Mortgage Loans
We accept applications to purchase a home, refinance an existing mortgage loan, or even to construct a new home from start to finish. To qualify, your home must be a one-to-four family unit, which is your primary residence. Our lending area consists of Lucas, Wood, Ottawa, Fulton, Sandusky, Henry, Richland, Ashland, Wayne, and Tuscarawas counties in Ohio, and Monroe and Lenawee counties in Michigan. The following is a list of different loan options that are available for your convenience.
- 10, 15, 20 , 30 & 40 Year Fixed Rate Loan
- 5/25 & 7/23 Fixed Rate Balloons
- 1, 3 & 5 Year Adjustable Rate Loans (15 & 30 year terms)
- Lot Loans
- Bridge Loans
- Construction Loans with a one-time closing
Features of Directions Credit Union Mortgage Loan
- Interest rates are locked at the time the application is taken
- Preapprovals are available
- Closing Costs may vary with loan amount and down payment percentage
- Minimum down payment is five percent. (For anything less than twenty percent down payment, private mortgage insurance (PMI) will be required. PMI is insurance required by the lender, which insures against loan default.)
- Mortgage credit life and credit disability insurance is available at the credit union.
- All mortgage loans are originated and serviced locally, at Directions Credit Union, in Sylvania, Ohio.
- Servicing of your Directions mortgage loan.
- Escrow accounts for taxes and insurance are available and are optional, in most cases.
- Escrow analysis is performed annually, to insure proper amounts are kept in your account at all times. Contact our mortgage lending departement at 419-841-9838 for further details and information.
We do business in accordance with Federal Fair Housing Law and the Equal Credit Opportunity Act.
