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Mortgage Lending


NCPAFCU now offers two mortgage products to our membership. Whether you are in the market for a new home or simply want to refinance your existing home, these mortgage loans could be your answer. Here are our two options:

5-Year Adjustable Rate Mortgage
Because the interest rate may only be adjusted every five years, this product offers protection against rising rates1. The rate may not change by more than 2% every five years or 6% over the life of the loan.

Specifications
% Initial Rate for 30-year terms with 80% or less loan-to-value (% APR2) Calculate Payment  Future rates and payments determined based on adding a margin of 1.50% to the index (5 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 3.25% and maximum adjustments every 5 years of 2% with a lifetime cap of 6%. The recent index is 1.94%.

% Initial Rate for 30-year terms with 80.1% to 90% loan-to-value (% APR2) Calculate Payment  Future rates and payments determined based on adding a margin of 2.00% to the index (5 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 3.75% and maximum adjustments every 5 years of 2% with a lifetime cap of 6%. The recent index is 1.94%.

% Initial Rate for 30-year terms with 90.1% to 100% loan-to-value (% APR2) Calculate Payment  Future rates and payments determined based on adding a margin of 2.50% to the index (5 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 4.25% and maximum adjustments every 5 years of 2% with a lifetime cap of 6%. The recent index is 1.94%.

% Initial Rate for 30-year terms with 100.1% to 110% loan-to-value3 (% APR2) Calculate Payment  Future rates and payments determined based on adding a margin of 3.50% to the index (5 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 5.25% and maximum adjustments every 5 years of 2% with a lifetime cap of 6%. The recent index is 1.94%.
  • For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value
  • Origination fee 1% of loan amount
  • No application fees or credit report fees
  • Private mortgage insurance is not required
  • Property must be located in North Carolina
  • 100% financing3 available for purchases and "no cash out" refinances of primary residences
  • Up to 90% financing available for purchases and refinances of primary residences
  • Initial Rates subject to change daily
Fixed Rate Mortgages
This product offers the borrower a fixed rate for the life of the loan.

Specifications

10-Year Fixed Rate Mortgage

Fixed rate of % (% APR2) for 90% or less loan-to-value Calculate Monthly Payment 
Fixed rate of % (% APR2) for 90.1% to 100% loan-to-value Calculate Monthly Payment 

15-Year Fixed Rate Mortgage

Fixed rate of % (% APR2) for 90% or less loan-to-value Calculate Monthly Payment 
Fixed rate of % (% APR2) for 90.1% to 100% loan-to-value Calculate Monthly Payment 
  • Origination fee 1% of loan amount
  • No application fees or credit report fees
  • Private mortgage insurance is not required
  • Property must be located in North Carolina
  • 100% financing available for purchases and "no cash out" refinances of primary residences
  • Up to 90% financing available for purchases and refinances of primary residences
  • For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value
  • Rates subject to change daily
  • Application Rate may be reserved for 60 days

NATIONAL MORTGAGE LICENSING SYSTEM (NMLS) AND S.A.F.E. ACT
The Secure and Fair Enforcement for Mortgage Licensing (S.A.F.E.) Act requires that all mortgage loan originators (MLO) complete an online registration process through the NMLS Registry. The purpose of the S.A.F.E. Act is to increase accountability of MLOs, enhance consumer protections, reduce fraud in the residential mortgage loan origination process, and provide consumers with easily accessible information concerning the employment history of MLOs and any disciplinary or enforcement actions imposed against MLOs.

A list of all current MLOs for NCPAFCU, including their NMLS registration numbers can be found here.

1Future interest rate changes will be determined based on the five year Constant Maturity Treasury (CMT) yield.
2APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate. This is not your interest rate.
3The interest portion of the loan that is greater than the value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.



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