Residential Mortgages

Precision Federal Credit Union (PFCU) offers a variety of mortgage loan products and helpful services.

This is a useful article from the Consumer Financial Protection Bureau on what to know about mortgages.
Let us help you buy a new home or refinance your current mortgage at a lower rate.
First mortgages
Portfolio

• Interest rate can be fixed or adjustable
• Maximum loan limit is $150,000
• All closing costs, such as appraisal, attorney fees, and recording fees will be paid by borrower, along with any other costs associated with the mortgage transaction
• Maximum loan-to-value (LTV), bases on tax assessment or appraised value will be 80%, unless private mortgage insurance (PMI) is obtained
• Terms of first mortgages shall not exceed fifteen (15) years
• All first mortgages (excluding mobile homes) shall utilize secondary market underwriting and documents
  
  Secondary market:
• All mortgages destined to be sold on the secondary market will be underwritten to secondary market standards.
  
  Second mortgages (closed end):
• Interest rate is fixed
• Maximum loan limit is $50,000
• All closing costs, such as appraisal, attorney fees, and recording fees will be paid by borrower, along with any other costs associated with the mortgage transaction
• Maximum loan-to-value (LTV), based on tax assessment or appraised value (whichever is higher), will be 80%
• Term of second mortgages shall not exceed fifteen (15) years
• Owner-occupied properties only
• PFCU must be in first- or second-lien position
  
  Call us with any questions or to request today’s rate.
  Download and complete a loan application.
  Call us with any questions.
  Stop in to submit the application; remember to bring proof of income, too (pay stub, W2, tax return).