Our Mortgage Options
First Mortgage
Choose from a 10-year, 15-year, 30-year, or First-time Homebuyer Program: 30-year 5/1 Adjustable Rate Mortgage with a low down payment.
Investment/Vacation Property
We offer 10-year, 15-year, and 30-year Fixed Rate Mortgage options.
HELOC
Apply for a Home Equity Line of Credit (HELOC) up to 90% of your home's appraised value. No origination fees, annual fees, or inactivity fees.
Fixed Rate First Mortgage:
This loan allows qualified borrowers to purchase a home as a primary residence. For qualified borrowers, the maximum loan amount for purchases will be up to 95% of the sales price or appraisal value, whichever is less. The maximum allowable loan amount for “cash-out” refinancing will be up to 85% of the home’s appraised value. NO PMI (Private Mortgage Insurance) required. Mortgage loans are available in 10-year, 15-year, and 30-year terms. *Interest Rate: The interest rate is based on the borrower(s) credit score and is fixed for the life of the loan.
30 Year 5/1 Adjustable Rate:
This loan allows qualified borrowers to purchase a home as a primary residence. For qualified borrowers, the maximum loan amount for purchases will be up to 95% of the sales price or appraisal value, whichever is less. The maximum allowable loan amount for “cash-out” refinancing will be up to 85% of the home’s appraised value. NO PMI (Private Mortgage Insurance) required. *Interest Rate: The initial interest rate is based on the borrower’s credit score and loan to value of the subject property. Subsequent rate changes are determined by adding a margin to the index (1-Year Constant Maturity Treasury Yield) made available by the Federal Reserve Board. There will be a 2% annual interest rate adjustment cap and a 6% life interest cap, above the initial note rate.
30 Year 5/1 Adjustable Rate for First-Time Homebuyer:
This loan allows qualified first‐time homebuyers with 2 years of consecutive job history to purchase a home as a primary residence. Maximum loan amount is $200,000 and a minimum credit score of 600 is required. For qualified borrowers, the maximum loan amount will be up to 97% of the sales price or appraisal value, whichever is less. NO PMI (Private Mortgage Insurance) required. *Interest Rate: The initial interest rate is based on the borrower’s credit score and loan to value of the subject property. Subsequent rate changes are determined by adding a margin to the index (1-Year Constant Maturity Treasury Yield) made available by the Federal Reserve Board. There will be a 2% annual interest rate adjustment cap and a 6% life interest cap above the initial note rate.
Investment Property:
The property may be a single-family, condominium, townhouse, or up to four apartment units. The maximum number of active investment property loans with CTFCU is limited to only two. Primary residences are excluded from this product. For qualified borrowers, the maximum loan amount will be up to 80% of the sales price or appraisal value, whichever is less. This loan product requires a minimum credit score of 640. NO PMI (Private Mortgage Insurance) required. Mortgage loans are available in 10-year, 15-year, and 30-year terms. *Interest Rate: The interest rate is based on the borrower(s) credit score and is fixed for the life of the loan.
Applies to all CTFCU Mortgage Products:
The rates appearing here are accurate as of the effective date: September 19, 2024. All terms and conditions are subject to change without notice. All mortgage loans require an interior appraisal by a licensed appraiser. The dwelling may be of conventional construction or a modular home and must be completed and ready for occupancy prior to closing. Construction loans are not available. This loan is not available for manufactured housing. A CONTRACT TO PURCHASE is required for all first mortgage loans unless refinanced. THIS LOAN IS NOT ASSUMABLE. Call 1-800-622-5305. The actual rate and terms you receive may vary based on individual creditworthiness and loan-to-value determination of the subject property. Real estate Loans are only available for homes in North Carolina or South Carolina and are subject to credit approval. CTFCU-NMLS# 402929
If you have any questions or wish to request a Rate and Fee Sheet with terms and additional information, please call the Credit Union at 1-704-391-5600 or 1-800-622-5305. Rates are subject to change without notice. Fees may reduce the earnings on some accounts. All services, including deposit accounts and loans, are subject to approval.
Does Carolinas Telco FCU offer construction loans?
Carolinas Telco FCU does not offer construction loans. However, we can refinance a construction loan to a permanent loan once the final inspection and certificate of occupancy have been received on the subject project.
What costs are associated with a mortgage loan?
The CTFCU costs associated with a mortgage loan include origination, lender processing, credit report, and appraisal. Attorney fees associated with closing your loan will also be required. Other costs may be necessary, and your Mortgage Loan Officer can provide an estimated breakdown based on your loan amount.
Does Carolinas Telco FCU escrow taxes and insurance premiums?
We do not currently offer this option. However, borrowers can open a secondary savings account to save the funds throughout the year to pay tax and insurance premiums when they are due.
What type of appraisal is required for a mortgage loan?
All Carolinas Telco FCU mortgages require a full interior appraisal.
Does CTFCU provide borrowers with a “pre-approval” for a mortgage loan?
Carolinas Telco FCU offers a pre-qualification to help borrowers know how much of a loan they can qualify for. In this process, the Mortgage Loan Officer will gather essential information (income and credit report) necessary to gauge qualification. This process is not a pre-approval. Approval is reviewed in full when a complete mortgage application has been received. An Equifax credit file is the only credit report utilized for the pre-qualification process.
If a borrower is pre-qualified, what circumstances may prevent the loan from receiving final approval?
• Home does not appraise for the value expected
• Unable to verify income initially provided in the pre-qualification process
• Changes in the credit report
Does Carolinas Telco FCU offer first-time homebuyer down payment assistance?
While down payment assistance is not available, we have a First-Time Home Buyer Program featuring down payments as low as 3%.
What information is needed for a full application?
When completing a full application, you will be asked to provide paystubs, W-2’s, current mortgage statement (if applicable), homeowner’s insurance, 2 years of tax returns (if self-employed). Additional information may be requested during the processing of the application.
How long does the process take from applying to closing?
Processing time is approximately 5-6 weeks from the point of application to closing.
* The information appearing here is accurate as of the effective date: September 19, 2024. All services (such as loans, credit cards, and checking accounts) are subject to approval. Home Equity Line of Credit (HELOC) rates are subject to change without notice. Please stop by your local branch, call 1-800-622-5305, or visit our website for current rates. Your interest rate will be determined based on your approved credit, and loan-to-value of the home. Your rate will be determined on the date of approval. The annual percentage rate can change quarterly on the first day of January, April, July and October. There is no limit on the amount by which the annual percentage rate can change during any one-year period. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your ANNUAL PERCENTAGE RATE go below 4.0% at any time during the term of the plan. Not all borrowers will qualify for up to 90% of the home’s appraised value. No appraisal fee applies to electronic appraisals only, for loan requests under $250,000. If required, the cost of a full appraisal will be the borrower’s responsibility. HELOCs are only available on homes classified as primary residences in North Carolina or South Carolina. Minimum line of credit is $10,000. Line advances are available for up to 10 years. Your payment will be based on the balance after each advance and is subject to change each time an advance is made or annually on the first day of July. Your payment may never be less than $100 or the full amount you owe, whichever is less. Only members in good standing with CTFCU are eligible to apply or make advances on an active HELOC. Consult your tax advisor regarding the deductibility of interest and fees for the plan.
CTFCU- NMLS# 402929
© 05/2020 CAROLINAS TELCO FCU
Do you have any questions? Contact our Mortgage Loan Team.
