WELCOME TO  CONSTELLATION FCU's MORTGAGE CENTER!  

loandepartment@constellationfcu.org.

At Constellation Federal Credit Union, you can buy, refinance, or get cash out for home improvements. We finance primary, secondary, and vacation homes. Take a look around the loan center and we're sure you'll find a plan that is right for you!

Our rates won't break you: 

NO application fees
NO broker/licensing fees
NO prepayment penalties
NO escrow (special tax savings)
Loan Servicing & Auto Pay
Cash Out (Limits Apply)
Free 45-day lock-in

There are NO underwriting, credit, or credit insurance fees charged by the credit union. Charges associated with appraisal, title, settlement, and recordation may be rolled into the loan amount.

Constellation FCU
Loan Department
1-800-826-3818
loandepartment@constellationfcu.org

 

 
Home Purchase Program - Primary Residence
MINI MORTGAGE
15 YEAR FIXED RATE MORTGAGE
30 YEAR FIXED RATE MORTGAGE
**NEW** 5/5 ADJUSTABLE RATE MORTGAGE PLAN
5/1 Adjustable Rate Mortgage (ARM)
7/1 Adjustable Rate Mortgage
Hubble Equity Line of Credit
Home Purchase - Secondary/Vacation Home

Home Purchase Program - Primary Residence

Our home buying plan can make your dreams come true! We offer an 80/15/5 Homebuying Plan based on the value of your home:   

  • 80% - Thirty year fixed or adjustable rate mortgage
  • 15% - Twenty year Equity line of Credit
  • 5-10% - Down Payment
  • 2.00%-2.50% - Funds To Close*

    Benefits/Features:
  • No loan underwriting fees - The credit union waives underwriting fees; application, credit, and flood. Borrower pays appraisal, title, and recording. 
  • No PMI - mortgage is less than 80% of value
  • No Escrow - We help you set up a special tax account
  • Optional Points - Loans with or without points
  • FREE 45-day lock-in 
  • Discounts/Rebates - CREDIT UNION REALTY & CHAMPION TITLE.  
  • Funds to close (appraisal, title, transfer, and recording fees) may be reduced by gifts, seller credits, title and real estate discounts,etc.,

    Closing Costs
    *Funds to close may run 2.00-2.50% of the home's price. Costs may be reduced by gifts, seller credits, state or county credits, and credits from the real estate agent and title company. Closing costs vary, depending on where you live. You will receive a good faith estimate.


MINI MORTGAGE

The Mini-Mortgage lets you refinance for up to fifteen years with NO CLOSING COSTS! This is a fixed-rate mortgage which means your payment  will never change. You may choose payment terms ranging from five to fifteen years. You may choose bi-weekly payments with this product. We can use your county tax assessment or a recent appraisal (12 months) to assess your equity.  Loans over 250k require an appraisal. We pay all the closing costs as long as the loan is financed with CFCU for two years. Limit 400k/70%/80%. Contact a loan officer for details. 


15 YEAR FIXED RATE MORTGAGE
Members who have paid down a substantial amount of their principal balance may benefit from refinancing. You may benefit from refinancing your existing balance at today's low rates. Closing costs on a refinance are considerably less than a purchase. With this plan, your interest rate and payments will never change. You can choose a loan with or without points.

Term: 15 years  

30 YEAR FIXED RATE MORTGAGE

Purchase or refinance your primary residence with affordable monthly payments over 30 years. With this plan, your interest rate and payments will never change. When you refinance with CFCU, you save money on closing costs. We do not charge loan underwriting fees; credit, application, brokerage, or mortgage insurance. Borrower pays; appraisal, title, and recording fees. Rather than escrowing for taxes and insurance, we can help you set up a special tax account for taxes and insurance. Contact a loan officer for the terms and the daily rate sheet.

Term: 30 years  

**NEW** 5/5 ADJUSTABLE RATE MORTGAGE PLAN

Our most recent housing plan has a fixed rate and payment every five years. There are no suprises from year-to-year over your payment amount. The maximum your rate can rise, in ten years, is 2% over your initial rate and 5.00% over your initial loan rate every year thereafter. Example: If the initial mortgage rate is 3.50%, the maximum the interest rate can rise, in ten years, is 5.50%. The rate will never go above 8.50%. Benefits; the initial interest rate is very low, there are no points, and the loan limits are higher. Limit 850k/70%/80%. Contact a loan officer for details. Index: Wall Street Journal Libor/ Margin: 2.75%

Term: 30 years   Maximum Amount: $850

5/1 Adjustable Rate Mortgage (ARM)

We know that one plan does not suit everyone.  If you only plan to occupy your residence for a short period of time due to; retirement, relocation, or temporary assignment, then an adjustable rate mortgage may be right for you.  This plan guarantees a fixed rate and payment over the next five years. Because the interest rate is only ‘fixed’ for five years, the rate is lower! There are some advantages; there are no points, the interest rate is lower, and the loan limit is higher! If your situation changes and you decide to stay in your home longer, you can refinance, without any penalties. Limits 850k/70%/80%; This plan has “rate caps” which limit the amount of interest adjustments. Index (Wall Street Journal Libor); Margin (2.750%); Annual/Life “caps”  (2.00%/10:00%)

Term: 30 years   Maximum Amount: $850

7/1 Adjustable Rate Mortgage

We know that one plan does not suit everyone.  If you only plan to occupy your residence for a short period of time due to; retirement, relocation, or a temporary assignment, then an adjustable rate plan may be right for you. This plan guarantees a fixed rate and payment over the next seven years. Because the interest rate is only ‘fixed’ for seven years, the 'rate' is lower. There are some advantages; there are no points, the interest rate is lower, and the loan limit is higher! If your situation changes, you can refinance without penalties. Limits 850k/70%/80%; This plan has “rate caps” which limit the amount of interest adjustments. Index (Wall Street Journal Libor); Margin (2.750%); Annual/Life “caps”  (2.00%/10:25%)

Term: 30 years   Maximum Amount: $850

Hubble Equity Line of Credit

Pay ‘as you go’ with the Hubble Equity Line of Credit.  With the Hubble Line of Credit, you only pay for what you borrow. Your may borrow from your credit line over and over. Enjoy affordable monthly payments which are amortized over twenty years. There is no prepayment penalty. The Hubble has a variable interest rate which is tied to the Prime with a Margin of 0%. Rate adjusts quarterly. The quarterly rate will not increase more than 2.00% in a year and the lifetime rate will never go over 14.00%. The rate will not drop below 4.00%. Contact a loan officer for details. Limit 450k/85%/90%/95%



Term: 20 years  

Home Purchase - Secondary/Vacation Home

We can help you buy that secondary or vacation home you've always wanted! We will loan up to 70% of the home value/contract (lower).

  • 5/5 ARM Mortgage (Second) - Rate and payment are locked in every five years. See Plan.
  • 5/1 -or- 7/1 ARM (Second) - Rate is 'fixed' over the next five/seven years. Annual Rate Adjustments thereafter. See Plan for caps. 
  • Loan Limit - 417k/70%

    Highlights:
  • We finance properties, located, anywhere in the United States
  • No points (1% of the loan amount)
  • No underwriting fees for the 'loan'
  • Buyer pays down payment, appraisal, title, taxes, and recording fees (less any closing credits)

    Need a down payment? We offer equity lines of credit up to 95% on your existing residence! See Hubble Equity Line of Credit.  




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $850,000 with closing costs of $17,000. Your actual APR may be different depending upon these factors.