We help you step-by-step through the mortgage process, whether this is your starter home or your dream home.
Financing for many home needs
You can use an LGFCU Adjustable Rate Mortgage (ARM) to purchase or refinance a primary home, buy a first home, vacation home, rental property, and even to build a house. It’s an affordable choice with cost-saving features like competitive rates and no private mortgage insurance (PMI) required. All with a financial partner you trust!
How does an ARM loan work?
With our adjustable rate mortgage, the loan rate is subject to change every five years. The maximum interest rate adjustment is 2% every five years or 6% over the life of the loan.
Any property you buy or refinance must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee.
Budgeting for home expenses made easy
We make your life easier by building your home expenses into your monthly payment. Your estimated annual property tax and homeowners insurance premium payments are added to your principal and interest payment, then placed in an escrow account every month. This account earns dividends equal to the Share Account rate. When it’s time to pay those bills, the Credit Union sends them on your behalf.
Fees and other settlement costs
There are no application or credit report fees, but other costs may arise during the mortgage loan process. At the time of application, your Credit Union loan officer will provide a good faith estimate of all settlement costs such as appraisal fee, origination fee, attorney fees, recording fees, title insurance costs, and survey and pest inspection costs (typically not required.) The origination fee is 0.75% of the loan amount with a cap of $1,500.
Financing to fit your needs
The maximum loan amount depends on the loan's purpose, the type of loan and the occupancy status. For purchases, maximum financing and loan-to-value tier is determined based on the lesser of the sales price or appraised value.
Loan-to-value ratio is the portion of the appraised value of the property that is not covered by your down payment.
- 100.1% to 110% financing* for no cash-out refinances of single-family primary residences. Cash-out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off.
- 90.1% to 100% financing† available for purchases and no cash-out refinances of single-family primary residences.
- Up to 90% financing for purchases and refinances of primary residences.
- Up to 90% financing for purchases and refinances of a second home.
- Up to 80% financing for the purchase of a rental property or for a no cash-out refinance of a rental property; further limited to 65% loan-to-value for cash-out refinances.
Manufactured Homes can typically serve as collateral but must be the primary residence of the borrower.
Each member may finance up to four properties with the Credit Union, but only one may be financed at greater than 90% loan-to-value.†
Let’s get started!
Download the Loan Information Checklist to know what information you’ll need have ready to complete a loan application.
*The interest portion of the loan that is greater than the value of the dwelling is not tax deductible for federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges. 100% to 110% financing up to maximum loan of $400,000.
† Greater than 90% loan-to-value limited to maximum financing of $400,000.