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Whether you are a
first time home buyer, looking to refinance an existing mortgage, or
in the market for a new home, Justice FCU has a mortgage program to
meet your needs.
What types of mortgage
loan products does Justice FCU offer?
Justice FCU offers residential mortgages to members who are buying or refinancing
a home. We offer both conforming and jumbo conventional loans. A conforming loan is a loan that meets the lending guidelines of Fannie Mae and represents loan amounts established by the Economic Stimulus Act of 2008.
Conventional loans that are too large to be purchased by Fannie
Mae are called non-conforming or jumbo loans.
Jumbo loans traditionally have higher interest rates than conforming
loans. Jumbo loans also have higher down payment requirements.
Justice FCU
does not offer 100% financing on jumbo loans.
Justice FCU only offers conventional loans. Justice FCU does not offer FHA or
VA (government guaranteed loans). We offer both fixed rate and adjustable
rate conventional loans on properties which are an owner occupied
principal residence or owner-occupied second home.
Justice FCU also offers Interest First Mortgages on owner occupied primary residence (fixed/adjustable).
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What is the difference
between a fixed rate and an Adjustable Rate Loan?
Fixed Rate Mortgage
(FRM) means that the homeowner’s monthly principal and interest
payments never change because the interest rate is fixed for the
life of the loan. Justice FCU offers both 15 year and 30 year fixed rate
mortgages.
An Adjustable Rate Mortgage
(ARM) allows the lender to adjust the interest rate in accordance
with a specified index periodically and as agreed to at the inception
of the loan. Justice FCU offers several different ARM programs
which include a 1 yr ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM. The
interest rate stays fixed for the first period of the loan (1, 3, 5, 7, or 10 years) and changes every 12 months thereafter.
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Are there any restrictions on Justice FCU Mortgage
Loans?
Justice FCU does not offer mortgage financing for undeveloped land, bridge
loans, construction loans, loans on investment properties, mobile
homes, cooperative or time-share apartments, farms, ranches, or
properties which have more than 1 unit. Justice FCU does not
offer government loans to our members at this time. Please contact one of our mortgage representatives at (800) 550-5328 option 5 to discuss your individual mortgage needs and allow us to offer you one of our many mortgage programs.
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How long is the turn-around time on
first trust loans?
The turn-around time ranges from 4-6 weeks. If you have all of the necessary documents, rush purchases and refinances
can go to settlement in 3 weeks.
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Is there a charge for locking in the interest rate?
There is a $500.00 refundable fee to lock in the
interest rate.
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How long is a pre-approval letter good for before it expires?
The pre-approval letter is good for 90 days (3 months). After 90 days, Justice FCU will require a copy of your two
most recent pay stubs and your two most recent bank statements in order to extend your pre-approval offer.
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How much is the pre-approval fee?
Beginning March 1, 2007, Justice FCU is please to announce the elimination of the mortgage pre-approval and application fees!
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Can a member roll in the closing costs into the loan of a purchase transaction?
No, the closing costs can not be rolled in with the loan with a purchase transaction.
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Can a member roll in the closing costs into the loan of a refinance transaction?
Yes, the closing costs can be rolled in with the loan based on the type of refinance, equity in the property, and the loan
to value of the refinance transaction.
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What are the closing
costs?
For many prospective home buyers, coming up with the funds needed
for closing or settlement costs can be difficult. For this reason,
it is important that you consider what your potential closing costs
may be. Typically, closing costs fall into 1 of 3 different areas:
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Lender Fees |
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Pre-paid Items (funds for taxes and
insurance) |
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Attorney and Settlement Fees |
The pre-paid items and settlement fees
vary widely depending upon price, location, and other factors. Once
the loan application is received, Justice FCU will provide you with a Good
Faith Estimate of the closing costs associated with the loan transaction
(or prior to application if requested in writing). Note that these
items may change between application and closing. This information
is subject to change without notice.
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If I have excellent credit, can I get a lower interest rate on my first trust loan?
No, the credit score is only one of the many factors considered with a mortgage loan request.
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If I lock in my interest rate, can I take advantage of a lower
interest rate if interest rates
fall?
The mortgagor can lock in the interest rate on their mortgage loan for a fee of $500.00,
which is refundable. Once a
mortgage loan is locked in at a specific interest rate, the borrower will be obligated to close the loan at the
locked interest rate. The rate lock will protect the borrower against rising interest rates, but
it does not provide them with the option of borrowing at a lower interest rate. If the borrower wants to go with a lower
interest rate, the $500.00 rate lock fee will be forfeited.
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What options are available to make my Justice FCU existing mortgage payments?
Justice FCU mortgage payments can be made by one of the following methods:
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How can I apply?
Members can apply online for First Mortgage Loans.
You can also request a mortgage application at
any
branch location, through the Mortgage Department by calling 703.480.5300
or 800.550.JFCU (press 5 for mortgage), or e-mail us at
mortgagee-support@jfcu.org. Mortgage counselors are available from Monday
– Friday, 8:30 AM – 4:30 PM (EST).
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How can I earn a home rebate?
A member qualifies for a rebate when an approved realtor is used through CU Realty
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How can I find an approved realtor through CU Realty?
A member can find an approved realtor through CU Realty by clicking here.
You will have to register with CU Realty before you can view any
approved realtors. Once you have registered with CU Realty, you can view
a complete list of approved realtors that will make your home
buying or selling experience a great one!
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