Home Loans | Crow Wing Power Credit Union

New Construction Loans

Let us help you build your dream home.

Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Contact a Crow Wing Power Credit Union Lender to learn more about construction loans and to discuss current construction loan rates.

Finding a Builder

Once you settle on getting a home construction loan or using your home equity to build a new home, there are several ways to find a quality home builder in your area:

Ask your drafter or architect who they would recommend
Contact your local chapter of the National Association of Home Builders
Get referrals from friends and family or from real estate agents who specialize in new home construction

Hiring a builder is like hiring any other type of professional. Consider a thorough screening of their business and services. Here are a few questions to consider:

Does the builder have proven experience in building the type of residence you want?
Do they meet state licensure and insurance requirements?
Does the builder have a solid reputation in the community, including a good rating with the Better Business Bureau and excellent references from past clients, suppliers and local banks?
Does the builder have a permanent business address?
Has the builder received any industry awards?
Is the builder involved in any professional associations?

Construction Loan Terms

Interest-only payments on the amount you draw while you build
Construction time is as short as 6 months to up to 12 months
Construction loan and mortgage services all in one place, so you can easily transition to your new mortgage

Mortgage Loans

Let us help you on the journey to homeownership, cabin purchase, or refinancing your existing home.

CWPCU teams up with AmeriCU Mortgage to offer competitive fixed-rate mortgages in 10, 15, 20 or 30-year terms. Choosing the right lender to help you through the process is very important; when you choose Crow Wing Power Credit Union, you're choosing local, accessible and knowledgable loan staff who put your needs first.

When you call CWPCU, you won’t navigate through an annoying voicemail system - you will speak with a real person. Our mortgage lenders will answer all your questions regarding the mortgage loan application, closing costs, down payment, interest rates, and anything else you would like to know.

Flexible loan terms and rates

FHA Loans
VA Loans
Rural Development Loans
Conventional/Fixed-Rate Loans

Home Equity Loans

Tap into the equity of your home with a Home Equity Loan.

Crow Wing Power Credit Union knows you've worked hard to build equity in your home. Now is the time to put it to work for you. With a Home Equity Loan, you secure the entire balance of your loan upfront, in one lump sum.

Home Equity Loan Terms

Up to $50,000

Up to 80% Equity
Up to 15-year amortization with 5-year balloon

$50,001 to $100,000

Up to 80% Equity
Up to 30-year amortization with 3-year balloon

$100,001 to $500,000

Up to 80% Equity
Up to 30-year amortization with 3-year balloon

Home Equity 10 Year Fixed Loan

Up to $150,000

First mortgage only*
Up to 80% Equity

Home Equity Line of Credit (HELOC)

Tap into the equity of your home with a Home Equity Line of Credit.

A Home Equity Line of Credit (HELOC) is a revolving line of credit using your home as collateral. With a home equity line of credit, you can borrow as much or as little as you need, up to your pre-set limit. You'll have easy access to your money and only pay interest on the amount you withdraw.

A Home Equity Line of Credit (HELOC) is a flexible way for you to help pay for:

Home improvements
Consolidating and paying down your debt
Education expenses
Vacations and travel

HELOC Rates and Terms

Up to $200,000

Variable Rate = Wall Street Journal Prime
Floor of 4.00%
Up to 80% Equity
15-year amortization
Minimum payment $100