they currently own or don’t have a lot of funds available for a down payment to purchase a home.

HomeReady® Loan

options & eligible for
  • FRM
  • 5/1 ARM
  • 7/1 ARM
  • Primary Residence
  • As Low As 3% Down Payment4
  • Reduced MI Coverage
ideal for

Members who are first time homebuyers, have low- to moderate-income, or an average credit score. Typically, this is better for homebuyers who don’t have the funds to make a large down payment.

Medical Professionals Loan

options & eligible for
  • FRM
  • 5/1 ARM
  • 7/1 ARM
  • Primary Residence
  • No PMI
  • 100% LTV
  • Student Debt Not Included in DTI
ideal for

Members with the following licensed credentials are eligible for this loan are Physicians with MD, DO, and DPM; as well as titles Dentist, Chiropractor, Veterinarian, Physician's Assistant, Nurse Practitioner, and Nurse Anesthetist.

If you are in the field of medicine, but don't see your title listed here, contact us for customized loan options to help serve your needs.

Construction Loan

options & eligible for
  • FRM
  • Primary Residence
  • Second Home
  • 95% LTV
ideal for

Members financing the construction of their house. This loan can be used to purchase the lot from a builder with the intention of building right away, in conjunction with a lot loan, or if you intend to build on a lot that you already own.

Lot Loan

options & eligible for
  • FRM
  • 80% LTV
  • No PMI
  • 10-year Term
ideal for

Members who want to purchase a lot intended for a residential build, but don’t plan on building for several years. The lot must be buildable and zoned as residential.

Investment Property Balloon Loan

options & eligible for
  • FRM
  • Investment Property
  • Non-conforming
ideal for

United finances investment properties for up to 15 years. The 15/30 balloon product is great for members who want to finance an investment property and experience the benefit of a smaller payment comparable to a 30 year loan payment.5

Jumbo Loan

options & eligible for
  • FRM
  • ARM
  • Primary Residence
  • Second Home
  • Non-conforming
ideal for

Members who are financing a purchase or a refinance for an amount exceeding the conforming limit of $548,250 established by the Federal Housing Finance Agency (FHFA).

FHA

Insured by the Federal Housing Administration.
options & eligible for
  • FRM
  • ARM
  • Primary Residence
  • Specialty Loan
  • As Low As 3.5% Down Payment4
  • MI Lasts Full Term of Loan
ideal for

Members who are first-time home buyers or have little savings and credit challenges.

Rural Development

Insured by the Dept. of Agriculture.
options & eligible for
  • FRM
  • Primary Residence
  • New Construction
  • Specialty Loan
  • 100% LTV
  • No Max. Purchase Price
  • 30-year Term1
ideal for

Members who demonstrate an economic need and are interested in purchasing a home in a rural area as defined by the USDA’s eligibility requirements.

VA

Backed by the Dept. of Veterans Affairs.
options & eligible for
  • FRM
  • ARM
  • Primary Residence
  • Specialty Loan
  • 100% LTV
  • No MI
ideal for

Members who are actively serving in the military, Veterans and spouses of service members who have deceased in the line of duty.

Talk to Us

There are many options for mortgages. The possibilities are endless!

Not sure which one to go with, or can’t find one that fits your needs? Don’t worry! Talk with one of our mortgage advisors today and we’ll help you find the perfect fit for your needs.

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Table Glossary

An adjustable mortgage has an initial interest rate that is fixed for a specific period of time, followed by an adjustable interest rate that can increase or decrease over the remaining life of the loan, based on certain market conditions. United offers two adjustable-rate mortgages (ARM)

  • 5/1 ARM: The first 5 five years are a fixed interest rate. Afterwards, the rate is adjusted once a year.
  • 7/1 ARM: The first 7 seven years are a fixed interest rate. Afterwards, the rate is adjusted once a year.

This is a good choice if you plan to move before the end of the introductory fixed-rate period, want an initial monthly payment lower than a fixed-rate mortgage usually offers, or think interest rates may go down in the future.

Conventional financing are mortgage loans that are not backed or insured by the government. Of conventional loans, they can be either conforming or non-conforming.

Conforming is a loan that abides by Fannie Mae and Freddie Mac guidelines, two government-sponsored enterprises. Non-conforming, likewise, is a loan that does not abide by Fannie Mae and Freddie Mac guidelines.

A down payment is an initial up-front partial payment for the purchase of the property. It is money that you physically have at your disposal, it is not borrowed.

DTI stands for debt-to-income ratio. To calculate, add up all your monthly debt payments and divide them by your gross monthly income.

A fixed-rate mortgage is a fully amortizing mortgage loan where the interest rate remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time. This is a good choice if you think interest rates could rise in the next few years, plan to stay in your home for many years, or prefer the stability of a fixed monthly payment.

Investment property is generally property that you, personally, do not live. This is for property you intend to use to generate income by renting, appreciating value, or other means.

LTV stands for loan-to-value ratio. It is the term to represent the ratio of the mortgage loan as a percentage of the total appraised value of the real property.

Property that will be your main home in which you live most the year, receive mail, and is reasonably close to where you work.

(P)MI stands for (private) mortgage insurance. Mortgage insurance is typically required if you are borrowing a large percentage, usually over 80%, of the property’s value.

A home you live in for some part of the year. Unlike a primary residence, you do not have to live there for most of the year or be close to your work. A second home is intended for personal use.

Specialty financing are loans offered or secured by a government entity.

refi

‘Re-do’ with a refi from United.

Simply put, a refi will give you a chance to replace your current mortgage with a new one based on the current market and your current finances. With today’s low market rates, now could be a good time to consider a refi.

the best time to refi

The best time to refi may be when
  • Interest rates are at least 1% lower than your current mortgage
  • Your credit profile has improved
  • You need funds to deal with a financial emergency, finance a large purchase, or consolidate debt
  • You plan to stay living in your current home long enough to recoup the costs of refinancing

the benefits of refi

Refinancing can potentially
  • lower your monthly mortgage payment
  • pay off your mortgage faster with a shorter term
  • allow you to switch from an adjustable-rate to a fixed-rate, or vice-versa
  • obtain a lower interest rate
  • provide cash for paying debt and home improvements
  • Get rid of PMI if you have more than 20% equity in your home

how much home can I afford?

which mortgage option is best?

what will my payment be?

should I pay discount points?

what is the LTV ratio of my home?

should I refinance my home?

should I make extra payments on my mortgage?

you bring the dreams

we'll bring the dollars

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further reading

Should I Carry a Mortgage into Retirement?

Advice Hub | 9/22/2021

If you're mulling whether to make a mortgage part of your retirement plan, here are some considerations to help you decide one way or the other.

Read Article

Buyers vs Sellers Market

Buyer’s Market vs. Seller’s Market: What to Know

Advice Hub | 7/29/2020

Whether you are buying in a seller’s market or selling in a buyer’s market, remember to tailor your approach to the current housing market.

Read Article

Buying During a Downturn

How Buying a Home Differs During a Recession

Advice Hub | 7/29/2020

You may be able to use an economic downturn to your advantage to find the house you want at a price you love.

Read Article

What's My Home Worth

Determining Your Home Value and How It Helps

Advice Hub | 7/29/2020

Knowing your home value gives you more control over these processes and provides clarity to future financial decisions.

Read Article