- Maximum 80% LTV
- No second mortgages
- Property primary use cannot be as an investment / rental property
NRL Federal Credit Union - Mortgage Loan Rates
Effective 5/20/2013
Rates are subject to change at any time.
Advertised rates / points apply to LTVs ≤ 60% and credit scores ≥ 740. Additional fees may be charged based on loan purpose, property type, credit scores and LTV.
Special second trust rates apply to new money only.
First Trust Mortgage Rates *
| FIXED RATE | |||||
| YRS. | LTV/LOAN AMT | CURRENT RATE |
LOAN POINTS | APR |
ORIGINATION |
|---|---|---|---|---|---|
| 40 Years | 95% TO $417,000 | 4.000% | 0 | 4.021% | 1% |
| 30 Years | 95% TO $417,000 | 3.500% | 0 | 3.526% | 1% |
| 20 Years | 95% TO $417,000 | 3.375% | 0 | 3.411% | 1% |
| 15 Years | 95% TO $417,000 | 2.875% | 0 | 2.921% | 1% |
| 10 Years | 95% TO $417,000 | 2.750% | 0 | 2.816% | 1% |
| JUMBO | |||||
| 30 Years | 90% Over $417,000 | 3.875% | 0 | 3.901% | 1% |
| 20 Years | 90% Over $417,000 | 3.875% | 0 | 3.911% | 1% |
| 15 Years | 90% Over $417,000 | 3.250% | 0 | 3.296% | 1% |
| 10 Years | 90% Over $417,000 | 3.250% | 0 | 3.317% | 1% |
| FIRST–TIME HOME BUYER PROGRAMS | |||||
| YRS. | LTV/LOAN AMT | CURRENT RATE |
LOAN POINTS | APR |
ORIGINATION |
|---|---|---|---|---|---|
| 40 Years Fixed | 97% TO $417,000 | 4.000% | 0 | 4.029% | 1.5% |
| 30 Years Fixed | 97% TO $417,000 | 3.500% | 0 | 3.535% | 1.5% |
The 5/1 ARM rate may change as much as 2% per year after the initial period with a lifetime cap of 5%.
| FIXED SECOND TRUST (80/10/10 or 80/15/5 PROGRAM)** | |||
| YEARS | LTV / LOAN AMOUNT | RATE | POINTS |
|---|---|---|---|
| Up to 120 Months | Up To 95% | 6.50% | 1 |
| 121 Mos Up To 15 Years | Up To 95% | 7.00% | 1 |
| The home will be held as collateral. *Promotional rate applies to new money only.The 80-10-10 purchase program is when there is a first trust with NRL FCU for 80% of the home's value, a second trust for 10% of the home's value and 10% down, thus avoiding PMI. The term of the second trust loan shall not exceed 15 years, however may be amortized over a 30 year period with a balloon payment due at the end of the term. You are responsible for the settlement costs for the first and second trusts. |
|||
The term of these loans shall not exceed 15 years (180 months), however the loan can be amortized over a 30 year period with a balloon payment due at the end of the term. All closing costs will be paid by the member on purchase money transactions.
** Member must acquire first trust with NRL FCU. This second trust is for purchase money transactions only.
| INTEREST FIRST FIXED | |||||
| YRS. | LTV/LOAN AMT | CURRENT RATE |
LOAN POINTS | APR |
ORIGINATION |
|---|---|---|---|---|---|
| 15/30 | 70% TO $417,000 | 5.250% | 0 | 5.278% | 1% |
| 10/30 | 70% TO $417,000 | 5.250% | 0 | 5.278% | 1% |
| JUMBO | |||||
| 15/30 | 70% Over $417,000 | 5.625% | 0 | 5.654% | 1% |
| 10/30 | 70% Over $417,000 | 5.625% | 0 | 5.654% | 1% |
Maximum Loan-to Value permitted on a limited cash-out refinance transaction 80%
Maximum Loan-to Value permitted on a Cash-out refinance 80%
***NRL FEDERAL CREDIT UNION WILL ALLOW MEMBERS TO PAY UP TO THREE ADDITIONAL DISCOUNT POINTS FOR ALL FIXED RATE FIRST TRUSTS. CALL FOR DETAILS***
| ADJUSTABLE RATE STANDARD ARM PRODUCTS | |||||
| YRS. | LTV/LOAN AMT | CURRENT RATE |
LOAN POINTS | APR |
ORIGINATION |
|---|---|---|---|---|---|
| 10/1 | 95% TO $417,000 | 4.000% | 0 | 4.026% | 1% |
| 7/1 | 95% TO $417,000 | 3.625% | 0 | 3.651% | 1% |
| 5/1 | 95% TO $417,000 | 3.250% | 0 | 3.275% | 1% |
| 3/1 | 95% TO $417,000 | 2.875% | 0 | 2.900% | 1% |
| 1/1 | 95% TO $417,000 | 2.675% | 0 | 2.699% | 1% |
| JUMBO | |||||
| 10/1 | 90% Over $417,000 | 4.350% | 0 | 4.377% | 1% |
| 7/1 | 90% Over $417,000 | 4.000% | 0 | 4.026% | 1% |
| 5/1 | 90% Over $417,000 | 3.625% | 0 | 3.651% | 1% |
| 3/1 | 90% Over $417,000 | 3.250% | 0 | 3.275% | 1% |
| 1/1 | 90% Over $417,000 | 3.375% | 0 | 3.400% | 1% |
Maximum Loan-to Value permitted on limited cash-out refinances 90% Maximum Loan-to Value permitted on cash-out refinances 80%
| ARM PRODUCTS / INTEREST FIRST | |||||
| YRS. | LTV/LOAN AMT | CURRENT RATE |
LOAN POINTS | APR |
ORIGINATION |
|---|---|---|---|---|---|
| 10/1 | 70% TO $417,000 | 5.250% | 0 | 5.278% | 1% |
| JUMBO | |||||
| 10/1 | 70% Over $417,000 | 5.625% | 0 | 5.654% | 1% |
Maximum Loan-to Value permitted on limited cash-out refinances 80% Maximum Loan-to Value permitted on cash-out refinances 70%
Second Home / Vacation loans are available on most products. Rate will be .125% higher.
