Adjustable Rate Mortgages (ARM) feature lower rates and monthly payments early on in the loan term. The lower payment can be to your benefit when you are qualifying for a mortgage loan or allow you to purchase a larger home. Our mortgage loan officers take pride in assisting employees in the electrical power industry and their families when it comes to options regarding a home purchase or refinance of an existing home.
- Variety of rates and terms available.
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Mortgage lending area: Nebraska, Missouri, Colorado, and South Dakota.
- Title Insurance fees apply.
- New home purchase or refinance of existing home.
- Borrow up to 80% of the purchase price or appraised value, whichever is less.
- 95% financing is available to qualified borrowers and requires Private Mortgage Insurance
- Adjustable Rate Mortgage interest rate is variable. It is subject to change after a predetermined period and may increase during the life of the loan.
- All Adjustable Rate Mortgage loans have a cap at maturity. The cap puts a limit on the interest rate increase from one adjustment period to the next. Lifetime Cap is the limit the interest rate may increase over the life of the loan.
- At maturity, the rate is adjusted according to the market index.
Notice to mortgage loan borrowers: If you feel there has been an error in the servicing for your mortgage loan with Nebraska Energy Federal Credit Union or if you would like information concerning your mortgage loan, please send a written request to:
Nebraska Energy Federal Credit Union
Mortgage Department
P.O. Box 499
Columbus, NE 68602-0499
Your request must contain a) Borrower's name, b) Identification of your loan such as loan number, and c) Information on the error that is believed to have occurred or a description of the information requested. You will receive a response within 5 business days. Thank you.