Our Mortgage Loan Officers are here to help you find the mortgage that best meets your needs.
Whether you’re looking to purchase your first home, upgrade to a larger home, refinance your existing mortgage or take advantage of the equity you’ve built, we may have a mortgage lending solution for you. We offer competitive rates on a wide variety of options – including fixed-rate and adjustable-rate mortgages, as well as VA Loans.
$0 closing costs on select mortgages1
We’ll pay up to $10,0001 of your closing costs when you select either a 3/6, 5/5, 7/6, or 10/6 Adjustable-Rate Mortgage (ARM), fixed for the first 3, 5, 7, or 10 years. Offer good for a limited time and is valid for owner-occupied or second homes.
Receive up to $3,000 in lender incentives4
Limited-time offer on select 30 year fixed-rate loans.
Limited-Time Offers
- You may be eligible to receive 1/8 of a point off your mortgage loan when you establish a direct deposit* into a new or existing checking account with us.
Contact our Real Estate Loan Center at (877) 228-4873 to learn more.
Home Loans | - No application fees - No prepayment penalties - Financing up to 97% of home value - Cash-out options, make your equity work for you - Consolidate first and second mortgages and home equity lines of credit - Portfolio lender - |
Adjustable Rate Mortgage (ARMs) | - Standard, Hybrid, and 5/5 ARMS available - No closing costs1 - Rate fixed for the first 3, 5, 7, or 10 years2 - Financing up to 97% for the purchase of a new home (LTV’s greater than 80% require Mortgage Insurance) - Offer good for a limited time and is valid for owner-occupied or second homes |
Fixed Rate Mortgages | - Conventional or Jumbo Mortgages - 10/15/20/30-year terms available3 - Purchase or Refinance - Primary Residence & Non-Owner Occupied - Limited Time Offer: up to $3,000 in lender incentives on fixed-rate4 |
80/10/10 Loan Program | - 80% first mortgage, 10% second mortgage, 10% down payment - No PMI (Private Mortgage Insurance) so your monthly payment stays low - Fixed or adjustable rate - Owner occupied only - Purchase or refinance |
VA Loans | - Zero down payment purchases - 100% cash-out refinances - Acceptable debt-to-income ratios higher than conventional loans - Fixed and adjustable rate mortgages (ARMs) available - No monthly mortgage insurance required - No prepayment penalty |
Learn more about the home loan process
We’re here to guide you through your home loan purchase or refinance - from getting pre-qualified all the way through closing. Call our Real Estate Loan Center at (877) 228-4873 to get started.
Required Documentation for Home Loans
We have organized the required documentation to help facilitate your home loan process.
Appraisal Process
As a result of the Home Valuation Code of Conduct (HVCC) that was adopted in early 2009, a property appraisal can no longer be ordered by anyone directly involved in the origination of a mortgage application. This is done to ensure that any final value in the appraisal will not be improperly influenced by any parties involved in the origination of the loan.
- California Credit Union will order, for both purchasing and refinancing properties, an appraisal through an independent appraisal management company.
- Appraisals must be paid upfront by the member, via Visa®/MasterCard® or through direct withdrawal from the member's checking or savings account.
- A copy of the appraisal will be provided to you. No refunds will be given once the appraisal has been ordered.
- In today's market, and at the underwriter's discretion, an Appraisal Review is common. An Appraisal Review, if required, must also be paid upfront and no refunds will be given once it has been ordered.
Property Insurance
If you have a home loan or home equity line of credit with our credit union, you may be required to provide evidence of continuous insurance coverage.
Proving Proof of Insurance
We have partnered with Insurance Services (Allied Solutions) to track and verify insurance coverage. If you have received a letter from Insurance Services asking for verification of insurance, you may update your insurance information online.
You may also provide your proof of insurance via telephone, fax, email or regular mail using the contact information provided in your notification letter. For more information, please contact Insurance Services at (800) 334-8788.
Mortgage/ Payee Address
California Credit Union, ISAOA
P.O. Box 58610
Tukwila, WA 98138
Home Loan Resources to help make your day-to-day more manageable.
Overcoming Payment Challenges
If you’re having financial difficulty, we want to help.
Never Miss a Payment
Set up automatic mortgage payments when you link your checking account.
Home Rewards with free MLS access
Enjoy the convenience of accessing everything you need to buy or sell your home in one place - a free benefit for credit union members. Home Rewards helps you find the right home with expert guidance, and those who enroll and utilize the Home Rewards program are eligible to earn a rebate up to 20% of the agent's commission.5
Home buying and selling has rewards.
