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Loans


Wherever you are along Life’s Journey, we are here to help you with the financing you need. Purchasing or building a home, adding to your education, getting a new car, and anything else along the way—we’ve got options for you.

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Mortgages

Ready to purchase your first home, second home, build a home or refinance?  Firelands Federal Credit Union has the experience and knowledge to guide you along the way and secure your financing.

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    Competitively low rates for home purchase, refinance, or construction

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     A wide range of terms customized to your unique situation

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    A variety of financing programs available:

    • Fixed Rate Mortgages
    • Adjustable Rate Mortgages (ARMs)
    • FHA Loans
    • VA Loans
    • USDA Loans
    • First Time Homebuyer Program
    • Home Equity Loans
    • Home Improvement Loans
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    Low closing costs

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    No pre-payment penalty

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    Mortgage Loan Originators with working knowledge of the local real estate market

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    Free pre-approval for extra confidence when it comes to securing financing

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    Refinance your current home to potentially lower your rate

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    Local decision-making and processing in your own community

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    Personalized service from trusted lenders

What You Need to Apply

The following is a list of documents needed to process your mortgage loan application:

checkmark  The last two (2) current pay stubs with year-to-date earnings for each borrower

checkmark  The last two (2) years of W-2’s for each borrower

checkmark  Signed personal tax returns with all applicable schedules for the last two (2) years ended prior to Mortgage application.

checkmark  Most current investment statements

checkmark  Additional information may be required

HomeReady Mortgage

Discover the affordability of home ownership with HomeReady mortgage.

For those with modest savings, HomeReady mortgage can be a great option. Thanks to features like a down payment as low as 3%,* cancellable mortgage insurance** and more, homeownership can be affordable. Whether you’re a first-time homebuyer trying to get your financial foot in the door, a repeat buyer, or a homeowner looking to refinance and lower your monthly payments, HomeReady mortgage can help. The path to homeownership may have seemed challenging – until now.

Speak with one of our friendly Mortgage Loan Originators or click here for more information.

*97% LTV can use any fixed-rate term (10-, 15-, 20-, 30-year).

**Restrictions apply.

Welcome Home Grants

Details

The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants to assist with down payment and closing costs for low and moderate-income homebuyers through the Welcome Home Program (WHP).

Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, 2024, and will remain available until all funds have been reserved.

This year’s offerings include:

  • Up to $25,000 down payment assistance grants for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel
  • Up to $20,000 down payment assistance grants for all other qualified buyers

Who are Eligible Homebuyers?

  • The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located;
  • A fully executed purchase contract on an eligible property is in hand;
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
  • If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer
    counseling course is completed prior to the loan closing.
  • Applicants do not have to be first-time homebuyers.

What is an Eligible Property?

A property would be eligible if all of the following guidelines are met:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home and,
  •  The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale,
    foreclosure, deed in-lieu of foreclosure, or change in ownership during the five-year retention period

All 2024 program documents and forms are available at www.fhlbcin.com

Eligibility to participate in the Welcome Home mortgage program is determined by Firelands Federal Credit Union. Amounts are subject to change based on the financial information provided & availability of funds. All Loans are subject to credit approval. Final approval is determined by the Federal Home Loan Bank of Cincinnati.


Ready to Apply?

Home Equity Loans

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    Competitive rates for several short-term or one-time needs:

    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
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    The existing equity in your home is used as collateral backing

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    Accommodating repayment terms that work uniquely for you

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    The interest paid might be tax deductible

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    Local decision-making and processing in your own community

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    Personalized service from trusted lenders

Ready?

Home Equity Line of Credit (HELOC)

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    Competitive rates for several ongoing or seasonal needs:

    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more!
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    The existing equity in your home is used as collateral backing

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    No closing costs for closed loans that meet Firelands FCU criteria

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    Accommodating repayment terms that work uniquely for you

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    Funds available anytime without reapplying; apply once, then use repeatedly thereafter

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    Revolving credit – as principal is repaid, more becomes available for use

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    Funds easily available via in-person transfers to your Firelands FCU checking or savings account

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    The interest paid might be tax deductible

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    Set up automatic payments to be deducted from your account monthly

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    Local decision-making and processing in your own community

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    Personalized service from trusted lenders

More About HELOCs

If you are a qualified homeowner with available equity, a HELOC can provide you with:

  • Secured financing based on the equity in your home, which typically results in lower interest rates than many unsecured forms of credit.
  • A revolving source of funds that you can borrow against and pay back as many times as you’d like during the draw period.
  • Potential tax benefits (consult your tax advisor regarding deductibility of interest).

You will have monthly payments which include both principal and interest:

  • During the draw period, your minimum payment will be the greater of $100.00 or 1.5% of the balance.
  • If you withdraw additional funds during the draw period or the variable-interest rate changes, your monthly payment may change.
  • During the repayment period, your payments are recalculated monthly to repay your principal balance over the remaining months. 

Understanding the phases of a home equity line of credit:

  • Draw period ­– The draw period is the fixed length of time during which you can access funds from your home equity line of credit. It runs for 10 years from the date you open the account. Your annual percentage rate (APR) during the draw period is variable and tied to the prime rate.2
  • End of draw – End of draw refers to the date your draw period ends and you can no longer access funds from your home equity line of credit.
  • Repayment period – After your draw period ends, you’ll enter the repayment period. Your access to funds will end and your payment structure will change to principal-plus-interest payment tied to the variable rate.


