Mortgage Loans

Congratulations! You are ready to purchase a new home!

Buying a home is one of the biggest purchase decisions you’ll ever make. But getting a mortgage loan doesn’t have to be difficult. First Castle Federal Credit Union offers great rates on conventional home loans. We have terms of 15, 20, and 30 years, and will loan up to 95% of the value of the home.

No origination points • Quick approval process • Mortgage serviced locally

Purchasing a new home or refinancing your present home? We have you covered.*

Mortgage Loan Options

   Apply Online!

or call (985) 867-8867

Piggyback Mortgage 80/10/10 or 80/15/5, no PMI

When purchasing a home with less than 20% down payment, the borrower will likely have to purchase mortgage insurance (Private Mortgage Insurance “PMI”or Mortgage Insurance Premium “MIP”).

This extra out-of-pocket expense is added onto the mortgage note each month until you can drop the mortgage insurance.

To avoid paying for mortgage insurance, a home buyer might consider a piggyback mortgage –

white house with porch "mortgage loans with less down and no PMI"

Conventional 95% Purchase or 80/15/5, no PMI

Our 80/15/5 mortgage allows you to buy a home with a smaller down payment and avoid paying expensive mortgage insurance (MI, PMI, MIP).  An 80/15/5 is:

  • 80% is a first mortgage,*
  • 15% is a simultaneous second mortgage or Home Equity^ loan (piggyback), making mortgage insurance no longer a requirement.

Your down payment of 5%, plus closing costs are your out of pocket expenses. ***

Conventional 90% Purchase or 80/10/10, no PMI

With a first mortgage loan of 80% and a second up to 10%^, you can own a home with a conventional mortgage with as little as 10% down.  An 80/10/10 allows you to avoid paying mortgage insurance (MI, PMI, MIP) and is referred to as an 80/10/10 because:

  • 80% is a first mortgage,*
  • 10% is a simultaneous second mortgage or Home Equity^ loan (piggyback), making mortgage insurance no longer a requirement.

Your down payment of 10%, plus closing costs are your out of pocket expenses. **

Home Loan Services – Locally Grown Mortgages

What does local servicing of your mortgage mean to you? It means decisions about your mortgage loan are made locally by people who know St. Tammany and are committed to the community.

Benefits of having your mortgage serviced locally include:

  • First Castle FCU handles your payments.
  • You can talk directly to your loan officer with any mortgage questions.

We at First Castle FCU pride ourselves on our ability to close a home loan quickly.  We are able to do this because all of the decision making is done here in our community.  We don’t have to send the paperwork to headquarters and wait for a response. With First Castle FCU, the time between your application and your home closing is much faster than the average mortgage company, and we are proud of that.

Read about pre-qualifying for a mortgage and more on applying for a home loan.

For Any Home Loan Call First Castle

Our mortgage specialists are MLS licensed by the State of Louisiana (First Castle Federal Credit Union (NMLS ID 772409)  and do not earn a commission on your mortgage.  This ensures that you work with someone who is accredited and someone whose primary goal is to walk you through the process with no pushiness.  We give you personal guidance from first call to closing.

For any mortgage loan, please contact our home mortgage specialist for more information, current rates or to see how you may qualify –(985) 867-8867

 

   Apply Online!

or call (985) 867-8867

 

 

 

HELOC Booklet CFPB
Home equity early disclosure

 


 

*APR = Annual percentage Rate.  At 4.32% APR, 360 monthly payments of $49.60 per $10,000 borrowed. Not every borrower will qualify for the best interest rate.  APR based on many factors, including the creditworthiness of the borrower. APR = Annual Percentage Rate

** 10% down of the amount financed. Buyer is still responsible for all closing costs. All normal qualifications apply.  Not everyone will qualify for this product.

*** 5% down of the amount financed. Buyer is still responsible for all closing costs. All normal qualifications apply.  Not everyone will qualify for this product.

^ The interest rate may change quarterly.  To determine your interest rate, we use the Wall Street Journal Prime Rate, plus a margin we assign based on your creditworthiness.  Interest rates may not increase by more than 2% annually and may never exceed 18% or the maximum permitted by law.