Real Estate Loans

Real Estate Loans

1st & 2nd Mortgage

Term Tier 1 Payments per
$1000 borrowed
Tier 2 Payments per
$1000 borrowed
Tier 3 Payments per
$1000 borrowed
30 year 4.75% $5.22 8.75% $7.87 11.75% $10.01
5 year 4.00% $18.42 7.00% $19.80

Energen Credit Union offers first mortgages, second mortgages, and equity lines of credit to its members.

First and second mortgages are treated in the same manner and they carry the same maximum term and interest rate. Both types of mortgages have a maximum term of 30 years and the maximum loan amount is 95% of the appraised value of the property being mortgaged. Energen Credit Union makes real estate loans on the member’s primary residence or second home only. The credit union will not mortgage rental or commercial property. Both the first and second mortgage loan products are variable rate mortgages but they only adjust interest rates every five (5) years and they have a life interest rate cap of 2.00% therefore these mortgages are very close to a fixed rate product. Energen Credit Union does not sell its real estate loans in the secondary market so members will always make their payments to the credit union. Any member may submit a residential loan application along with a copy of their ‘Warranty Deed’ and home owner’s insurance policy to the credit union for any worthwhile purpose such as; purchase of a home, refinance of a home, bill consolidation, vacation, student education, home repairs and improvements, auto purchase, and more. No ‘up front’ money is required when the application is submitted and PMI insurance is not required on any real estate loan at Energen Credit Union. Once the application is received by the credit union, a verbal approval can be made in thirty minutes or less. All applications are subject to normal credit union lending policies. If the application is approved, the credit union will process your loan to the finish and this includes ordering the appraisal and closing. All first and second mortgage loans are processed and closed by a licensed attorney and the closing will take place at the credit union. The closing cost associated with real estate loans will be included in the amount financed by the credit union unless a member wants to pay for them ‘out of pocket’. The closing cost on most real estate loans at the credit union are less than $1,500 and we never charge you with an origination fee, points, or application fee. The only closing cost on Energen Credit Union real estate loans are; appraisal, title, attorney, recording, and flood determination. Most real estate loan interest paid to the credit union is tax deductible so check with your tax preparer concerning your real estate loan tax advantage. Energen Credit Union is an equal housing lender.

Equity lines of credit are available through Energen Credit Union. The credit union will loan up to 100% of the appraised or taxed assessed value of a member’s principle residence. Appraisals used to approve equity loans can’t be over two years old. These loans can be first or second mortgages. There is no closing cost on this loan product and the maximum term for this loan is 60 months/five years and the interest rate is fixed for the entire term of the loan. Equity lines of credit loans (Express Equity Loans) can be closed after the credit union receives a copy of the member’s Warranty Deed, homeowner’s insurance policy, first mortgage balance letter, and appraisal or tax assessment from the member. Any balance at the maturity of the loan can be refinanced at the current credit union interest rate or can be paid in full by the member.

Apply Now

To apply now, please click on, print, and complete the PDF Real Estate Loan Application form and either U.S. mail or fax it to the Credit Union.

Energen Credit Union
47 W Oxmoor Rd
Birmingham, AL 35209
(205) 944-1196 fax

Download Real Estate Loan Application