Did you know?
You can buy or sell your home with ease, with our Home Rewards service. It’s available exclusively to our members. Find Your Dream Home
New Listings
With updates every 15 minutes, you can view every home listed on the MLS across Southern California based on your search criteria.
Expert Guidance
A friendly and trusted real estate agent from your local area will guide you every step of the way.
Experienced Lending
We provide you with 90 years of experience helping our members buy the home of their dreams.
Commission Rebates
Earn up to a 20% rebate from the commission of your participating agent who helps you buy or sell a home
Frequently Asked Questions
When comparing home loans between credit unions and traditional banks, you’ll often find that credit union mortgage rates tend to be more competitive. Credit unions tend to offer lower interest rates on mortgage loan products compared to conventional banks, helping members save money over the life of their loans.
While having a good credit score is important, credit unions often take a more flexible approach to lending than traditional institutions. Most lenders prefer to see scores around 700, but credit union home loans may be available to borrowers with lower scores through special programs.
If you’re working on improving your creditworthiness, consider financial counseling or learning how to build good credit before applying. Many credit unions offer guidance on creating a budget and how to save money to help strengthen your financial position.
Your monthly credit union mortgage payment depends on several key factors:
- Loan amount: This is the total amount you’re borrowing from the credit union, which is typically your home’s purchase price minus your down payment.
- Interest rate: This percentage determines how much you’ll pay to borrow the money, and it can vary based on your credit score, market conditions and loan type.
- Loan term: This is the length of time you have to repay the loan, commonly 15 or 30 years. Longer terms typically result in lower monthly mortgage payments but more interest paid over time.
- Down payment: The amount you pay upfront reduces your loan amount and monthly payments, with larger down payments typically resulting in better interest rates.
- Private mortgage insurance (PMI): This is an additional monthly cost required when your down payment is less than 20% of the home’s value, protecting the lender if you default on the loan.
- Property taxes: These annual taxes are often divided into monthly payments and held in an escrow account, with the amount varying based on your location and property value.
- Homeowners insurance: This required insurance protects your property against damage or loss and, like property taxes, is typically divided into monthly payments and held in escrow.
- Loan type: Whether you choose a fixed-rate, adjustable-rate, FHA or another type of loan will affect your interest rate and overall monthly payment structure.
To get a clear picture of your potential payments, try our mortgage payment calculator. You can also compare different term lengths using our 15 vs. 30-year mortgage calculator to find the best fit for your budget.
Down payment requirements for credit union home loans vary based on your specific situation. While a 20% down payment helps you avoid private mortgage insurance, many credit unions offer flexible programs with down payments as low as 3% of the purchase price. These options make homeownership more accessible, especially for first-time buyers or those with limited savings.
Credit unions can offer competitive mortgage loan rates thanks to their unique structure as member-owned, not-for-profit organizations. Unlike traditional banks that focus on maximizing profits for shareholders, credit unions prioritize their members’ financial well-being. This community-focused approach to lending, combined with lower operating costs and less aggressive profit margins, allows credit unions to pass savings directly to members through better rates.
Credit unions offer various mortgage options to meet different needs:
- Fixed-rate loans: With these loans, your interest rate stays the same, providing predictable monthly payments.
- Adjustable rate mortgage (ARM) loans: With these mortgage loans, interest rates may change periodically based on market conditions, potentially starting lower than fixed-rate options.
- VA loans: These are available to veterans and eligible service members and often require no down payment.
- FHA loans: These are government-backed loans with more flexible credit requirements. Use our FHA loan calculator to explore payment options.
If you’re considering refinancing your current mortgage, credit unions can help you evaluate whether it’s the right choice for your situation.
We’re here to take your financial confidence to the next level.
Dive into our Learn Center to explore various financial topics or to learn a little more about our practices.
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Credit Basics
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Calculators
Mortgage Closing Cost Calculator
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Calculators
Home Affordability Calculator
Terms and Conditions
All loans subject to approval.
1 California Credit Union will pay your non-recurring closing costs including but not limited to: lender’s title insurance, title services, appraisal, tax service, credit report, flood certification, and recording fees up to an amount of $10,000 or the amount charged by the service providers, whichever is less. If you pay this loan off earlier than the 36-month anniversary date of the loan closing, you will be obligated to pay California Credit Union a prorated amount of the closing costs. This amount will be added to any loan payoff amount requested prior to the 36-month anniversary date. This does not include prepaid interest, homeowner’s insurance, initial escrow deposit, owner’s title insurance, or city and/or county transfer tax. Other restrictions may apply. Offer good for a limited time only and is valid on 5/5, 7/6 and 10/6 ARMs (Adjustable Rate Mortgages) on owner-occupied purchases or refinances. All loans subject to approval. Rates, terms, and conditions are subject to change.
