Fixed-Rate Mortgage

Enjoy low, fixed rates on your mortgage from people you trust. An LGFCU Fixed-Rate Mortgage is a smart solution to help you purchase a new home.

When you want a predictable and stable loan payment with automated saving for your home insurance and property tax payments, our fixed-rate loan is a great choice. This loan features a fixed principal and interest payment for the life of the loan, with no private mortgage insurance (PMI) required.

Fixed rates, flexible options

Use our fixed-rate loan to buy or refinance a home for a primary residence, second home, vacation home or rental properties. In addition, you can finance a mobile home with us. Thinking about building a new home? Once construction is finished, your construction loan converts to either a fixed-rate mortgage or an LGFCU ARM loan.

LGFCU mortgages are subject to approval and are available only for properties located in North Carolina, South Carolina, Virginia, Georgia or Tennessee. No matter your home needs, LGFCU can help.

Easy solution to managing homeowner expenses

When it’s time to pay your property tax and homeowners insurance, LGFCU’s got you covered with a dividend-earning escrow account. Each time you pay your mortgage, a little money goes into that account, which we use to cover those expenses.

How our fixed-rate loan works

The maximum loan amount depends on the loan's purpose, the type of loan and the occupancy status of the home. For home purchases or a refinance, the maximum amount you can borrow, and your loan-to-value financing tier, are determined by either the sales price or appraised value, whichever is less.

The loan-to-value ratio is the portion of the appraised value of the property not covered by your down payment.

For the purchase of or no cash-out refinance of a primary residence, 100% financing is available up to a total purchase or refinance price of $400,000. Closings on most loan refinancing may be completed online or at your local branch. 

The mortgage rate is set by the LGFCU Board of Directors and is subject to change daily. The application rate may be reserved for 60 days.

Upfront costs and fees

Costs or fees may arise during the mortgage loan process. At the time of application, your Credit Union loan officer will provide a good faith estimate of settlement costs involved with the mortgage process, 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 1% of the loan amount with a cap of $2,500.

Using one of LGFCU’s mortgage calculators is an easy way to see how much home you can afford or to compare two mortgages.

Let’s get started!

Download the Loan Information Checklist to know what information you’ll need to have ready to complete a loan application.

 

Next Steps

When you’re ready to purchase a home or to refi, choose how you want to apply.