Mortgages

Apply for a Mortgage HERE!

At Constellation Federal Credit Union, you can buy, refinance, or get cash out for home improvements. We finance primary, secondary, and vacation homes. Take a look around and we're sure you'll find a plan that is right for you!

  • NO application fees
  • NO broker/licensing fees
  • NO Underwriting or Credit Report Fees
  • Loan Servicing & Auto Pay
  • Cash Out (Limits Apply)
  • Free 45-day lock-in

Purchase loans with as low as 5% down payment and no PMI insurance. Charges associated with appraisal, title, settlement, and recordation may be rolled into the loan amount.
 
Buying a home is complicated. This booklet is a toolkit that can help you make better choices along your path to owning a home. View it HERE!

Mortgage Products

Home Purchase Program - Primary Residence

Our home buying plan can make your dreams come true! We offer an 80/15/5 Homebuying Plan based on the value of your home:   

  • 80% -Thirty year fixed or adjustable rate mortgage
  • 15% -Twenty year equity line of credit
  • 5-10% Down payment
  • 2.00%-2.50% Funds to close*

Benefits/Features:

  • No loan underwriting fees - The credit union waives underwriting fees; application, credit, and flood. Borrower pays appraisal, title, and recording. 
  • No PMI - mortgage is less than 80% of value
  • No Escrow - We help you set up a special deposit account to save for taxes.
  • Optional Points - Loans with or without points
  • FREE 45-day lock-in 
  • Discounts/Rebates - CREDIT UNION REALTY & CHAMPION TITLE.  
  • Funds to close (appraisal, title, transfer, and recording fees) may be reduced by gifts, seller credits, title and real estate discounts,etc.,

Closing Costs

*Funds to close may run 2.00-2.50% of the home's price. Costs may be reduced by gifts, seller credits, state or county credits, and credits from the real estate agent and title company. Closing costs vary, depending on where you live. You will receive a Loan Estimate.

Home Purchase - Secondary/Vacation Home

We can help you buy that secondary or vacation home you've always wanted! We will loan up to 70% of the home value or contract amount, whichever is less.

5/5 ARM Mortgage (Second) - Rate and payment are locked in every five years. See Plan.

5/1 -or- 7/1 ARM (Second) - Rate is 'fixed' over the next five/seven years. Annual Rate Adjustments thereafter. See Plan for caps. 

Loan Limit - $417k/70%

Highlights

  • We finance properties, located, anywhere in the United States
  • No points (1% of the loan amount)
  • No underwriting fees for the 'loan'
  • Buyer pays down payment, appraisal, title, taxes, and recording fees (less any closing credits)

Need a down payment? We offer equity lines of credit up to 95% on your existing residence! See Hubble Equity Line of Credit.

MINI MORTGAGE

The Mini-Mortgage lets you refinance for up to fifteen years with NO CLOSING COSTS! This is a fixed-rate mortgage which means your payment  will never change. You may choose payment terms ranging from five to fifteen years. You may choose bi-weekly payments with this product. We can use your county tax assessment or a recent appraisal (12 months) to assess your equity.  Loans over $250k require an appraisal. We pay all the closing costs as long as the loan is financed with CFCU for two years. Limit 400k/70%/80%. Contact a loan officer for details. 

15 YEAR FIXED RATE MORTGAGE

Members who have paid down a substantial amount of their principal balance may benefit from refinancing. You may benefit from refinancing your existing balance at today's low rates. Closing costs on a refinance are considerably less than a purchase. With this plan, your interest rate and payments will never change. You can choose a loan with or without points.

30 YEAR FIXED RATE MORTGAGE

Purchase or refinance your primary residence with affordable monthly payments over 30 years. With this plan, your interest rate and payments will never change. When you refinance with CFCU, you save money on closing costs. We do not charge loan underwriting fees; credit, application, brokerage, or mortgage insurance. Borrower pays; appraisal, title, and recording fees. Rather than escrowing for taxes and insurance, we can help you set up a special tax account for taxes and insurance. Contact a loan officer for the terms and the daily rate sheet. 

5/5 ADJUSTABLE RATE MORTGAGE PLAN

Offers available for purchases and refinances. The initial rate can change by no more than 2.00% after the initial 5-year period. Each subsequent 5-year rate adjustment will never exceed 2.00% above the rate at the time of adjustment or 5.00% above the initial rate. When the rate adjusts, your new rate will be the current index plus the margin of 2.00%. Example: Your initial 5/5 loan rate is 3.00%. Your 3.00% rate will not change during the first 5 years. However, over the next 5-year period the rate can increase by a maximum of 2.00% or 5.00% total. Index (Wall Street Journal 1 Year Libor). The margin is 2.00%.

5/1 ADJUSTABLE RATE MORTGAGE (ARM) PLAN

We know that one plan does not suit everyone.  If you only plan to occupy your residence for a short period of time due to; retirement, relocation, or temporary assignment, then an adjustable rate mortgage may be right for you.  This plan guarantees a fixed rate and payment over the next five years. Because the interest rate is only ‘fixed’ for five years, the rate is lower! There are some advantages; there are no points, the interest rate is lower, and the loan limit is higher! If your situation changes and you decide to stay in your home longer, you can refinance, without any penalties. Limits $850k/70%/80%; This plan has “rate caps” which limit the amount of interest adjustments. Index (Wall Street Journal 1 Year Libor); Margin (2.750%); Annual/Life “caps”  (2.00%/5.00%)

7/1 ADJUSTABLE RATE MORTGAGE PLAN

We know that one plan does not suit everyone.  If you only plan to occupy your residence for a short period of time due to; retirement, relocation, or a temporary assignment, then an adjustable rate plan may be right for you. This plan guarantees a fixed rate and payment over the next seven years. Because the interest rate is only ‘fixed’ for seven years, the 'rate' is lower. There are some advantages; there are no points, the interest rate is lower, and the loan limit is higher! If your situation changes, you can refinance without penalties. Limits $850k/70%/80%; This plan has “rate caps” which limit the amount of interest adjustments. Index (Wall Street Journal 1 Year Libor); Margin (2.750%); Annual/Life “caps”  (2.00%/5.00%) 

HOME MORTGAGE DISCLOSURE ACT

The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be inspected. To receive a copy of these data send a written request to 1810 Samuel Morse Drive, Reston, VA 20190.

If you have any questions, please feel free to contact us.

Constellation Federal Credit Union
NMLS ID #612878

Loan Officers
Audrey Hastings-Spaine (NMLS #649773) - (703)-573-0970 x 1206
ASpaine@constellationfcu.org
Angella Williams (NMLS #649772) - (703)-573-0970 x 1207
AWilliams@constellationfcu.org
Sabera Alam (NMLS #653001) - (703)-573-0970 x 1203
SAlam@constellationfcu.org

Click HERE for our Mortgage Survey!