Banking is different at Directions

As a not-for-profit financial cooperative, Directions is different by design! Lower fees and better rates are just the beginning of a better way to bank.

Mortgage Rates

Rate APR* Term Effective Date
Fixed Rate 6.875% 6.958% 30 Year 07/12/2024
6.625% 6.732% 20 Year 07/12/2024
6.375% 6.507% 15 Year 07/12/2024
6.375% 6.562% 10 Year 07/12/2024

*Annual Percentage Rate. The annual percentage rate (APR) is based on a $150,000 loan amount, which includes 20% down payment, application fee, appraisal fee, credit report fee, etc. The annual percentage rate (APR) is an interest rate that is different from the note rate. The APR is designed to measure the "true cost of a loan." This includes some costs/fees associated when obtaining a mortgage loan. It is not used to calculate payments. The interest rate, along with the term of the loan is used to calculate a payment. However, strictly relying on the comparisons of the APR amongst lenders may not always be a good way to determine the overall cost/fee associated with a mortgage. There are other costs/fees that are not included in the APR. By obtaining good faith estimates from lenders, which itemize all the costs/fees, assuming the same interest rate and loan term, a true comparison may be made when determining the lowest cost/fee associated with a mortgage. Rates are subject to change anytime. The principal and interest payment on a $150,000 loan with an APR of 6.958% and term of 360 months is $985.39.

For other terms and rates, please contact us.

Home Equity Fixed Rate Loans

Rate APR* Term Effective Date
90% LTV 10.000% 10.483% 10 Year Fixed 07/28/2023
80% LTV 9.500% 9.978% 10 Year Fixed 07/28/2023
Maximum loan amount available is 90% of the appraisal value less the first mortgage balance. Minimum loan amount is $5000. Low closing costs & processing fee. Rates are subject to change anytime.

Home Equity Line of Credit Rate Loans 

Rate APR* Term Effective Date
90% LTV 8.500% 8.500% 10 Year Variable 07/28/2023
80% LTV 8.000% 8.000% 10 Year Variable 07/28/2023
  • Maximum line of credit available is 90% of the appraisal value less the first mortgage balance
  • Minimum loan amount is $5000, and the maximum loan amount is $200,000
  • Closing costs range from $175.00 to $800.00 based on a HELOC loan amount ranging from $5,000 to $100,000. For loans $100,000 or more, title insurance will need to be ordered and will increase the estimated closing costs
  • Pay no closing costs when you draw an initial advance of $10,000 or more with a new equity line of credit
  • Advances can be obtained during the first five years
  • Payment term is ten years
  • No prepayment penalty
  • Interest rate locked in at time of application
  • Initial box of checks is free. After first box, a $16.75 per box fee is incurred
  • We collect proof of property insurance

    Variable rate, based on prime rate

    • HELOC’s with an LTV up to 80% will have a rate of the current Prime Rate - .50
    • HELOC’s with an LTV of 81% to 90% will have a rate of the current Prime Rate + 0
    • Caps are 2 and 6
    • Rate will not increase more than 2% per change period and not to exceed 6% during the term of the loan