Home Loans

We offer many types of home and land financing to suit your needs. Whether you are purchasing your first home or refinancing your current home, call us to see what product best fits your needs!

Types of Home Loans

Buying a house is one of the most important decisions you’ll ever make. We’re happy to help you with your first or next home loan! We offer a variety of options, with flexible terms and very competitive rates.

We can even help you get pre-approved so you know exactly how much home you can buy.*

 

*Not all applicants will qualify

Invisible
Home Equity Loans

If you need funds to cover unexpected or major expenses — from home repairs to medical emergencies — look no further than the equity built in your home.

Let Northwoods CU turn it into a loan for anything you need. We make it easy with competitive rates, flexible terms, and quick local decisions for fast results.

  • Use your home equity to get the funds you need
  • Competitive rates
  • Flexible terms and affordable payments
  • Local decision-making
  • Professional, friendly service from people you know
  • Interest typically tax deductible*
  • Take steps to protect you and your family in case something unforeseen happens with Debt Protection

*Ask a tax advisor

Home Equity Loan Line of Credit

If you need funds to cover unexpected or major expenses — from home repairs to medical emergencies — look no further than the equity built in your home.

Let Northwoods CU turn it into a loan for anything you need. We make it easy with competitive rates, flexible terms, and quick local decisions for fast results.

  • Use your home equity to get the funds you need
  • Competitive rates
  • Flexible terms and affordable payments
  • Local decision-making
  • Professional, friendly service from people you know
  • Interest typically tax deductible*
  • Take steps to protect you and your family in case something unforeseen happens with Debt Protection
  • *Ask a tax advisor
Conventional Loans
Fixed interest rate and flexible term options of 10, 15, 20 or 30 years
HomeReady Mortgage Loans
A conventional home loan with a fixed interest rate as low as 3% down.
FHA Loans
Down payments as low as 3.50% with more relaxed guidelines than Conventional Mortgages.
VA Loans
Great option for our military with 0% down and no private mortgage insurance is required
USDA Rural Development Loans
Provides opportunities for people with low to moderate income to become homeowners with 0% down. Qualified properties must be in designated areas as defied by USDA, most of Carlton County is approved.
Bare Land/Recreational Land Loans

Purchase hunting land or land to build on in the future. Minimum 10% down.

Mortgage Rates for New Purchases

Fixed-Rate Loan
(Up To $647,200)
Purchase Rate
As Low As
Purchase APRLoan AmountMonthly Payment
(Principal and Interest)
30 year5.625%




5.774%




$250,000 $1,439.14




20 year5.375%



5.573%




$250,000 $1,702.12




15 year4.875%




5.121%





$250,000
$1,960.74




10 year4.750%




5.101%




$250,000 $2,621.19




The rates and APRs (Annual Percentage Rates) listed above are based upon a down payment of 20%. If the down payment is less than 20%, private mortgage insurance (PMI) may be required on the loan and could result in an increased APR and payment. First-time home buyers may be eligible for a down payment as low as 3% on new purchases. Rates vary depending on credit history and other factors so final rates offered may be different than above.

Mortgage Rates for Refinances

Fixed-Rate Loan
(Up To $647,200)
Refinance Rate
As Low As
Refinance APRLoan AmountMonthly Payment
(Principal and Interest)
30 year5.625%




5.776%




$250,000 $1,439.14




20 year5.375%




5.575%



$250,000 $1,702.12




15 year4.875%




5.124%




$250,000 $1,960.74





10 year4.750%




5.105%



$250,000 $2,621.19




The rates and APRs (Annual Percentage Rates) listed above are based upon 20% equity in the home. If equity position is less than 20%, private mortgage insurance (PMI) may be required on the loan and could result in an increased APR and payment. Rates vary depending on credit history and other factors so final rates offered may be different than above.

INFO

Contact Northwoods Credit Union today to learn more about what our Home Loans have to offer!

INFO

Contact Northwoods Credit Union today to learn more about what our Home Loans have to offer!

Education & Resources

First Time Home Buyer? 

Learn tips on how to financially prepare to purchase your first home.

Crunch the numbers.

See how much home you can afford with our simple mortgage calculator.

Learn more about our
Loyalty Choice Rewards Checking

Get rewarded for what you’re probably already doing!

Apply 24/7 via the link below.
LOAN APPLICATION

Loans Given.
Dreams Realized.

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NORTHWOODS CU

Start the process today by downloading our switch kit.