fbpx

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

Fixed-Rate Mortgage

A fixed-rate mortgage offers predictability with monthly payments of principal and interest that remain the same.  With a fixed-rate mortgage, you have the same interest rate for the life of the loan.

To qualify for a fixed-rate mortgage and avoid paying private mortgage insurance (PMI),

  • You should be prepared with a 20%^^ down payment
  • Or consider a piggyback mortgage.

Adjustable-Rate Mortgage (5/1 ARM)

FCFCU also offers 5/1 adjustable-rate mortgages (ARM). Our ARMs typically have lower rates and payments for the first five years of the loan term.  After five years, the interest rate adjusts each year until the loan is paid off.

An ARM is a good option to qualify for a home loan and could be beneficial if you don’t plan to live in the house long-term.

Piggyback Mortgage with no PMI

A piggyback mortgage allows you to buy a home with a smaller down payment and avoid paying expensive mortgage insurance (PMI, MPI, MI).

Conventional 90% Purchase (80/10/10) with no PMI

An 80/10/10 is:

  • 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. **
Conventional 95% Purchase (80/15/5) with no PMI

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. ***

Home Loan Services – Locally Grown Mortgages

Local servicing of your mortgage 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.
The Ability To Close a Home Loan Quickly

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.

For Any Home Loan Call First Castle

Our mortgage specialists are NMLS licensed (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

^^ 20% down of the amount financed. Buyer is still responsible for all closing costs. All normal qualifications apply. 

*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.