Home    Loan Center    Products    About Us    FAQ    Resources  
 
login
my account
contact us
get started
Xplore Federal Credit Union offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Fixed Rate Conventional Mortgage
5/5 Adjustable Rate Mortgage
10/10 Adjustable Rate Mortgage
15/15 Adjustable Rate Mortgage
Home Equity Fixed-Rate Second Mortgage Loan
Home Equity Line of Credit
Land Loans
Non-Owner Occupied Mortgage

Fixed Rate Conventional Mortgage

A fixed-rate mortgage comes with an interest rate that won't change for the life of your loan. Monthly payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for borrowers who plan to stay in their home for several years. A fixed-rate mortgage also allows borrowers to budget more easily with predictable monthly P&I payments. A fixed-rate mortgage offers protection from rising interest rates for the life of the loan, no matter how high interest rates go. Our fixed-rate mortgage is available in a variety of loan term options; however consider that the overall interest you pay is higher on a longer-term loan than on a shorter-term loan.

To obtain more about our products, please contact one of our Mortgage Specialists at 504-526-2547

Term: 30 years   Maximum Amount: $484,350

 

 Up to 80% of purchase price or 80% of appraised value of your primary residence.


5/5 Adjustable Rate Mortgage

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

In an adjustable rate mortgage, your monthly principal and interest payments remain the same for a certain number of years. If you do not refinance or payoff the loan prior to the end of the 5 year term, the rate can increase or decrease based on the market's index at the time.

HOW DOES A 5/5 ARM WORK?

Xplore FCU's 5/5 ARM offers an initial interest rate that is very competitive. In fact it is comparable to our 15 year fixed rate mortgage rate. With the introductory rate you can save money during the initial fixed-rate period by paying more towards the principal of the loan, early and without penalty. Early reduction payments reduce the total cost of the loan and allow you to pay off your loan in less time.

In the case of a 5/5 ARM, the rate is fixed for the first five years, and can change (down or up) by a maximum of 2 percentage points or less once every five years thereafter until the end the loan.

At the same time, the total rate adjustment of your 5/5 ARM is capped at 5 percentage points for the life of your loan.

WHEN IS IT IDEAL?

If you plan to move, refinance, or payoff the mortgage before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.

Term: 30 years   Maximum Amount: $484,350

 
KEY FEATURES - For home purchases or refinancing - The starting interest rate is lower than a 30-Year Fixed-Rate Mortgage - 30 years amortization - Loan amounts up to $484,350 - Available on single-family primary residences only (excludes multi-family homes, condominiums, and investment homes). - Loans up to 80% of purchase price or 80% of appraised value of your primary residence. Maximum Loan to Value depends on property type and qualifying credit score.

10/10 Adjustable Rate Mortgage

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

In an adjustable rate mortgage, your monthly principal and interest payments remain the same for a certain number of years. If you do not refinance or payoff the loan prior to the end of the 10 year term, the rate can increase or decrease based on the market's index at the time.

HOW DOES A 10/10 ARM WORK?

Xplore FCU's 10/10 ARM offers an initial interest rate that is very competitive. In fact it is comparable to our 15 year fixed rate mortgage rate. With the introductory rate you can save money during the initial fixed-rate period by paying more towards the principal of the loan, early and without penalty. Early reduction payments reduce the total cost of the loan and allow you to pay off your loan in less time.

In the case of a 10/10 ARM, the rate is fixed for the first ten years, and can change (down or up) by a maximum of 5 percentage points every ten years thereafter until the end the loan. The maximum rate adjustment over the life of your loan is capped at 5 percentage points.

WHEN IS IT IDEAL?

If you plan to move, refinance, or payoff the mortgage before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.

Term: 30 years   Maximum Amount: $484,350

 
KEY FEATURES - For home purchases or refinancing - The starting interest rate is lower than a 30-Year Fixed-Rate Mortgage - 30 years amortization - Loan amounts up to $484,350 - Available on single-family primary residences & investment properties only (excludes multi-family homes, and condominiums). - Loans up to 80% of purchase price or 80% of appraised value of your primary residence. Maximum Loan to Value depends on property type and qualifying credit score.