2 As of February 21, 2024, this example 5/5 ARM (Adjustable Rate Mortgage) payment provided assumes the purpose of the loan is to purchase a property, with a loan amount of $300,000 and an estimated property value of $400,000. The property is located within Los Angeles county. The property is an existing single family home and will be used as a primary residence. The assumed credit score is 760. The rate lock period is 45 days. Rates may increase or decrease during the life of the loan, and are indexed to the 30-day Constant Maturity Treasury Index (CMT), with a margin of 2.375%, as published in the Federal Reserve Bank of New York. The initial interest rate will not change during the first 60 months, and will adjust according to the current index plus a margin every 60 months. At a 6.625% initial interest rate, the APR for this loan type is 7.505%, and is subject to increase after consummation. Based on current market conditions, the payment schedule would be: 60 payments of $1920.93 at an interest rate of 6.625%, 299 payments of $2193.94 at an interest rate of 8.125%, 1 payments of $2179.19 at an interest rate of 8.125%. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate rates and homeowner’s insurance premiums. These loan offers are subject to credit approval and satisfactory appraisal. No application fee. Other restrictions may apply. Programs, rates, terms, and conditions are subject to change.
3 As of February 21, 2024, an example principal and interest payment on a $500,000 fixed-rate loan at 7.069% annual percentage rate for 30 years is $3,326.51. This payment example does not include taxes and insurance premiums; actual payment will be higher. These loan offers are subject to credit approval and satisfactory appraisal. No application fee. Other restrictions may apply. Programs, rates, terms, and conditions are subject to change.
** 4 California Credit Union will provide a lender credit for your non-recurring service costs: loan origination fee, appraisal fee, credit report, and flood certification up to an amount of $3,000 or the amount charged by the service providers, whichever is less. This does not include prepaid interest, homeowner’s insurance, initial escrow deposit, owner’s title insurance, or city and/or county transfer tax. Other restrictions may apply. Offer good for a limited time only and is valid on select 30 Year Fixed Rate owner-occupied transactions. Loan must be eligible for sale to investor(s). As of February 21, 2024, an example principal and interest payment on a $500,000 fixed-rate loan at 7.069% annual percentage rate for 30 years is $3,326.51. This payment example does not include taxes and insurance premiums; actual payment will be higher. These loan offers are subject to credit approval and satisfactory appraisal. Other restrictions may apply. Programs, rates, terms, and conditions are subject to change.
5 Home Rewards subject to change without notice. Program Cash Rewards are awarded by Home Rewards Group, Inc. to buyers and sellers who select and use a real estate agent in the HomeSmart network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using California Credit Union for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. Rebate for home purchase only is 20%. Rebate for home sale and purchase is 20% for each transaction. In order to receive the 20% rebates, the home sale and purchase transactions must take place within six months of each other. Commission Rebates are not allowed in the following states: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee. 20% escrow services discount guarantee paid by Escrow Options at the close of transaction. Escrow Options is not affiliated with California Credit Union.
*A reduced Annual Percentage Rate (APR) of 1/8 of a percent (0.125%) will be applied on a new Adjustable-Rate Mortgage (ARM) upon establishing a direct deposit to an existing or new California Credit Union checking account, which must exceed double the monthly Mortgage Principal & Interest (P&I) of the mortgage loan (Relationship Pricing Discount). You will receive the benefit of the Relationship Pricing Discount, upon approval, for the life of the ARM loan so long as you continue to fulfill all eligibility requirements. ARMs are variable, and your interest rate may increase after the original non-variable rate period based on the market but will never be higher than 11.25% or lower than 2.375%. As of 2/26/2024, the current APR for an ARM loan is 6.541%, which is based on a purchase transaction of single family residence and a 5/5 ARM with an 80% loan-to-value (LTV) and a FICO score of 760 so your APR and terms may differ. Offer good for a limited-time only and is valid on 5/5, 7/6 and 10/6 ARMs on owner-occupied purchases.
The Share Certificate and direct deposit discounts may not exceed an aggregate/combined total rate discount of ¼ of a percent (0.25%) and cannot be combined with any other rate discount.
Please note that all ARM loans are subject to credit approval and membership eligibility. Rates, terms, and conditions are subject to change. This Relationship Pricing Discount is subject to change without notice. Contact us to find out more about our Relationship Pricing Discount.
