Mortgage FAQs

Loans

Mortgage FAQs

Frequently Asked  Questions

No, not yet. We are working on our Online Mortgage application and hope to have it available to our Members before 2019!

No, at this time we offer mortgages only in Florida and Georgia.

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.

  • Copies of the most recent W-2 Forms for all employers.
  • Copies of most recent 30 day paycheck stubs to include year-to-date income figures.
  • Copies of most current, consecutive bank statements from all asset accounts outside of PEFCU. (all pages)
  • Copies of your Driver’s License or other acceptable Photo Identification.
  • If you are a self-employed or commissioned employee we will require complete copies of your most recent Federal Income Tax Returns and possibly a year-to-date Profit and Loss statement.
  • Fully executed Purchase Contract for home purchases.
  • If you are refinancing an existing mortgage we will need additional documentation such as, copies of your Deed, current Title Insurance Policy, Homeowner’s / Hazard Policies, Property Tax statement and other items.

PEFCU offers Conventional, fixed rate, First mortgages with terms of 15, 20 or 30 years.  We also offer fixed rate Second mortgages with a 15 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, townhomes or any other attached dwellings, mobile homes or vacant property / lot loans.

PEFCU will consider mortgages with as little as 5% 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 customer 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.

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