1st Mortgage Loans
SONEPCO offers 1st Mortgage loans for the purchase or refinance of a home. There are a variety of loans, rates and terms available. Applications can be taken over the phone and a Loan Officer is available to answer questions and complete the process. Loan decisions are based on the member’s overall credit picture and the value of the home.
Product Features:
- Many options available.
- Competitive rates.
- Variety of terms and conditions.
- Limited to single-family homes, condos and town homes.
- Amount of loan depends on the home’s value.
- Rate is determined by member’s credit worthiness and the LTV (Loan To Value) of the home.
Product Benefits:
- Trustworthy – keep loans and deposits all in one place where the customers are member/owners.
- Easy – SONEPCO helps throughout the process and explains everything.
- Safe – SONEPCO has been around since 1955 and has the highest ratings from auditors.
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Home Equity Loan:
A home equity loan is a great solution for members who wanting to consolidate debts or take on some home improvement projects. SONEPCO offers two types of home equity loans – a fixed rate, fixed term loan or a line of credit. Either loan has the advantage of a competitive interest rate and possible tax deductions.
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Fixed Rate 2nd Mortgage Loan Features:
- Fixed interest rate.
- Fixed term of 5-20 years with set monthly payments.
- No pre-payment penalty for paying off early.
- Minimum loan amount is $5,000.
- Maximum loan amount is $283,500.
- Loan amount is set by the home’s value and LTV (Loan To Value).
- Loan amount maximum is 90% LTV.
- Possible tax deductions.
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Home Equity Line of Credit (HELOC) Features:
- Variable interest rate based on Prime.
- Minimum loan amount is $5,000.
- Maximum loan amount is $212,500.
- Loan amounts based on total LTV.
- Will finance up to 90% LTV.
- Rate is subject to change annually.
- No payment until money is advanced.
- 10-year draw period, 5-20 year repayment schedule.
- Possible tax deductions
Product Benefits:
- Flexible – choose the type of loan that fits your needs.
- Tax Benefits – possible tax deductions.
- Economical – pay off higher interest debt.
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