Home Loan Rates
We Do Business in Accordance with Federal Fair Lending Laws
First Mortgage Loan Rates
Connect with us by phone at (804) 756-5045, email loandept@connectsfcu.org or stop by one of our locations for current rates.
Second Mortgage Loan Rates
| Home Equity Fixed Second Mortgages | APR |
|---|---|
| Loan to Value less than 60% | 5.50% to 12.50% |
| Loan to Value between 61% – 70% | 6.50% to 13.50% |
| Loan to Value between 71% – 85% | 7.50% to 14.50% |
Adjustable Rate Home Equity Line of Credit Rates (HELOC)
| Adjustable Rate Home Equity Line of Credit | Term | APR Adjustable Rate |
|---|---|---|
| Loan to Value 85% or less | 1 to 15 years | 8.00% – 18.00% |
Home Equity Lines of Credit rates are adjustable and may increase after consummation.
The Annual Percentage Rate you receive is determined by your credit history. Please ask a loan representative about your qualifying rate.
You will find that the loan process is very precise and comprehensive. Once you have returned your signed, dated Loan Estimate following your Application Approval, you will be required to submit the following:
- copy of your county or city assessment
- copy of your mortgage statement balance (year end or current)
- copy of your deed and SCHEDULE “A” (property description)
- copy of Mortgage Title Insurance Policy
- copy of your latest homeowners insurance policy
- verification of income:
- copy of pay stub covering last 30 days
- copy of guarantor’s pay stub covering last 30 days
- if you are self-employed, signed copies of last 2 year’s tax returns and proof of current year income
- if you are retired, copies of bank statements showing direct deposits from all sources of retirement income
- If purpose of loan/line is for Debit Consolidation, statements for all debts to be paid
Discounts: Must qualify for discounts at time of loan closing
- 1% Automatic payment from a Connects Checking Account
- 1% Direct Deposit to a Connects Checking Account
- 1% Multiple Loan Discount
* Rate cannot go below credit union floor rate. Discounts do not apply to Lines Of Credit, VISA Credit Cards, Shared Secured, CD Secured, HELOCs and First Mortgages)
