The main services of covantage credit union are loans and mortgage, checking and savings, cards, and business service. www.covantagecu.org is the official website of Covantage Credit Union. Covantage provides not only outstanding value and exceptional service, but also gives respect and dignity in a fair and impartial manner. Covantage gives best program which helps you to get good spending and saving.
Covantage provides different services to their customers. The services are given below:
- In business services it provides saving products, business checking, business loans, credit cards and many other.
- In checking and savings services it provides savings products, fee-free checking, IRA, health savings accounts, dividend rates.
- In cards services it provides Credit cards, check cards, load N Go cards, VISA Gift cards.
- In loans and mortgages services it provides mortgage, home equity loan, open end lending, quick cash, verify collateral Insurance. Among this it provides many services.
- In mortgage service covantage provides different services the information regarding mortgage are given below:
- In house mortgage loans:
In house mortgage loans two type of loans are available:
- Adjustable Rate T-Bill Loans Available: 1/1 year, 3/1 year, 5/1 year, and 10/1 year time period is available in this type. The rate is fixed for initial time period after that the rate will adjust annually each year up to 30 year amortization. (Maximum increase is 1% per year for 1/1 year and 3/1 year; 2% per year for 5/1 year and 10/1 year; maximum lifetime increase for all is 6 %.)
- Fixed rate loans: This type of loans is available for 5, 10, 15, and 20 years. In this process of application are very simple. Customers do not pay application fee or prepayment penalty. Credited payments they can receive on the same day. Customer can talk to a credit union loan officer at any time.
Secondary Market Mortgages: In secondary market mortgages fixed rate loans are available. In this mortgage, the rate may be lower than in house mortgage loan. More personal financial documentation is required with loan application than with an In-House loan application. You can borrow up to 97% of the Value of Your Home (Private Mortgage Insurance is required)
Covantage provides programs for first time home buyers. Two type of programs available are:
- WHEDA (Wisconsin Housing and Economic Development Authority)
- Guaranteed Rural Housing (GRH)
WHEDA (Wisconsin Housing and Economic Development Authority):
WHEDA will not accept new rate locks under its Home Program until further notice. The instability of the capital markets is impacting their access capital and our cost of capital.
Guaranteed Rural Housing (GRH):
The GRH is for low to moderate-income homebuyers who obtain a 30-year fixed rate mortgage without the down payment. In some cases home mortgages can be made for up to 100% of the dwelling’s appraised value and, may include closing costs and repairs. For more information of mortgages click here
Auto loans: Covantage provides best services to their auto loans customers:
Auto loans and RV loans: Covantage provides financing for new and used vehicles, boats, campers, ATVs, and snowmobiles at some of the best interest rates and terms. The terms are given below:
- 100% financing available
- Simple application process
- No Prepayment penalties or application fee
- Fast turnaround – Same day approval in most cases
- Credit Disability and Life Insurance are available on the loan
- Guaranteed Auto Protection (GAP) can be purchased for your Vehicle
Draft Pre-approved Auto Loan: Auto draft is a pre-approved auto loan that gives you the bargaining power of cash and ensures. You can settle the best price on the vehicle which you have selected. If you are approved then you have to settle the best price of your car and sign on your auto draft.
Additional benefits are given below:
- Interest accrues after you have signed the check over to the dealer
- Auto Draft minimum is $5000
- 1% Cash Rebate on the amount of your Auto Draft Loan. (For example: use an Auto Draft for $20,000, and you’ll get $200!)
- There is no need to come to the credit union to sign additional papers
- For more information of auto loans click here