The Credit Union offers unique Adjustable Rate Mortgage (ARM) products. 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. Payments may be made directly to the Credit Union,
through Payroll Deduction or Funds Transfer.
2-Year Adjustable Rate Mortgage
Because the interest rate may only be adjusted every two years, this product
offers protection against rapidly rising rates1. The rate may not
change by more than 1% every two years or 8% over the life of the loan.
Monthly and biweekly repayment options available on new loan originations
Origination fee .75% of the loan amount
100% financing3 available for purchases and "no cash out"
refinances of primary residences located in North Carolina
90% financing4 available for a second home and 80% financing
available for up to two rental properties
You can apply for a new 2-Year Adjustable Rate Mortgage in Member Access, or
download our Mortgage Loan
Application Form
and provide the completed form to your local branch or to the Call Center.
5-Year Adjustable Rate Mortgage
Because the interest rate may only be adjusted every five years, this product
offers additional protection against rapidly rising rates1. The rate
may not change by more than 1.5% every five years or 4.5% over the life of the
loan.
Specifications
% Initial Rate for 20-year terms with up to 100% loan-to-value (
% APR2)
Calculate Payment
Maximum term of 20 years
Private mortgage insurance not required
Origination fee .75% of the loan amount
Maximum loan amount is $400,000
Property must be located in North Carolina
100% financing3 available for purchases and "no cash out" refinances of primary residences
Second homes and rental properties are not eligible for this program
Download our Mortgage Loan
Application Form
and provide the completed form to your local branch or to the Call Center.
Mortgage Modification Program
Members that have existing Credit Union adjustable rate mortgage loans5
can lower their current interest rate to the current initial rate for new
mortgages with the same margin. To request that a current loan be modified,
simply complete a
Modification Agreement 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 .75% of the outstanding loan balance
will be added to the principal balance of your loan.
1 Future interest rate changes will be determined based on the
one year Constant Maturity Treasury (CMT) yield
2 APR = Annual Percentage Rate
3 100% financing up to maximum loan of $400,000. First-time
homebuyers and new or relocated State employees (STAR mortgage) are eligible
for additional financing up to $1,000 for closing costs. See Special Mortgage
Programs for more details.
4 90% financing on a second home up to a maximum 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 Please note that not all Credit Union mortgage loans may be
modified. Some loans have been sold to other lenders to provide funds to lend
our membership. These loans are no longer owned by the Credit Union and
therefore cannot be modified. Members who have an ARM no longer with the Credit
Union are invited to refinance their loan with us to take advantage of these
great rates.
