The Credit Union offers fixed rate mortgages to purchase or refinance primary
residences located in North Carolina. The maximum loan amount and
interest rate depends on many factors including the purpose of the loan, the
type of mortgage, number of dwelling units, and occupancy status. Private
mortgage insurance is not required on any of our fixed rate mortgages, with
the exception of the FirstHome Mortgage. Many of our mortgage products
now provide an option for monthly and biweekly repayment schedules at the
time of origination. Funds are collected with each payment, in addition to
your principal and interest payment, to allow for the disbursement of the
estimated annual tax and insurance premiums that will be due. These funds
are placed in an escrow account until needed and earn dividends equal to
the share account rate.
AllSavers Mortgage
This unique mortgage provides the borrower an
opportunity to establish a savings account at the time the mortgage is
originated. After the base loan amount is established, an additional 10% is
loaned to set up a share term certificate in the borrower's name. The STC will
serve as collateral for the mortgage in addition to the borrower's property.
The STC accrues interest at the same rate as set on the loan. Interest is
compounded monthly and the proceeds are released to the borrower 10 years after
origination1. These funds could be used to pay for educational
expenses, home improvements, pay down the mortgage or any other purpose the
borrower may have in mind.
Financing for primary residences up to 100% for purchases and no-cash out refinances
Vacation homes and rental properties are not eligible for this program
Only single family homes are eligible for this program
Property must be located in North Carolina
Maximum total loan amount is $400,000
Origination fee of 1% of the loan amount
Private mortgage insurance is not required
Monthly and biweekly repayment options available on new loan originations
Application Rate may be reserved for 60 days
Download our Mortgage Loan
Application Form
and provide the completed form to your local branch or to the Call Center.
Fixed Rate Mortgages
The Credit
Union offers special financing on fixed rate mortgages. Since SECU holds these
loans in portfolio, the qualification guidelines are the same flexible
guidelines used for our adjustable rate mortgage loans, including no private
mortgage insurance, expanded debt ratios and less restrictive property
requirements. In addition, most refinance mortgages may be closed in the local
branch office with reduced closing costs.
100% financing3 available for purchases and no cash out refinances of primary residences
90% financing4 available for purchases or refinances of primary residences
Vacation homes and rental properties are not eligible for this program
Property must be located in North Carolina
Origination fee of 1% of loan amount
Private mortgage insurance is not required
Monthly and biweekly repayment options available on new loan originations
Rate subject to change daily
Application Rate may be reserved for 60 days
Download our Mortgage Loan
Application Form
and provide the completed form to your local branch or to the Call Center.
FirstHome Mortgage5
The Credit Union has partnered with the NC Housing Finance Agency to offer low
fixed rate financing for your first time home purchase. Eligibility is based on
household income limits as well as sales limits dependent upon the county in
which the property is located. Up to 100% financing is available for the
purchase of a primary residence in North Carolina. More information on income
and sales price limits for each county is available at
www.nchfa.com
Specifications
Maximum term of 30 years
Initial Rate subject to change throughout the day
Application Rate may be reserved for 90 days
Only conventional fixed rate mortgages offered
Mortgage Modification Program
Members with existing Credit Union fixed rate portfolio loans
can lower their current interest rate to the current initial rate for new
mortgages. To request that a current loan be modified,
simply complete a
Fixed Rate Modification Form.
Your monthly payment will decrease and you will save money on the total cost
of interest you will pay over the life of the mortgage. There are no out of
pocket costs. A modification fee of 1.0% of the outstanding loan balance
will be added to the principal balance of your loan.
Listed below are our current modification rates.
Original Term
Original Loan-to-Value
Rate
15 year
90% and less
5.25%
90.1% and above
5.75%
20 year
90% and less
5.50%
90.1% and above
6.00%
25 year
90% and less
5.75%
90.1% and above
6.25%
30 year
90% and less
6.00%
90.1% and above
6.50%
The AllSavers Mortgage rate is 5.75% for a 15 year term. The accompanying STC
rate will be lowered to the new loan rate for modifications to AllSavers mortgages.
Fixed rate loans sold to investors are not eligible for the modification
program. If your loan was originated prior to 7/25/07, it is most likely
an investor loan. If your loan was originated after 7/25/07, please check with your
local branch to determine if it is a portfolio loan or an investor loan. If you have
a loan that was sold to an investor, it may benefit you to contact your local branch
to discuss potential advantages of refinancing to our existing rate.
1 All interest remains in the STC for the duration of the
account. The STC will not be cancelled until the earlier of: the payoff of the
mortgage, the loan balance falls below the balance of the STC, 10 years from
the date of loan origination or the default on the underlying mortgage
obligation.
2 APR = Annual Percentage Rate
3 100% financing up to a maximum loan of $400,000.
4 90% financing up to a maximum loan of
$400,000 (up to $500,000 if the home is in a subdivision type setting). Loans
in excess of these amounts are limited to 80% of the lower of the sales price
or appraised value.
5 If you sell the home within 10 years of the purchase, you may be subject to recapture of a portion of the
interest rate savings.
