5-Year Balloon
Fees are low. The only fees for the member are those incurred by the credit union. For qualified borrowers, the credit union will finance up to 95% of the appraised value. Payments are scheduled on a 30-year payback. The balance is refinanced every five years. If the member chooses not to pay off the loan at the five-year mark, he or she will refinance the loan at the current balloon rate or at a guaranteed fixed rate. A balloon rate first mortgage is ideal for an owner who plans to live in a home for five years or less.
In-House Mortgage Products
PWVFCU members may obtain a low credit union interest rate with a very low fee structure on a 10 or 15-year fixed rate mortgage. PWVFCU does not require Private Mortgage Insurance (PMI) on this product. The credit union has an internal rate structure that is based on the member’s equity in the residence at the time of loan origination.
PHH Mortgage Services
PWVFCU offers 15, 20 & 30-year fixed rate first mortgages and Adjustable Rate Mortgages (ARMs) through the Credit Union Network (PHH Mortgage Services). The loans in this category must meet secondary market standards. Primary Mortgage Insurance (PMI) is required on this product. PMI is a product that was created to enable individuals who may not have the financial resources to make a large down payment to obtain a mortgage loan. The premium for the insurance is added to the individual’s monthly mortgage payment. When the mortgage balance drops below 80% of the appraised value, the insurance is cancelled and the individual no longer incurs the premium fee.
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