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 miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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 Posted: Fri Aug 24, 2007 2:39 pm Post subject: NCSECU - 15 Year Fixed Rate Mortgage |
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Recently I heard of a new mortgage from NCSECU. Features of this new mortgage option are quite good. I am listing some of the features below & if someone has more information on it, then kindly share it with all of us.
North Carolina State Employee's Credit Union have started a new 15 year fixed rate mortgage. As the credit union holds these loans in the portfolio, the loans have flexible qualification guidelines similar to what they have for adjustable rate mortgages. Some of the features are; no pmi requirement, expanded debt ratios & less restrictive property requirements.
Some other specifics of this mortgage are:
- For loans of up to 90% LTV, the rate is 6% (6.12 APR).
- For loans of 100% LTV, rate would be 6.50% (6.62 APR).
- 100% financing would be available for purchase & no cash out refinance of primary residence. (100% finance available for loan amounts up to $400,000)
- 90% financing available for vacation homes (For a second home, 90% financing is available for loans not more than $400,000 and $500,000 if home is in a subdivision type setting. If the loan amount is more than these limits then mortgage available would be for up to 80% of the lower of appraised value or sales price.).
- 80% financing for up to two rental properties.
- Properties located in North & South Carolina, Virginia, Tennessee, Florida & Georgia are eligible for this loan program.
- Origination fee equalling .5% of loan amount but having a cap of $750.
- Application rate can be reserved for 60 days.
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Niicss
Joined: 03 Oct 2005
Posts: 1072
Location: New Jersey
159.90 Dollars($)
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Ryan
Guest
0.10 Dollars($)
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| Posted: Sun Aug 26, 2007 5:36 am Post subject: |
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| Wow, that's a great program, indeed. In these troubled times when the industry is going through a crisis, the credit unions have stayed apart and are a good alternative to lenders and banks offering mortgages. |
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gary
Guest
0.10 Dollars($)
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| Posted: Mon Aug 27, 2007 5:20 am Post subject: |
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| but is it better to go for a credit union loan or that offered by a bank? |
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sara
Joined: 05 Jul 2006
Posts: 1168
Location: New Brunswick, New Jersey
216.67 Dollars($)
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| Posted: Mon Aug 27, 2007 5:24 am Post subject: RE: bank or credit union loan? |
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Hi gary,
Welcome to the forums.
It actually depends as to whether you should go for a mortgage offered by a credit union or a bank. There are pros and cons of applying with a bank as well as with a credit union. To know more on this issue, go through the section on Mortgage from a bank or credit union.
Take Care |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Mon Aug 27, 2007 10:02 pm Post subject: |
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Hi Gary,
There is a difference in taking a loan from a bank and from a credit union. They are mentioned as follows:
1) The loan process offered by bank is less time consuming. But the credit union delays the loan processing as they do not use computerized system for reviewing loans.
2) The operations of the banks are regulated by State and Federal agencies. So they are more reliable. But the credit unions functions under appropriate license.
3) The bank offers loan to everyone. But the credit union offers loan only to its members.
4) The bank offers various types of loans to people. But the credit union offers limited choice of loans to its members.
5) The loans of the banks are serviced by a lender or another bank. But the loans of the credit union are serviced by its officials.
Now based on their profiles and the loan offers, you, being the borrower, needs to decide who can serve you the best. |
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