Citizens Equity First Credit Union

Since 1937, Citizens Equity First Credit Union has been providing people with home loans and other banking services. Serving most of Central Illinois, Citizens Equity First Credit Union also takes care of the banking needs of over 550 companies. With a commitment to service, you can rest assured that CEFCU is there to assist with all financial decisions you will have to face.

Deciding on the right home loan is never easy. There are many to choose from. The CEFCU offers a variety of home loans that can make owning a home a less stressful and a more rewarding experience.

Ciitzens Equity First Credit Union Loan Options

• Fixed Rate Loans – With a fixed rate loan, you will always pay the same interest rate for the life of the loan. CEFCU offers 10, 15, 20, and 30 year loan terms. This means you can choose how much you can afford to spend each month.

• Adjustable Rate Loans – These loans are available with fixed rate periods of 1, 3, 5, 7, and 10 years. This means that after these periods, your interest rate will change each year to reflect the national average interest rate. After the 13th and 60th months of your loan, you will have the option of switching to a fixed rate loan.

• Balloon Loan – This loan is designed for those who want to pay off their mortgage in 5 to 7 years. During this period, you will make regular monthly payments. After 5 or 7 years, you will have the option of paying off the balance of the mortgage in full or switching to a fixed rate mortgage.

• Construction and Bridge Loans – These loans are designed to help you begin paying for construction costs of a newly built home before it is finished or to give you enough money to cover closing costs on a new home even if you haven’t sold your other home yet.

Bridge loans utilize your first home’s equity. You can pay it back in 3 or 6 months after selling the home.

Other loans offered by CEFCU

Citizens Equity First Credit Union also offers a variety of low down payment home loans including FLEX 97, FLEX 100, USDA Rural Housing, 95/5 and many more. For those who can afford to make monthly loan payments, but who cannot pay for closing costs and other up-front fees, one of these loans may be able to help you buy a home.

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