Yes, you can apply for a mortgage online. Please click the link below to get started!
Yes, you can. We offer mortgages in the following states: Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.
When a potential homebuyer is pre-approved, we have collected, verified and presented the information needed for underwriting and approval and the property that will be purchased is the only missing piece of the puzzle. A pre-qualification is based on undocumented information provided to the Lender to determine preliminary mortgage payments and possible loan program the homebuyer may qualify for.
The following is a general list of items we’ll need during the process of your mortgage loan application, but it is not all-inclusive. Because circumstances vary with every application the items we’ll request from you may be different.
PEFCU offers the following fixed-rate mortgage loans:
- Conventional (15-, 20-, or 30-year term)
- Jumbo (15-, 20-, or 30-year term)
- Home Equity (15-year term)
- First-Time Home Buyer First Mortgage (30-year term) & Second Mortgage (15-year)
- Land Loan (20-year term)
No, not at this time. Please see the question above.
The property you would be financing must be your primary residence. We do not offer mortgages for investment properties or second homes. The structure must be a single-family home constructed of frame or concrete block. We do not offer mortgage financing for condominiums or mobile homes.
PEFCU will consider mortgages with as little as 3% down payment. If less than 20% down payment is made you will be required to have PMI.
Private Mortgage Insurance (PMI) is insurance obtained by the lender to protect them against loss in case a Borrower defaults on their mortgage payments. In most cases, you will have to pay PMI if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The monthly PMI premium will be added to the Principal and Interest payment.
Closing costs include items like appraisal fees, credit report, survey, title insurance fees, settlement fees, recording fees, pre-paid interest and costs for Homeowner’s / Hazard insurance and possibly others. These items are usually different for each member due to differences in the mortgage term, property location and other factors. You will receive a detailed Loan Estimate for the closing costs involved after your loan application is received.
Portions of your monthly payment go towards your principal and interest. If your mortgage includes PMI, a portion of your mortgage payment will be applied to that monthly premium amount. PEFCU does not include monthly amounts necessary to pay your annual Real Estate Taxes or Homeowner’s / Hazard Insurance policy/policies. In other words, we will not set up an “escrow account” for your Real Estate Taxes or Homeowner’s / Hazard Insurance policy/policies and you will be billed directly each year for these expenses.
If you obtain your mortgage through PEFCU you will make your monthly payments to us as we will also be the Servicer for your loan after closing.
You can use our mortgage calculator to calculate how much you could afford. To start, click here.