Home loan minnesota mortgage rate

NEW BRIGHTON, Minn. -- CU Companies Inc., Minnesota's leading credit union service organization (CUSO), and its subsidiary, CU Mortgage Inc., today announced a new 40-year, fixed-rate mortgage product available to all members of its participating 54 owner credit unions.

The 40-year mortgage requires a 5 percent down payment and is offered at highly competitive interest rates. Available at participating credit unions throughout Minnesota, the 40-year mortgage enables buyers to increase their home purchasing power by lowering monthly payments. For example, a first-time homebuyer may be now be able to purchase a larger home than originally planned, or qualify for a home in a neighborhood or location that might otherwise be unaffordable.

"With housing costs continuing to rise dramatically, many Minnesotans are being priced out of the housing market," Brad Crandall, president of CU Mortgage said. "By making the 40-year mortgage widely available throughout the state, the dream of homeownership will become a reality for thousands of individuals and families." He added, "We believe there will be significant demand for this product as housing costs continue to rise. The 40-year mortgage will become much more common in the next few years."

Advantages Out Weigh Drawbacks

Driven by consumer demand, 40-year mortgages are becoming increasingly popular around the country, Crandall explained. He acknowledged that this product is not for everyone as it may take homeowners longer to build up equity, but the long-term advantages of investment in a home far out weigh the drawbacks of the longer loan term - especially since home prices are expected to continue their rise and the rates of the 40-year mortgage are very competitive.

About CU Companies

CU Companies, established in 1997, is a Credit Union Service Organization (CUSO) based in New Brighton, Minn. Owned by 54 credit unions throughout Minnesota, CU Companies offers mortgage, realty, title, investment and insurance services to more than 600,000 credit union members. For more information on CU Companies, visit www.cucompanies.com.