Mortgages are not one size fits all; luckily, Carolina Federal Credit Union offers several options to fit your goals and budget and a Mortgage Loan Officer to help you through the process. We’ll be with you every step of the way to help you find the perfect loan for your home. To get pre-approved and begin your process, contact Hunter Jackson at 704-435-7065 or email mortgage@carolinafcu.org, and we’ll help walk you through the process.
Whether purchasing your first home or refinancing your current one, CFCU has what you need. All home loan features:
- Competitive interest rates
- Flexible terms and down payments
- Quick pre-approvals for better purchasing power
- A dedicated Mortgage Loan Officer to guide you through the approval and closing process
Fixed-Rate Mortgage Options
30-year, 20-year, 15-year, and 10-year terms are available.
HomeReady
A HomeReady mortgage serves today’s market of creditworthy, low to moderate-income borrowers to buy or refinance a home by reducing the standard down payment and mortgage insurance requirements.
USDA / Rural Development
A USDA / Rural Development mortgage serves residents of rural areas. This zero-down-payment mortgage is designed for low-income borrowers and offers competitive low rates and perks.
Conventional
A Conventional loan serves those with a solid credit score and little debt, seeking either a large or minimum down payment.
Review our helpful Homebuying Checklist or our Refinance Checklist to review the items you will need to begin finding the best loan for your home. To get pre-approved and start your home searching process, contact Hunter Jackson at 704-435-7065 or email mortgage@carolinafcu.org, and we’ll help walk you through the process.
Mortgage Frequently Asked Questions
What can I expect when applying for a loan?
The application should take less than 15 minutes to complete. We will review your request for approval when you have finished the application. Our CFCU mortgage loan officer will contact you to introduce themselves and answer any questions you may have.
Once available, we will send your initial mortgage disclosures to sign, including your loan estimate details, expected monthly payment, and a list of items we will need to complete your loan.
We’ll order the appraisal from a licensed appraiser familiar with your area’s home values. Title insurance will be necessary. If you’re purchasing a home, we’ll work with the real estate broker or seller to ensure title work is ordered as needed. If you’re refinancing, we will take care of this for you. We’ll use the Title Insurance to confirm the property’s legal status and prepare the closing documents.
After we receive the signed disclosures back from you, the appraisal, and the title work, we will have your loan reviewed in Underwriting for final approval. Once approved, closing dates will be confirmed.
The closing will take place at the office of the title company, the attorney’s office, or your realtor’s office. Our CFCU mortgage loan officer will contact you a few days before the closing to walk through the final information and issue the closing disclosure.
That’s it!
Can I apply for a loan before I find a property to purchase?
Yes! Applying for a loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding your home. We’ll email you a preapproval letter once your review is complete. You can use the preapproval letter to assure your real estate brokers and sellers that you are a qualified buyer. Having a preapproval letter may give you more weight to an offer. When you find the perfect home, you’ll call your Mortgage Loan Officer to complete your application. You’ll have an opportunity to lock in our great rate then, and we’ll complete the processing of your request.
We recommend applicants apply for re-preapproval after 60 days from their previous pre-approval due to the current real etstate and rate environments.
How much money do I need for a down payment?
Buying your home is a significant investment, and you may not have a 20% down payment saved. That doesn’t mean your dream home is out of reach. If you are a first-time home-buyer or live in a rural area, you may be able to purchase a home with as little as 3% down. For more information, contact our Mortgage Loan Officer at 704-435-7065 or Mortage@carolinafcu.org.
Are there any fees?
Your closing cost consists of fees for a credit report and underwriting of the loan, as well as other third-party fees traditional with any lender: appraisal, recording fees, title insurance, transfer taxes, property taxes, and the cost of homeowners’ insurance policy.
Any tips for new applicants?
– CFCU recommends new applicants not apply for any new loans during the mortgage process, such as an auto loan, credit card, etc.
– If you have a sudden job change during your mortgage process, please get in touch with your CFCU Mortgage Loan Officer.
– Keep your home down payment money in your accounts. If you are using retirement funds, we suggest to starting the process to liquidate.