Why Choose Pelican
Buy a home, lower your rate, or access your home's equity with a cash-out refinance. Pelican has an option for each stage of homeownership.
Choose a fixed rate for predictable payments, or an adjustable rate with a lower start. Your loan officer can help you compare based on how long you plan to stay.
Several Pelican programs don't require private mortgage insurance, even with a smaller down payment. That keeps your monthly payment lower and puts more of it toward your loan balance.
A large down payment is not always required. On a home purchase, qualifying borrowers can finance up to 97% of the purchase price. See the Traditional 30-Year Mortgage.
Your loan stays with Pelican's team from application to approval. Faster answers, fewer delays, no distant underwriters.
As a not-for-profit, Pelican returns earnings to members through competitive rates and lower fees, so you keep more of your money over the life of the loan.
first or second mortgage loan
Pelican offers both first and second mortgage loans, each suited to a different situation. Understanding the difference helps you move forward with confidence and choose the right product from the start.
A first mortgage loan is the primary loan used to purchase or refinance a home. It holds first lien position on the property, meaning it is the first debt paid if the home is ever sold or foreclosed. Most homebuyers start here.
Pelican offers first mortgage loans for home purchases, rate-and-term refinances, and cash-out refinances, with both fixed and adjustable rate options.
A second mortgage loan is a loan secured by your home that sits behind your existing first mortgage in lien position. It lets you access your home's equity without replacing your current loan. Because it carries more risk to the lender, second mortgages typically carry slightly higher rates than first mortgages.
If you're looking specifically for a revolving line of credit or a lump-sum equity loan, Pelican also offers HELOCs and Home Equity Loans as dedicated products.
dedicated Support
Pelican's licensed mortgage loan officers work with you throughout the entire process, from pre-qualification through closing. We’re here for you when you need us!
