WELCOME TO  CONSTELLATION FCU's MORTGAGE CENTER!  

loandepartment@constellationfcu.org.

1. How much are the closing costs? Answer
2. Do I need to answer all the questions on the application? Answer
3. How much can I borrow? Answer
4. Can I take cash out? Answer
5. Is there a pre-payment penalty? Answer
6. Can I lock-in? Answer
7. Can I roll in the closing costs if I refinance? Answer
8. Do you finance investment properties? Answer
9. Do you only finance homes in the metro area? Answer
10. How much is a "point?" Answer
11. How long does it take to settle? Answer
12. Do I need to come into your branch to apply for the loan? Answer

Q : How much are the closing costs?
A : Cost vary depending on where you live. A refinance can range from 1.00%-1.25% and 2.00%-2.50% on a purchase on the high end. You are entitled to a good faith estimate within three business days of our receipt of your completed application. 
 
Q : Do I need to answer all the questions on the application?
A : We need the following information to process your request; income, current expenses, and information about your down payment and closing costs (purchase).

We also need the infomation requested about the subject property; PITI, year of purchase, etc.,

You need not complete any information that is not being used for this transaction; life insurance, assets, investments, real estate, or any income not being declared.  

We request that the section on government monitoring be completed.


 
Q : How much can I borrow?
A : Financing is available up to 95% of the home's value on a purchase. Most borrowers aim for a total housing payment that is no more than 28% of their monthly income. The amount you can borrow is determined by the following factors; down payment, current income, and existing obligations. We can process a pre-approval, using your income, to determine how much you qualify for. Pre-approval does not obligate you to take the loan.  
 
Q : Can I take cash out?
A : Yes, you may take Cash-Out 70% of the current value. Cash out is available for primary residences only. 
 
Q : Is there a pre-payment penalty?
A : No, there is no penalty for early payoff. Credit unions do not charge prepayment penalties.
 
Q : Can I lock-in?
A : You have a FREE 45-day lock-in from the date we receive a completed application.
 
Q : Can I roll in the closing costs if I refinance?
A : You may roll-in closing costs and points on your refinance.
 
Q : Do you finance investment properties?
A : We do not offer financing on investment properties.
 
Q : Do you only finance homes in the metro area?
A : We finance homes located anywhere in the United States. Remember, your immediate family members are also eligible for our mortgage plans.
 
Q : How much is a "point?"
A : A point is 1% of the loan amount.
 
Q : How long does it take to settle?
A : If there are no unforseen circumstances, the average closing is about three weeks. We can settle once all documents, appraisals, title reports, and inspections are reviewed and approved.  
 
Q : Do I need to come into your branch to apply for the loan?
A : The online application is the quickest way to apply for and track your request. Our entire application can be completed online. You never have to come in.