Your Home Is Your Castle
Own it Free & Clear before your retire

Free & Clear Home Loan Program
Rates as low as 3.39% APR* for a limited time.

Red Wing Credit Union has a special offer for members that are interested in paying off their home prior to retirement. Taking advantage of today's low rates, you may be able to pay off your home faster than you think with our Free & Clear Home Loan Program.

With our Free & Clear Home Loan Program you will use the proceeds from your loan to pay off all existing mortgage balances on your primary residence, putting the Red Wing Credit Union loan in a first lien position. We will help you select a repayment term between 60 and 180 months that fits your budget and retirement plan.

Because our plan has No Closing Costs**, even borrowers that have refinanced recently may benefit from this program.

Additional Details:

  • Minimum loan amount is $25,000
  • Maximum loan amount is $175,000
  • The maximum loan-to-value ratio is 75%
  • Loan is held and serviced by Red Wing Credit Union
  • No prepayment penalty
  • Credit score and debt-to-income qualifications apply

Payment Example:

  20 Year Mortgage Free & Clear Plan
Monthly Payment $659.96 $983.71
APR 5.000% 3.39%
Total Interest Paid $58,388.59 $18,045.82
Total Savings   $40,342.77
Example assumes a $100,000 loan balance and a credit score above 740 and a 120 month term.

Items needed to process your request:

  • Paystubs for the last 30 days for each applicant
  • Copy of current mortgage statements
  • Current property tax statement

To schedule an appointment, contact Emily 651-267-4222, Lori 651-267-4223 or Leah 651-267-4214 or call 1-888-388-7133 toll free.

*APR=Annual Percentage Rate. 3.39% rate applies to borrowers with credit scores of 740 or higher. APR of 3.79% applies for borrowers with a credit score of 739 or below.
**Closing costs (title charges, mortgage filing fees & mortgage registration tax) may be added to the loan balance if loan is paid off within the first 36 months. Borrower is responsible for appraisal costs if one is required. Other restrictions may apply. Red Wing Credit Union is an Equal Housing Lender.


Contact Us
  • Red Wing Credit Union
    3303 North Service Drive
    Red Wing, MN 55066
  • Phone: 651-388-7133 or 1-888-388-7133 (toll free)
    Fax: 651-388-7137
  • Lobby:
    8:30 a.m. - 4:30 p.m., Mon - Fri
    8:30 a.m. - Noon, Sat
  • Drive-Up
    8:30 a.m. - 5:00 p.m., Mon - Fri
    8:30 a.m. - Noon, Sat

Federally insured by the NCUA up to $250,000
Equal Housing Lender