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Features of Financing Your Mortgage with Greater Kentucky Credit Union
Greater Kentucky's mortgage program can get you into your first, second, even third home! We offer a variety of mortgage products with competitive rates and low closing costs.
Membership: Credit Union membership is not necessary for first mortgages
Mortgage Products: 10, 15, 20, 25 & 30 Year Fixed Rate Mortgages
5, 7 & 15 Year Balloon Rate Mortgages
1/1, 3/1, 5/1 & 7/1 Adjustable Rate Mortgages
Farm & Land Loans
FHA & VA Loans
Commercial & Investment Property Loans
Mobile Home Loans
Manufactured Housing Loans
Home Equity Lines of Credit
Second Mortgages
Mortgage Services: 100% financing available
Competitive rates and closing costs
Quick approvals and closings
First-time homebuyers specials
Less than perfect credit programs
Refinancing available
 Which mortgage loan is right for you?
Adjustable Rate? Balloon? Fixed?
Adjustable Rate Mortgage (ARM)
ARMs are available for 1, 3, 5 and 7 years with the annual percentage rate locked in for the specified period of time. The initial rate of an ARM is generally lower than the rate available on a fixed-rate mortgage, but at the end of the specified time, the interest rate adjusts according to the credit market, which could be a lower rate.
For example, a 5/1 ARM carries the same interest rate for five years. In the beginning of the sixth year, the interest rate adjusts according to the credit market and will continue to adjust every year thereafter.
ARMs are beneficial for people who plan to relocate or purchase another house in the next few years due to starting a family, etc.
 Balloon Rate Mortgage
Balloon mortgages usually have lower interest rates and are beneficial for people who plan to relocate, refinance or pay off the loan before the end of the specified term.
Balloon mortgages are available for 5, 7 and 15 years, but are treated like a 30-year loan. The monthly payment is figured based on a 30-year loan with the balance due at the end of the specified term.
Fixed Rate Mortgage
Fixed rate mortgages are available for 10, 15, 20, 25 and 30 years and offer an interest rate that will never change over the entire life of the loan, keeping your payment stable for the length of the loan.
To apply for a mortgage loan or find out more about our current rates, contact our Mortgage Loan Manager, at 859-231-9300, ext. 1222, 800-432-7393, ext. 1222 or via e-mail at susan.rimer@gtkycu.com.
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