Mortgage Loans

Equal Housing Lender   

First Mortgage Loans

Buying a home is probably the most important thing you will you do in your life. Your home is where memories are made and where you relax. Your home is a part of you. Taking out the mortgage on that home, though, can be frightening. It pays to work with someone you trust. Diamond Valley FCU offers great mortgage plans with great rates and convenient terms.

To apply for a mortgage loan or to refinance your current mortgage ask for an application at any Diamond Valley FCU location. Mortgage Originators are available at all branch locations.

We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act. Mortgage loans are available to qualified members in most southwestern Indiana and western Kentucky counties. The information provided is accurate as of 5/00 and may change after that date. Please contact a Mortgage Loan Officer at any Diamond Valley FCU office for current rates and further details.

Home Equity Line of Credit

Home equity lines of credit are an excellent source of credit for homeowners that need to borrow money. Our home equity line of credit works similar to a credit card, allowing users to borrow up to an approved line of credit. Using the equity in your home can help meet your borrowing needs at a low rate. Typical use of funds include: consolidating debt, home improvements, buying a new auto, and paying for tuition. Apply for your home equity line of credit today. Call our Mortgage Department at (812) 425-5152.

Home Equity Line of Credit Features:

  • Use it for ANYTHING!

  • As low as 4% APR* variable rate

  • Up to 100% of home value

  • Interest may be tax deductible

*APR = Annual Percentage Rate. The variable rate is based on the Prime rate as published in the Wall Street Journal and is dependent upon the equity in your home. Rate may change without notice. Maximum APR is 18%, Minimum APR is 4%. Qualified loan borrowers must meet membership qualifications and certain loan requirements. Borrower¹s primary residence only. Homeowner¹s insurance required. Title, appraisal, flood determination, and recording fees are required. Minimum advance is $3,000. Call for details. Consult your tax advisor regarding deductibility of interest.

Avoiding the Cost of Collateral Protection Insurance

As the lienholder on your vehicle and many others, we depend on comprehensive and collision insurance to protect our credit union from uninsured loss. The terms of your loan contract require this coverage for the life of the loan. Still, members sometimes allow their coverage to lapse.

When this happens, a collateral insurance policy is placed on the member's loan with the cost added to the monthly payments. Collateral protection insurance protects the credit union, but does not cover the borrower, and is no substitute for traditional insurance.

You can avoid the added cost of collateral protection insurance by keeping your insurance policy up to date. Should you receive a notice from our insurance department asking for proof of insurance, we encourage you to respond quickly to avoid any inconvenience. For questions on collateral protection, please give us a call at 812.425.5152. 

 

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