Fixed Rate Mortgages

  • High Point Federal Credit Union offers fixed rate secondary market mortgages. When you apply with us, our mortgage lenders will work with you through the entire mortgage process, start to finish.

Purchasing or refinancing your home does not need to be a stressful experience!

Our secondary market mortgage loans are available for home purchases and refinance transactions with a minimum 3% down payment. There is no private mortgage insurance premium (PMI) when there is a 20% down payment or the loan to value on a refinance is 80% or less.

Conventional loans are available for owner occupied, second homes, and investment properties, however the down payment requirement increases for investment and second homes. Both fixed and variable rate options exist.

Call a credit union mortgage lender at 716.372.6607 to determine which mortgage option works best for you!

Mortgage Pre Qualification – HomeQual Fill&Print

Mortgage Checklist

VERIFICATION OF INCOME

  • Two most recent paystub(s) covering the last 30 days
  • Two most recent W2 forms from all employers
  • Self-employed borrowers must provide two most recent tax returns including schedules

VERIFICATION OF ASSETS

  • Two most recent checking, savings or investment statements to verify funds for down payment

REQUIRED DOCUMENTS

  • PURCHASE TRANSACTION
  • Copy of Purchase Contract with Addendum
  • REFINANCE TRANSACTION
  • Copy of Deed
  • Copy of Abstract of Title
  • Survey
  • Copy of Tax Bills and Receipts
  • Copy of Home Owners Insurance Declarations Page

Adjustable Rate Mortgages

  • We offer adjustable rate mortgages, both for home purchases and mortgage refinances.

We offer “in house” Adjustable Rate Mortgages (ARM’s) for both home purchases and mortgage refinances.

5/5 Adjustable Rate Mortgage: 

Rate which adjusts every five years, no more than 2% with a lifetime cap adjustment of 5%. Borrow up to 97% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.

10/1 Year Adjustable Rate Mortgage:

Rate which fixed for the first ten years, then adjusts annually no more than 2% per year with a lifetime cap. Borrow up to 95% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.

Both adjustable rate programs offer a “Low Closing Cost” option with an increase in the initial rate of .50%. Ask your mortgage lender for details.

Rates

Document Checklist

VERIFICATION OF INCOME

  • Two most recent paystub(s) covering the last 30 days
  • Two most recent W2 forms from all employers
  • Self-employed borrowers must provide two most recent tax returns including schedules

VERIFICATION OF ASSETS

  • Two most recent checking, savings or investment statements to verify funds for down payment

REQUIRED DOCUMENTS

  • PURCHASE TRANSACTION
  • Copy of Purchase Contract with Addendum
  • REFINANCE TRANSACTION
  • Copy of Deed
  • Copy of Abstract of Title
  • Survey
  • Copy of Tax Bills and Receipts
  • Copy of Home Owners Insurance Declarations Page

Low Closing Cost* Mortgage Options

We offer a fixed rate “Low Closing Cost” Mortgage with slightly higher rates than our regular in house fixed and variable rate programs.

We offer a low minimum 3% down payment**

*Closing costs paid by the credit union include: appraisal fee, credit report fee, flood zone determination, real estate tax monitoring service, the credit union attorney fee, title insurance, mortgage tax, recording fees, search fee (refinances only) and processing fee. There is a 5-year recoup period, if the mortgage is refinanced or paid off in the first five years the closing costs paid by the credit union will be included in the payoff amount. All other fees are the responsibility of the borrower. Property and hazard insurance are required and are the responsibility of the borrower. Certain restrictions apply. **For mortgages with less than 20% down payment, Private Mortgage Insurance (PMI) is required and the member is responsible for PMI premiums. All mortgages are subject to credit approval and mortgage program qualification. Contact our Mortgage Team for details at 716.372.6607.

NMLS #585840

Document Checklist

VERIFICATION OF INCOME

  • Two most recent paystub(s) covering the last 30 days
  • Two most recent W2 forms from all employers
  • Self-employed borrowers must provide two most recent tax returns including schedules

VERIFICATION OF ASSETS

  • Two most recent checking, savings or investment statements to verify funds for down payment

REQUIRED DOCUMENTS

  • PURCHASE TRANSACTION
  • Copy of Purchase Contract with Addendum
  • REFINANCE TRANSACTION
  • Copy of Deed
  • Copy of Abstract of Title
  • Survey
  • Copy of Tax Bills and Receipts
  • Copy of Home Owners Insurance Declarations Page

For all mortgage types – Click here to apply!

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