Mortgage Loans

Click here for the latest mortgage rates, useful calculators and our mortgage application.

Ascend Federal Credit Union offers a variety of loan options to meet your needs. Real estate loans are available in all continental U.S. states for your primary residence, second/vacation homes, bridge loans, first-time home buyers, and many more. Credit union mortgage products include:

• Balloon Mortgages
• Construction Loans
• 5/1 Adjustable Rate Mortgages
• 3/1 Adjustable Rate Mortgages
• Home Loan Payment Relief (HLPR) Mortgages

The credit union also offers mortgages for vacant land, manufactured/modular homes (primary residence attached to real property only), and rental property (1-4 units only) located in Tennessee and Northern Alabama. In addition, your credit union provides equity loans for primary residences located in Tennessee (manufactured/modular homes do not qualify).

For more details on any of these options or to make application, view our mortgage product descriptions below or call 1-800-342-3086, extension 1300.

• Click here  to view current mortgage rates.
• Click here to view current equity rates.
• Click here  to contact us for current rates on vacant land, construction, and bridge loans or call 931-454-1300 or 1-800-342-3086 ext. 1300.

Policies subject to change upon regulation change and/or Board of Directors approval.

5, 7 and 10 Year Fixed Balloon Mortgages

Low fixed-rate balloon mortgages are available for both primary residences and second/vacation homes located within the U.S. Payments are based on an amortization schedule of up to 360 months with the balance due at maturity. Upon maturity or a drop in rate (for a small fee), the loan may be modified to change the rate and extend the term without the cost of refinancing. Certain limitations may apply. Members have automatic payment options such as payroll deduction or automatic transfer. Neither an escrow account nor private mortgage insurance is required for this loan type. The appraisal fee is collected at the time of the application. Low closing cost. Make application now.

5/1 Adjustable Rate Mortgages (ARMs)

ARM is available for a 30-year term for a primary residence located within the U.S. The rate may increase or decrease during the life of the loan. The initial interest rate and payment adjustment occurs after 60 months with subsequent adjustments at 12-month intervals. The first adjustment will not vary more than 3% from the initial rate. Subsequent adjustments will not increase or decrease more than 1% from the rate in effect at the time of adjustment. The interest rate will not increase more than 6% above the initial interest rate for the life of the loan. An escrow account is not required for this loan. Private mortgage insurance is not required. The appraisal fee is collected at the time of the application. Low closing costs. Make application now.

3/1 Adjustable Rate Mortgages (ARMs)

In-House 3/1 ARMs are available for up to 30-year terms for primary residences located within the U.S. The rate is fixed for the first three years. The initial interest rate and payment adjustment occurs after 36 months with subsequent adjustments at 12-month intervals. The first adjustment is limited to 3%, and subsequent annual adjustments will not increase or decrease more than 1% with a 6% lifetime cap. An escrow account is not required. Private mortgage insurance is not required. The appraisal fee is collected at the time of the application. Low closing cost. Make application now.

3/1 HLPR Adjustable Rate Mortgage

The credit union is committed to serving all its members, including those of modest means. This loan is available to first-time homebuyers who are purchasing an owner occupied principal residence and whose household income is either at or below the area median income. Available for a 30-year term with the rate fixed for the first three years. After three years, it will adjust annually to market rates, with rate adjustments capped at 1% per year and 5% over the life of the loan. The required down payment will be no more than 3%. An escrow account is not required. Private mortgage insurance is not required. There is no origination fee with this loan, but other customary closing costs apply. Make application now.

Conventional Fixed Rate Mortgages

Conventional fixed-rate mortgages are available on 15 and 30-year terms for primary residences located within the U.S. An escrow account is not required for this loan type. Private mortgage insurance is required on loan-to-values in excess of 80 percent. The appraisal fee is collected at the time of the application. Closing costs include a 1% origination fee plus other customary closing costs. Make application now.

Vacant Land (Variable Rate) Mortgages

Mortgage loans for vacant land are available on property located in the state of Tennessee and/or Northern Alabama. The maximum term is 5 years. Payments may be based on a 240-month amortization schedule with a final balloon payment. The interest rate and payment may increase or decrease during the life of the loan. The rate is subject to change annually with adjustments limited to 1% per adjustment with a 6% lifetime cap. No escrow account is required. The appraisal fee is collected at time of application. Low closing costs. Make application now.

Manufactured/Modular Home (Variable Rate) Mortgages

Loans for manufactured/modular homes attached to real property are available for primary residences located in the state of Tennessee and/or Northern Alabama. The maximum term is 15 years. The interest rate and payment may increase or decrease during the life of the loan. The rate is subject to change annually with adjustments limited to 1% per adjustment with a 6% lifetime cap. No escrow account is required. The appraisal fee is collected at the time of the application. Low closing costs. Make application now.

Rental Property 7 Year Balloon

Loans for 1-4 unit single family residences are available for property located in the state of Tennessee and/or Northern Alabama. The maximum term is 7 years. Payments may be based on an amortization schedule of up to 360 months with the balance due at maturity. Upon maturity or a drop in rate (for a small fee), the loan may be modified to change the rate and extend the term without the cost of refinancing. Certain limitations may apply. Members have automatic payment options such as payroll deduction or automatic transfer. No escrow account is required. The appraisal fee is collected at the time of the application.  Low closing costs. For your convenience, make application now. 

Rental Property Variable Rate Mortgage

Loans for 1-4 unit single family residences are available for property located in the state of Tennessee and/or Northern Alabama. The maximum term is 12 years. Payments may be based on an amortization schedule of up to 360 months with the balance due at maturity. The interest rate and payment may increase or decrease during the life of the loan. The rate is subject to change annually. Adjustments are limited to 1% per adjustment with a 6% lifetime cap. No escrow account is required. The appraisal fee, credit report fee, and flood certification fee are collected at time of application. Low closing costs. Make application now.

Bridge Loans

Bridge loans are available for property located in the state of Tennessee and/or Northern Alabama with a term of one year. Two options are available: (1) you may borrow up to 90% of the appraised value less the first mortgage on the residence you are selling; or (2) you may borrow up to 90% of the appraised value as a first mortgage on the residence you are purchasing. Low closing costs. Make application now.

Easy Equity Loan

Easy Equity is a fixed-rate home equity loan that allows you to borrow 90% of your personal residence's appraised value up to $50,000. Properties must be located in the state of Tennessee. (Manufactured/modular homes, rental property and commercial property do not qualify.) Make application now.

Equity Express Line of Credit

An Equity Express Line of Credit is a revolving line-of-credit secured by the equity you have accumulated in your personal residence, which must be located in the state of Tennessee. The initial interest rate will be in effect for a minimum of one year. After the first anniversary of the loan, the rate will become variable and subject to adjustment semi-annually. The interest rate is based on the six-month treasury bill auction high as published by the Federal Reserve Board plus an established margin. The actual margin used to calculate the annual percentage rate you will receive will be based upon your credit score. You will be informed of the annual percentage rate for which you qualify before you become contractually liable for the loan account. The maximum interest rate will not exceed the rate allowed by federal regulations, currently 18%. You may borrow as much as 90% of the appraised value of your home, less any balance owed on your first mortgage. The minimum line of credit is $10,000. (Manufactured/modular homes, rental property, and commercial property do not qualify.) Make application now

*The credit union is an Equal Housing Lender. Rates and terms are presented for your information only, not a contractual agreement. Rates and terms are subject to change without prior notice.