A partnership with Educational Community Credit Union
What is the Midtown Loan Program?
Drury has joined with Educational Community Credit Union (ECCU) in a plan to help encourage Drury employees to live in the Midtown neighborhood by providing reduced interest rates on home mortgage and equity loans. Here are the basics:
• Obtain your mortgage or loan through ECCU
• For current Drury employees, ECCU discounts 0.75% from the market interest rate for the first 5 years of the loan
• Drury increases your salary each month to cover another 0.75% of the interest for the same five year period
• Net result: a 1.5% discount on market interest rates for five years!
• Payments are made automatically from your account at ECCU
Who is eligible?
You must be an employee of Drury University, living or planning to live in the area bounded by Chestnut Exp., Boonville St., Locust St. and Sherman St. Your interest rate and eligibility for the loan are established by ECCU when you apply for the loan.
What are the benefits?
You can save money on your mortgage. For example, on a $100,000 30-year loan you will save $7,248 over the five years. And since the payments are made electronically they will always be on time.
There are more reasons to be involved. The program will help the Midtown neighborhood by encouraging its historic homes to be used as single-family residences. The work done with home improvement loans will increase the value of neighborhood properties and help maintain the area’s unique atmosphere. Stable homeowners will help stabilize the neighborhood. And you will help knit stronger ties between Drury and its surrounding community, a key to helping Drury flourish.
Midtown has made great progress in the last 20 years. This program helps keep the momentum going.
The fine print
To receive a loan from ECCU, you must be a member of the credit union; any Drury employee can become a member and open an account. Mortgages must be 15- or 30-year fixed-rate loans for no more than 90% of the appraised value. Mortgage or equity loans are made for single-family homes to be used as a primary residence.
The incentives end if you leave Drury. If you sell the property, Drury has a first right of refusal to purchase the property.
To learn more about the Midtown Loan Program, call Jennifer Kirtlink at ext. 6858 and contact ECCU at 831-0534 for information on becoming a member, opening an account and applying for a loan.