How to Apply

Borrowing money can be stressful, so we try to make getting a loan quick and painless for our members. Approvals are usually obtained within a couple of hours after we receive your application.

Montana Educators' Credit Union will request information to verify your identity when required in accordance with the USA Patriot Act of 2001.

LOAN APPLICATION

You can start the process by completing the application. Be sure that each applicant signs the form! Then either FAX it to us at (406) 721-6125, drop it by our office at 2000 Russell Street, Suite 1, in Missoula, or mail it to PO Box 2668, Missoula, MT 59806.

Once your loan is approved we can close the loan with you by FAX or in person – just let us know which is more convenient for you.

 

SECOND MORTGAGE LOANS

A popular and money-wise way to finance big purchases, or to do home improvements, is to use the equity in your home as collateral. We have some of the lowest rates around for second mortgages, and there are other advantages as well:

  • No Application or Origination Fees;
  • No Closing or Processing Fees;
  • We can loan up to $50,000;
  • You can use the money for almost any purpose;
  • You can have up to 15 years to pay it back;
  • You can deduct the interest paid in most cases

By providing the following information at the time of application, the process can be completed and money disbursed in about one week:

  • Completed Loan Application Form;
  • Payroll Check Stubs, W-2 Form, or tax return for each applicant;
  • Proof of Ownership (found on property tax statement)
  • Complete Legal Description (found on property tax statement)
  • Copy of Current or Year-End Statement from 1st Mortgage Holder;
  • Copy of Homeowner’s Insurance summary and Agent’s name;
  • Appraisal (not more than 5 years old); or Market Valuation by a Licensed Realtor

1st MORTGAGES

While we have chosen not to do 1st Mortgage Loans at Montana Educators’ Credit Union for the foreseeable future, we do have a relationship with Bryon Smith at Schmautz & Smith Mortgage, LLC in Missoula. You can contact him at (406) 541-8100 or give us a call at 728-1034.


 

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