MEMBER PROFILE
Michelle Menter
I've been an entrepeneur for years now, and I credit my ability to start and keep going to the Business CENTS program. Leslie Ackerman, Business CENT's director, suggested Cornell's BR Legal services when I needed to form a LLC, and Legal Zoom couldn't get me there. She helped me think through my business structure and marketing plan for starting my vacation rental business. It's a good thing Business CENTS exists - to help folks like me launch a new idea with a sense of support behind me. Thanks!
Home Loans Overview
"One could not deal with better folks - you made the process 'human.'"
- A Borrower
Alternatives' mission is to build wealth and create economic opportunity for underserved people and communities. Our focus is individual and community development. Each are accomplished through home ownership. In fact, our Credit Path® model culminates in ownership.
We enhance ownership opportunity by offering a wide variety of home loans to meet the needs of our diverse membership. In addition to conventional mortgages at competitive rates and terms, we offer mortgage programs that serve people who might not otherwise be eligible for a mortgage, or who might fall into the trap of a predatory lender. Listed below is an overview of each mortgage we offer. In-depth information can be found on individual information sheets located at our kiosk in the lobby of the Credit Union, on our web page, or by scheduling an information interview with one of our mortgage loan officers.
APPLY ONLINE FOR YOUR MORTGAGE OR HOME EQUITY LINE OF CREDIT
Welcome to where you can research our mortgage products, calculate payments, prequalify for a mortgage and track the process of your home loan application 24/7.
CONVENTIONAL FIXED MORTGAGES
Conventional mortgages offer the lowest rate for 15-30 year home loans. This mortgage can be used for 1-4 unit residential properties. Owner-occupied 1-2 units requires a minimum 5% down payment or 10% equity for refinances. A higher down payment is necessary for investment properties. Borrowers choose Alternatives for our competitive rates and terms, our caring and knowledgeable staff, and because they want to support the good works of this local institution.
TEN YEAR SWING VARIABLE RATE MORTGAGE
This loan offers the security of a fixed interest rate for ten years with a 15% down payment, of which 10% can be a gift or a loan. After ten years at a fixed rate, it becomes a one-year adjustable rate mortgage. This option is for purchases or refinances.
FLEXIBLE PLUS MORTGAGE
Members with obstacles to home ownership who might not qualify for conventional financing should explore this mortgage. It offers flexible qualifying terms with a minimum 15% down payment, low closing costs, and no Private Mortgage Insurance and Title Insurance required.
HOME EQUITY LINE OF CREDIT
Have funds available when you need them for home improvement projects or other needs using the equity in your home. There are no closing costs if you keep the loan open for 36 months. Interest rates are low. Your equity in the home must be at least 10%, including the proposed loan.
FUTURE VALUE HOME EQUITY LOANS
Do you want to do major home improvements?...or add a bathroom...or build an addition? We can help by lending what you need - based on the value of your home when the work is done, and your available equity! As with our other Home Equity products, there are no closing costs if you keep your loan open for 36 months. Additional inspection and appraisal fees apply.
CONSTRUCTION LOANS
Do you want to build your own home? This mortgage is designed just for you. For owner-built homes, 25% equity is required with a 12-month construction period. For contractor-built homes, 20% equity is required and the house must be completed in 6 months.
No need to feel confused by our many choices. Our mortgage loan officers will help you plan the best course. Even if you're not quite ready to purchase, or you're not sure if you're eligible for a loan, we're happy to explore the possibilities with you.
Schedule your information interview with one of our mortgage loan officers today!
Call for your FREE consultation!
Brian Kunk-Czaplicki: 607-216-3409
homeloans@alternatives.org
Or apply for your Home Loan right now at
"My experience matches what I heard, that dealing with Alternatives would be easy, friendly, and accommodating."
- A Borrower
built by Cyrus
