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Mortgage Loans

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Mortgages

When it comes to home loans, you can count on GenFed to keep your best interest in mind!

We can help you refinance your current mortgage. Talk to one of our Loan Officers to find out if we can save you money with a reduced rate or shorten your payoff time.

Remote Loan Payments

GenFed's remote loan payment service gives you the ability to schedule a payment from a checking account at another financial institution.  You can even schedule alerts and reminders to let your know your payment has been made. 

GenFed has also partnered with PayNearMe to accept cash deposits and loan payments at a number of community merchants for same day processing to your GenFed account or loan.  

Make a Remote Loan Payment

Homeowners Insurance

Home insurance covers damage or loss due to fire, weather, theft and more.  And it protects you from liability if an accident happens on your property.  TruStage gives credit union members access to coverage underwritten by Liberty Mutual Insurance Company.  Get a free quote today, and help make sure the place you call home has the protection it deserves.

Homeowners Insurance

Save Money with Weekly or Bi-Weekly Payments

Borrowers can save thousands of dollars on their home equity and mortgage loans by paying down the principal quickly. You can take years off your mortgage payments by taking advantage of weekly and bi-weekly mortgage payments.  And the total amount you pay each month is about the same as your monthly payment. Most institutions charge a fee for this service that is free at GenFed! 

Fixed Rate Mortgages

With a fixed rate mortgage, you’ll know exactly what your loan payment will be every month until your loan is paid off. That’s because your interest rate is fixed for the life of the loan. A fixed rate mortgage might be your best option if you want predictability.

  • Many term and payment options available
  • Low fixed rates
  • Low closing costs
  • No PMI
  • Borrow up to 95% of your home’s value
  • Access to dividend-earning escrow account
  • Available for owner-occupied property

Apply Now

Adjustable Rate Mortgages

With an adjustable rate mortgage (ARM), you’ll receive a lower rate for a set period of time and start out with lower monthly payments. After that, your rate will adjust based on the terms of your loan. This is a good loan option if you expect your income to increase or expect to sell your home in the next few years.

  • Low closing costs
  • Competitive rates
  • No annual fees
  • No PMI
  • Borrow up to 90% of the home’s value
  • Available for owner-occupied property

Apply Now

Balloon Mortgages

A Balloon loan gives you the advantage of lower payments up front like an ARM combined with the fixed rates of a traditional fixed rate loan. Balloon loans tend to have shorter terms. With this loan, the majority of your loan amount will be due when the loan matures instead of being spread evenly across every payment.

  • Low closing costs
  • Competitive rates
  • No annual fees
  • No PMI
  • Borrow up to 90% of the home’s value

You can use a Balloon loan for refinancing traditional real estate, non-conforming real estate, manufactured homes, single wide mobile homes with land, or land only. You can also use a Balloon loan to refinance an existing installment loan, consolidate your debt, pay for education expenses, and more.

Apply Now

Other Benefits of Getting Your Home Loan at GenFed

  • Payroll deduction - Make your payment worry-free and have your payment taken directly out of your paycheck.
  • Periodic Payments - Save money on finance charges and pay the loan off early by making weekly or bi-weekly payments.
  • Possible tax benefits - Your home equity loan, home equity line of credit, or refinance may be eligible for tax benefits.
  • No prepayment penalties - GenFed will not charge you a fee for paying off your loan early.
  • Friendly loyal service and local loan approvals with a live voice answering the phone.  Our services are for our members only, not everyone else in the country.  We know you.  We work hard to help you handle your financial affairs.  And remember, because GenFed is a not-for-profit cooperative, people are worth more than money here.
  • You’re more than a score. At GenFed, we use more than a credit score to decide when to grant a loan. With our approval system, members can understand the criteria. GenFed takes time to find out what’s behind the score. We look at more than the number. As an owner of GenFed, we owe you that much.

GenFed’s NMLS number is 446241.  Contact us to request a list of mortgage loan originators names and NMLS numbers.

See loan rates page for rates disclosures.