At Downeast Credit Union, we reward you for your loyalty. That's why we've launched a new Mortgage Special!
Members can earn 1% OFF the current qualifying rate1 with our Loyalty Program when you purchase a new home or refinance your existing home. And if that's not enough, members can apply for a low fee Rate Reduction2 if rates go down in your first five years after opening the mortgage.
You CAN own a home -- and we want to help!
LOYALTY: It's as easy as 1-2-3!
When you purchase a new home or refinance with us, you simply need to be a loyal member by using your Downeast CU checking account.
See how easy it is:
Get a mortgage, checking and agree to be a loyal member by signing an addendum.
Have at least $1,000 per month coming into your checking with direct deposit.
Use your debit card at least 10 times per month to retain your mortgage discount.
If our 1% rate discount isn’t enough, we want you to have the peace of mind knowing that if rates drop in the first 5 years of your mortgage loan, you can apply for a low-cost rate reduction without going through the pain and expense of a refinance.
Learn more and apply today:
These savings are shocking! Loyal members can save an average of $53,967 over the life of their loan based on our average loan amount at DECU. Why go anywhere else for your mortgage?!
Conforming mortgage loan rates based upon current average mortgage loans at DECU and rates effective as of 6/28/2023 with a Loan to Value of no more than 75%. The P&I Payment examples do not include real estate taxes and/or any insurance premiums, as your payment would most likely be higher. Quoted examples are for qualified borrowers with excellent credit history; with rates being based on your credit worthiness. This and all credit union programs and rates are subject to change without notice.
If you're searching for a home, chances are you’ll need a mortgage to go along with it.
While you might be inclined to head to a bank or mortgage lender, a Credit Union may be your best bet.
Some lenders will sell off your mortgage as soon as it’s closed. However, that’s not likely to be the case with a Credit Union. Credit Unions typically prefer to hold and service your mortgage, if they are able. What does that mean for you? You likely already know the people who hold your loan, and they are easy to contact if you have questions.
Additionally, by keeping your loan in our portfolio, you are less likely to experience escrow complications or payment problems that result in late fees.
Credit Unions have members, not customers. Most Credit Unions live and breathe member service, and you can see from our members just how much they appreciate the knowledge and friendliness of the Team.
At a Credit Union, you’ll work with people like Mortgage Lending Director, Morgan, Mortgage Loan Originator, Carly, and Mortgage Loan Processor, Delayne. Their experience and knowledge allow them to match the right real-estate product with your individual needs.
Downeast Credit Union is a local organization. Because we are located where you live, we understand local housing availability and constraints. Sitting down with our Mortgage Team is a more personal experience. Rather than just processing a loan, we can help you understand where you may face challenges in your local market and get you prepared for the process.
Credit Unions are not-for-profit organizations, which means we reinvest all our earnings back into the organization. In the case of a Credit Union, most of the investment goes back to the members as higher dividends, lower fees and lower interest rates on loans. There are no shareholders earning millions of dollars on your dime – a lot of it goes back to you and other members.
The Mortgage Team at Downeast Credit Union has your back! We can offer guidance on what financial products are best for you. Let us show you the credit union difference. Get started and apply today with our mortgage application.
Through our partnership with CU Promise, we are able to offer our members:
Downeast Insurance, LLC was established in 2002 and is solely owned by Downeast Credit Union. Being part of the Downeast family allows us to provide reduced rates to our members, and at the same time, maintain our independent status in the insurance* industry (our customers aren’t required to be CU members).
DEI represents some of the finest, most competitive insurance carriers Maine has to offer. Our knowledgeable, licensed agents work hard to help our clients maintain proper coverage while keeping costs down. We will find the right insurance plan to match your clients' needs!
Visit www.downeastcu.com/lending/real-estate-lending to learn more.
Downeast Credit Union is a Maine Credit Union serving Washington, Waldo, Hancock, Penobscot, Lincoln, Kennebec, Sagadahoc, and Knox Counties, and the towns of Brunswick and Harpswell in Cumberland County. Branch offices are located in Baileyville, Belfast, Brewer, Calais, Machias, Richmond, Topsham and Unity.
Downeast Credit Union NMLS ID# is 531655. To access this service please visit nmlsconsumeraccess.org
Morgan Niles, Director of Mortgage Lending, NMLS ID# 2312171
Disclosures: 1) Mortgage loyalty discount offered on new loans after 4/4/23. To qualify for loyalty discount, members must maintain a checking account with at least $1,000/month in direct deposits and 10 debit card transactions/month for the life of the loan. Members sign an addendum to reduce the interest rate based on qualifications; if at any time the qualifications are not met the rate will revert back to the qualifying rate. 2) For mortgages opened after 4/4/23, members may apply for a one-time, low-cost mortgage loan Rate Reduction within 5 years of the mortgage opening date, fees may apply and 1% loyalty discount becomes void. All loans subject to credit approval; rates are based on credit worthiness. Terms and closing costs may vary. Rates, terms and conditions subject to change without notice. The Credit Union makes loans without regard to race, religion, or other discriminatory factors. NMLS ID# 531655.
Federally Insured by NCUA. Equal Housing Opportunity.