IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Mini Mortgage

The loan is secured with a 2nd mortgage. The trade area for mini mortgage loans includes the following counties of Pennsylvania: Erie, Crawford, Warren, & McKean.

The loan application must be accompanied by a property search, flood zone search and deed.  The member is responsible for the fees pertaining to the above and for the filing fees.  Proof of homeowner's insurance with a maximum $1,000 deductible and loss payable clause to the Credit Union is required.  

  • Maximum Amount - $2,000 to $15,000 with a 20% minimum equity, 25% for rental property
  • Maximum term - 60 months
  • Interest Rates:
Term Rates as Low as
36 Months 2.00% APR*
60 Months 2.50% APR*

*APR = Annual Percentage Rate.  Other rates may apply based on lending criteria.  Rental Property: Add .75%. 
NMLS #211589

 

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