15/15 Adjustable Rate Mortgage

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

In an adjustable rate mortgage, your monthly principal and interest payments remain the same for a certain number of years. If you do not refinance or payoff the loan prior to the end of the 15 year term, the rate can increase or decrease based on the market's index at the time.

HOW DOES A 15/15 ARM WORK?

Xplore FCU's 15/15 ARM offers an initial interest rate that is very competitive. In fact it is comparable to our 20 year fixed rate mortgage rate. With the introductory rate you can save money during the initial fixed-rate period by paying more towards the principal of the loan, early and without penalty. Early reduction payments reduce the total cost of the loan and allow you to pay off your loan in less time.

In the case of a 15/15 ARM, the rate is fixed for the first fifteen years, and can change (down or up) by a maximum of 5 percentage points every fifteen years thereafter until the end the loan. The maximum rate adjustment over the life of your loan is capped at 5 percentage points.

WHEN IS IT IDEAL?

If you plan to move, refinance, or payoff the mortgage before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.

Term: 30 years   Maximum Amount: $484,350

 
KEY FEATURES - For home purchases or refinancing - The starting interest rate is lower than a 30-Year Fixed-Rate Mortgage - 30 years amortization - Loan amounts up to $484,350 - Available on single-family primary residences only (excludes multi-family homes, condominiums, and investment homes). - Loans up to 80% of purchase price or 80% of appraised value of your primary residence. Maximum Loan to Value depends on property type and qualifying credit score.

Home Equity Fixed-Rate Second Mortgage Loan

A Home Equity second mortgage fixed-rate loan allows you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. Your existing mortgage remains. Since a home equity loan is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other forms of unsecured debt. . A fixed-rate mortgage also allows borrowers to budget more easily with predictable monthly P&I payments. A fixed-rate mortgage offers pprotection from rising interest rates for the life of the loan, no matter how high interest rates go. Our fixed-rate mortgage is available in a variety of loan term options.

To obtain more about our products, please contact one of our Mortgage Specialists at 504-526-2547

Term: 15 years   Maximum Amount: $100,000

 

 Loan is only available in Louisiana and has maximum CLTV and loan amount restrictions depending on qualifying credit score.


Home Equity Line of Credit

A home equity line of credit (HELOC) works more like a credit card. You are allowed to borrow up to your credit limit during the draw period. During that time you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again. This gives you more flexibility than a fixed-rate home equity loan. HELOCs have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate, the term remaining, and how much credit you have used. To obtain more about our draw period and variable interest rate factors, please contact one of our Mortgage Specialists at 504-526-2547.

Home Equity Line of Credit Solicitation Disclosure

Term: 15 years   Maximum Amount: $100,000
 

 Loan is only available in Louisiana and has maximum CLTV and loan amount restrictions depending on qualifying credit score.


Land Loans

Looking to buy land?

Whether you are looking to raise your your family or have room to play, let our experienced lending team create the right land loan for you.

We make loans for: Small & Large Acreage Tracts; Recreational Properties; and Residentials Lots

We also offer refinancing of your existing lot loan.

Call one of our Mortgage Specialists at 504-526-2547 to lock in a long-term, fixed rate!

Term: 10 years   Maximum Amount: $250,000

 
Benefits of financing through XFCU:

Long-term financing up to 15 years for lot loans; Competitive rates and terms; Up to 80% financing available; Financing available in Louisiana, Texas, Mississippi, and Alabama


Non-Owner Occupied Mortgage

If you are looking to purchase an investment property, or a property you may not otherwise be personally living in, Xplore FCU can help.?

If you are purchasing a property that will not be your primary residence with between one and four units, you fall into this category. Requirements for non-owner occupied properties are more stringent than owner-occupied properties because they are considered to have a higher risk of default by lenders. The higher risk leads to higher interest rates, higher down payment requirements, higher cash reserves, and stricter eligibility guidelines.

Term: 15 years   Maximum Amount: $484,350

 

Options for financing an investment property:

 - Fixed Rate Mortgage (Financing up to 15 years)

 - 10/10 Adjustable Rate Mortgage

We offer:

 - Competitive rates and terms

 - Up to 80% financing available for 1-2 family property units

 - Up to 70% financing available for 3-4 family property units




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $12,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.