1. What types of loans do you offer?
We offer 15 to 30 year fixed and adjustable rate conventional
first mortgage loans for purchasing or refinancing your primary
residence. We also have a fixed rate second mortgage, and
an adjustable rate loan for vacant residential property.
2. How long does it take to close a mortgage loan?
Generally a purchase loan takes 4-6 weeks, a refinance 5-8
weeks, and a second mortgage 3-5 weeks from start to finish.
3. How do I apply for a loan?
Call the Lakeland office and request an application for refinancing
or any other mortgage loan request at (863) 683-6404 in the
Lakeland area or (800) 226-6673 toll free.
4. Do you offer construction loans?
We do not offer the initial construction financing. Since
we offer loans to members in Florida and Georgia, we cannot
verify the quality, reliability, or integrity of all the builders
in these areas from one office location. We would also not
be able to perform all the periodic construction inspections,
code enforcements, draw payments, etc. that go into processing
a construction loan. We CAN finance your home after it is
completed and payoff any outside construction loan you may
have obtained.
5. Are your rates competitive?
Yes, we offer rates that are set daily
by the secondary mortgage market. These are the same rates
many other lenders use.
6. What are points?
A point is equal to 1% of the mortgage amount. You pay these
at closing to lower your initial interest rate. Usually paying
1 point can reduce your rate by 1/8 to 1/4%. It normally takes
5 years or more to recoup the cost of paying a point over
the life of your mortgage.
7. What types of homes do you finance?
Due to the large market area we cover,
we only finance "detached"
single family block or frame homes. They must be the members
primary residence.
8. What are closing costs, and how can I estimate what amount
I will pay?
The costs associated with processing your loan, not including points. They include the origination fee, processing fee, appraisal, survey, title insurance, termite inspections, flood certification and property tax service. This also includes all prepaid items such as: interest, mortgage insurance premiums, and owners insurance. You can figure an estimate of your closing costs by multiplying your mortgage amount by approximately 3 to 4%.
9. Do you offer payroll deduction for mortgage loan payments?
Yes, your monthly payment can be set up to automatically transfer
from your share, share draft, or any club account other than
the Christmas club account. If you are paid weekly, you monthly
payment is divided by 4 and each week it will build up in
the account you choose, and then transfer automatically on
the first of the month.
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