Home Loans


We are now originating first mortgages for our members no matter where they live within the U.S. Interest rates have been quite low, and while some people were refinancing to get a lower interest rate, others were buying new homes. The most we could do for them previously was to do a home equity loan if they lived within a 60 mile radius of Rapid City.

Our members have been very excited about this program, as they do all their paperwork with our friendly credit union - mostly through the mail or by fax. It doesn't cost them any more to work through us, and some specials have saved them money in closing costs. Many times, our loan officer in Minneapolis has been able to get them better interest rates than they could anywhere else. This is a service that we are sure will continue to be popular with all our members.

Home Equity Loans

Loan-to-loan Value: 80% Maximum, Less First Mortgage
Value Determination: Assessment or Appraisal
Mortgage: First or Second Position
Security: Primary Residence of Borrower
Location: Within 60 Miles of Rapid City
Condition: Site Built, Completed Construction and in Good Repair
Late Charge: %5 of the Payment, Minimum of $10.00, Ten Days Grace

Regarding Closed End Fixed Rate Home Equity Loans

Mobile homes assessed and taxed as real property with a permanent foundation below the frost line will qualify for Home Equity Loan Rates. Mobile homes taxed as a mobile home will not qualify for a Home Equity Loan, but rather at Mobile Home Rates.

Insurance in an amount equal to or greater than the maximum possible advance shall be required. All Home Equity loans shall comply with the requirements set forth in the National Flood Insurance Act of 1968 as amended by the Flood Disaster Protection Act of 1973, as described in section 701-32 of the NCUA Rules and Regulations.

Some closing costs may be charged. Please call for further information.

Regarding Open End Variable Rate Home Equity Loans

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United Methodist First Choice Federal Credit Union

Office Hours: 8:00 AM to 4:00 PM Mountain Standard Time, Monday through Friday
Tel: (605) 348-5753 or toll free 1-800-658-3950
Fax: (605) 342-6441
Location Address: 815 Columbus Street, Rapid City, SD, 57701
Mailing Address: PO BOX 5540, Rapid City, SD 57709
E-Mail: member@umfirstchoicefcu.org
Notice: For your protection we will not accept account instructions by e-mail.

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