*Applicant will owe any costs for loans that do not close. These costs may vary based on the stage of the application. This account has a Draw Period of 10 years, after which you will be required to repay any amounts within a 10-year Repayment Period, depending upon your account balance. Hazard and, if applicable, flood insurance required. New Firelands Federal Credit Union Home Equity Accounts are subject to credit qualification, income verification, and collateral evaluation. Additional restrictions, limitations and exclusions may apply. Terms and conditions subject to change without notice. The home equity line of credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each day in The Wall Street Journal Money Rates Table (the “Index”), plus a margin. Advertised rate is based on rates as of 7/27/23 and is subject to change. The minimum line of credit amount is $15,000. Minimum APR is 0%. Maximum APR (Lifetime Rate Cap) will be 18%. Your APR will be based on the specific characteristics of your credit transaction, including evaluation of credit history, CLTV, property type, amount of credit, term, and geographic location. There is a $60 annual fee. The early termination fee will be $350 if terminated within the first 36 months.

Ready?

Vehicle Loans

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    Competitive rates on new or used vehicles

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    A wide range of terms customized to your unique situation

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    On-site financing available through our dealership partners (see the full list below!)

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    Pre-approval available for extra bargaining power at the dealership

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    Refinance your current vehicle to potentially lower your rate or payment

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    Local decision-making and processing in your own community

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    Personalized service from trusted lenders

Boat, RV, and Motorcycle Loans
  • Competitive rates for a wide range of recreational vehicles:
    • RVs
    • Motorcycles
    • Boats
    • And more!
  • A wide range of terms customized to your unique situation
  • On-site financing available through our dealership partners (see the full list below!)
  • Pre-approval available for extra bargaining power at the dealership
  • Refinance your current vehicle to potentially lower your rate
  • Loan protection available
  • Local decision-making and processing in your own community
  • Personalized service from trusted lenders

Ready?

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[Apply Now-Motorcyle or ATV]

A Better Car Repair Experience

We’ve teamed up with ForeverCar to offer mechanical repair coverage at an exclusive member price.

Life gets disrupted when your car breaks down. At best, it’s an inconvenience that keeps you from what you want to be doing. At worst, you might have to drain your savings or even lose your car. That’s why we’re offering mechanical repair coverage powered by ForeverCar at a special member rate. Plus, you can complete the entire process from getting a quote to paying with a credit card through ForeverCar. 

Minimize the disruption of car repairs and get back to what really matters with ForeverCar mechanical repair coverage. Get a quote or call ForeverCar at 877-300-7441.


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Dealer Relationships

Firelands Federal Credit Union has joined efforts with several local auto dealers to provide you with the convenience of closing your auto loan right at the dealership! This relationship will allow you to get your loan and auto all at one time – no need to stop at one of our branches. No need to run back and forth securing the car you want. No time spent on the phone getting pre-approved. The next time you’re thinking of purchasing a new or used vehicle, keep in mind these Firelands FCU approved auto dealers.

We currently have relationships with over 60 local dealerships! 

View our list of partner dealerships here.

Ready?

Buying a Used Car? Just Say “Show Me the CARFAX!”

Don’t run the risk of buying a used car with costly hidden problems. Get a detailed vehicle history report from this nationwide database within seconds. As a member of Firelands Federal Credit Union, you can purchase a CARFAX report at a discounted rate of $20. (The regular rate is $34.99.) Just stop in and speak with one of our friendly loan officers. We’ll take care of the rest!

SMART Loans

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    Borrow up to $2,000 for 12 months

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    Much lower interest rate than a traditional payday advance loan

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    Must be a Firelands Federal Credit Union member in good standing for at least 3 months and have your payroll directly deposited in a Firelands FCU account

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    Payments are due with each payroll deposit until the loan is paid in full

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    Valid Driver’s License, State ID, or passport required to apply

Ready?

Customer taking out a loan at Firelands

Share Savings/Certificate Secured Loans

If you’re looking for a higher loan limit, this may be the loan that works for you! Because this loan is backed by your share certificate or savings account, we can offer higher limits, and this loan allows you to build your credit score.

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    Competitive rates for a variety of personal needs

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    Loan is backed by your savings or share certificate

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    Continue earning dividends on your funds

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    Loan protection available

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    Local decision-making and processing in your own community

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    Personalized service from trusted lenders

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    Minimal credit approved criteria

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    Flexible repayment terms

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    Ideal for members looking to establish or rebuild credit

Ready?

Personal Loans

A Firelands FCU personal loan is your all-purpose loan solution that offers a fixed rate for a fixed term and is secured by your signature. Borrow $5,000 to $50,000 with terms up to 84 months for any reason – consolidate debt, pay for a wedding, take a family vacation, or whatever else you may choose!

Our personal loan application process is quicker and easier than ever! Plus, our team of financial professionals will now let you know the terms and rate of your loan when you apply. This better borrowing experience allows you to make more precise and confident financial decisions that fit your individual circumstance!

Once your application is complete and you’ve accepted your terms, the money you need can be deposited as soon as the same business day!

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    Borrow $5,000 to $50,000 with terms up to 84 months

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    Competitive fixed rates for a variety of personal needs

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    Convenient 24/7 online application

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    Personal service with a local Member Relationship Consultant

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    Find the rate/term/payment combo that is right for you

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    Secured by your signature

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    Quick online signing and funding available

Ready?

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Personal Lines of Credit / Overdraft Line of Credit
  • Competitive rates for several ongoing needs
  • Obtain a flexible line of credit with little more than your signature
  • Conveniently meet needs as they arise; no need to apply for separate installations
  • Only pay interest on the balance you use
  • Funds available via in-person requests
  • Local decision-making and processing in your own community
  • Personalized service from trusted lenders

Ready? Apply Now

Private Student Loans

Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents.

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    For borrowers attending degree-granting institutions

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    Ideal for college expenses not covered by scholarships and federal loans

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    Competitive, fixed, and variable interest rates with multiple repayment options

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    No origination fees; no prepayment penalty

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    Multiple repayment options

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    No origination fees; no prepayment penalty*

Ready?

happy college student

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