A mortgage is a loan to finance the purchase of your home. A mortgage loan may also be used in the refinance of an existing home (mortgage) loan.

The home you purchase acts as the collateral for the loan, which is a legal contract you sign to promise that you'll pay the debt, with interest and other costs. The typical term for a mortgage loan is between 15 and 30 years.

To repay the debt, you make monthly installments or payments that typically include (PITI):

• Principal
• Interest
• Taxes
• Insurance 

Leaders Credit Union offers mortgage loans at affordable rates.

Along with Medical Doctors (M.D.), eligible medical professionals include: Doctors of Dental Sciences (D.D.S), Dental Surgeons specializing in oral and maxillofacial surgery (D.M.D), Doctors of Optometry (O.D.), Doctors of Podiatric Medicine (D.P.M.), Doctors of Osteopathy (D.O.), Doctors of Pharmacy (Pharm.D.), and Nurse Anesthetists (CRNA).

Yes. Medical professionals can get mortgages with a 100% loan-to-value ratio (no down payment) and refinancing is available up to a maximum of 95% LTV. The cash-out refinance option has a maximum LTV of 80%.

Mortgage insurance is insurance that protects the lender in the event you default on your loan. Certain lending programs, such as the FHA’s program, require mortgage insurance. Leaders Credit Union does not require private mortgage insurance for Medical Professional Home Loans.

Yes. Leaders Credit Union understands that medical professionals who have recently graduated may not have started their jobs yet. You have the option of scheduling your closing up to 45 days before you start your job.