Educational Employees Credit Union

You may apply for a loan prior to becoming a member.  However, all borrowers on the loan must be members prior to the final closing loan documents being prepared.   To learn more about becoming an EECU  member, click here:     https://www.myeecu.org/home/about-us/become-a-member

Interest rates may fluctuate daily, so the rates available when you apply may be different than the rates available when you lock your interest rate.  By locking your rate, you protect the selected rate for a period of time regardless of the market fluctuation.  Depending on the product type and lender, your credit rating, debt to income ratio and combined loan to value may be used to determine the final mortgage rate.  

No.  There is no cost for completing an online application.  After your application is received, a Loan Estimate will be mailed to you outlining the costs associated with obtaining the loan from the credit union.  The estimate of fees is good for 10 days.  Should you choose to proceed with the loan, payment of the appraisal fee will initiate further processing of your loan request.

Our conventional 1st Trust Deeds (purchase or refinance) have a maximum loan amount of $766,550 up to 80% loan to value for primary residence and second home.  The maximum loan to value for non-owner (rental/investment) property is 70%.  Our Jumbo fixed rate loans for primary residences have a minimum loan amount of $766,551 and a maximum of $1,300,000 - up to 80% loan to value.  EECU does not offer cash out on the Jumbo product.  Our 2nd Trust Deeds have a maximum loan amount of $350,000 with a combined loan to value of 80%.

The Home Equity Line of Credit has a maximum limit of $200,000 with a combined loan to value up to 80%.

All loan amounts and terms are subject to change and approval.

The payment date for all real estate loan (including Home Equity Line of Credit) are on the 1st of each month.

None of the loan programs we offer have penalties for prepayment.  You can pay off your mortgage at any time with no additional charges.

 Currently, we retain and service all EECU products.  However, we have the option to sell the servicing.  

Yes.  You can establish an impound (escrow) account. The homeowner's insurance, property taxes and flood insurance (if applicable) can be added to your monthly payment.  Payments will then be made to your insurance company and the county tax collector for the homeowner's insurance premium and property taxes.  If you are required to have California Fair Plan insurance, that will also be impounded.

If your property is located in a Special Flood Hazard area, we are required to impound your flood insurance premium and pay out annually. 

Discount points are a percentage of the loan amount and are paid in order to lower the interest rate of your loan.  One point is equal to 1% of the loan amount.  For a loan amount of $300,000 the points (1%) would equal $3,000.  Currently, EECU does not offer buying down the rate with discount points.