NNMECU has a wide variety of loan products to suit your financial needs. And with Earned Rate Lending (ERL), our low rates will definitely fit your budget!
What is Earned Rate Lending (ERL)? ERL is exactly that - the rate you earn based on your credit worthiness determined by your credit score. Your credit history plays an important role in determining your loan rate. Members who have worked to build and maintain a good credit history are rewarded with lower loan rates. Members will past financial problems may not receive as low a rate as a member with a solid credit history, but NNMECU will work with you to improve your credit rating, so you can enjoy the rewards of good financial health.
Looking for a new set of wheels? NNMECU offers loans for both new & used vehicles AND motorcycles. We are pleased to offer some of the lowest rates around to put YOU in the driver's seat!
To get started, apply NOW to get pre-approved. That way, you're working with the dealer on a "cash" deal. When you've found the car of your dreams, simply bring us the following information from the dealer:
If NEW, a buyer's order & the invoice OR window sticker.
If USED, a buyer's order & "book out" sheet. For quality used cars at affordable prices, we encourage you to check out Enterprise Car Sales! With their NEW PENINSULA LOCATION, shopping for that car has never been so convenient!
Have a car in mind and want to know the MSRP or Blue Book Value? Check out these links to
CHROME DATA for new car pricing and NADA for used vehicle information.
There's no place like home and NNMECU can help you find yours or make improvements to the one you already own! Our mortgage products include 1st mortages and Home Equity Lines of Credit! We offer fixed rate mortgages up to 30 years as well as an Adjustable Rate Mortgage (ARM).
Fixed rate loans up to 15 years are underwritten and maintained with NNMECU. For fixed rate loans over 15 years,
we are proud to work with Member Options to offer you a wide range of mortgage products.
Our Home Equity Line of Credit is also an attractive option for homeowners wanting to put their home to work for them. It carries a variable rate (based on the Wall Street Prime Rate + 0) and is subject to change quarterly. In return, you have access to a line of credit to be used however you'd like!
For information on any of our mortgage products, please contact Virginia Barrow at (757)249-1003, ext. 303.
Student Loans Central
With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872), the Federal Family Educational Loan (FFEL) Program has been eliminated. Private lenders, such as NN Municipal Employees Credit Union, no longer have a role in originating or funding federal Stafford, PLUS, or Consolidation loans.
Federal Direct Student Loans
Beginning July 1, 2010 all new federal student loans will be issued via the William D. Ford Direct Loan Program. The lender for your federal loans will be the U.S. Department of Education rather than your credit union or other financial institutions.
Stafford and PLUS Loans: Visit the Department of Education website (http://www2.ed.gov/offices/OSFAP/DirectLoan/student.html) for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.
Consolidation Loans: You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program. To view consolidation loan detail, visit the Department of Education Consolidation Loan website (http://www.loanconsolidation.ed.gov/).
Direct Lending Borrower Aids: Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can.
Below are resources to assist you through the Direct Loan process.
For Information on Existing Loans:
For questions or service related to an existing Federal Family Educational Loan secured through our credit union, contact Great Lakes (our chosen servicer) at 1-800-236-4300 or access your account information online at www.mygreatlakes.org
For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database (http://www.nslds.ed.gov/nslds_SA/), which is a Department of Education central database for student aid.