When used for a second home, additional stipulations are:
* The rates listed apply to members with excellent credit scores ≥ 740, loan-to-value (LTV) ratios of up to 80% for purchases, and up to 60% for cash-out refinances, where there is no subordinate financing. Members with less than excellent credit scores, higher loan-to-value ratios and/or second trusts or equity loans on their residences may be subject to increased loan origination fees.
- Annual percentage rate (APR) calculations are based upon a loan amount of $100,000.00 with no PMI, based on 30 year amortization, along with the loan origination fee and $330 assumed for appraisal, mortgage credit report, and flood tracking fee. Your actual APR will also include recording and other fees.
- Non Cash Refinances- LTV can not exceed 90%
- Cash Out Refinances- LTV can not exceed 80%
- Any first mortgage with an LTV of more than 80% is required to have PMI.
Condominiums:
- LTV between 80% - 90% to 417K; 680 minimum credit store
- Loan amounts between $417K - 625K limited to 85% maximum LTV; 720 Minimum credit score
- Maximum LTV for properties located in Florida is 80%
Rates are subject to change at any time.
Second Trust Mortgage Rates
Effective Date: 5/20/2013
| HOME EQUITY | ||
| RATE | COLLATERAL VALUE | TODAYS RATE |
|---|---|---|
| Variable | Up to 80% of appraised value minus First Trust | 4.25% |
| Variable | > 80% up to 90% of appraised value minus First Trust | 4.75% |
Minimum $10,000 line of credit. Subsequent advances $100 minimum.
Maximum lifetime rate of 15%. Maximum line of credit $500,000. Rate is derived from Wall Street Journal prime +1%.
Changes become effective the first day of the second month of each calendar quarter (2/1, 5/1, 8/1, 11/1)
Term 25 years, 10 year draw period and additional 15 year repayment period.
NRL Federal Credit Union pays closing costs up to $1,500.
| EQUITY EXPRESS | ||
| RATE | COLLATERAL VALUE | TODAYS RATE |
|---|---|---|
| Variable | Up to 80% of appraised value minus First Trust | 3.25% |
All home equity loans are limited to principal residences. NRL Federal Credit Union pays closing costs on the Equity Express up to $1,500. The minimum equity express home equity line of credit is $5,000. The maximum limit is $50,000 or 80% LTV, whichever is less.
The Prime rate is derived from the Wall Street Journal as of the last day of each quarter. Changes become effective the first day of the second month following each quarter (5/1, 8/1, 11/1, 2/I). The maximum lifetime rate is 15%. The home will be held as collateral.
| FIXED HOME EQUITY | ||
| RATE | COLLATERAL VALUE | TODAYS RATE |
|---|---|---|
| Fixed | Up to 80% of appraised value minus First Trust | 5.00% |
| Fixed | > 80% up to 90% of appraised value minus First Trust | 5.50% |
Minimum $10,000 line of credit. Required $5,000 advance at closing. Subsequent advances $100 minimum.
Maximum line of credit $150,000 Rate is derived from the 15 year fixed second trust +1%.
Term 10 years, 5-year draw period and additional 5year repayment period.
NRL Federal Credit Union pays closing costs up to $1,500.
| FIXED-RATE SECOND TRUST | |||
| YEARS | LTV / LOAN AMOUNT | RATE | POINTS |
|---|---|---|---|
| 5 Years | Lesser of 80% LTV or $50,000 | 4.00% | 0 |
| 5 Years | Lesser of 90% LTV or $50,000 | 4.50% | 0 |
| 61 Mos to 10 Years | Up to 80% | 5.00% | 0 |
| 61 Mos to 10 Years | >80% up to 90% | 5.50% | 0 |
| 121 Mos Up To 15 Years | Up to 80% | 5.50% | 0 |
| 121 Mos Up To 15 Years | >80% up to 90% | 6.00% | 0 |
| * Minimum $5,000 and maximum $50,000 for 5 years. | |||
NRL Federal Credit Union pays closing costs up to $1,500.
Mortgage Department:
Local: 301-839-8429
Toll-Free: 800-526-6661 x 8429
Email: Mortgage@nrlfcu.org
:: NRL Federal Credit Union :: P.O. BOX 1026 :: Oxon Hill, MD :: 20750-1026 :: (301) 839-8400 :: (800) 526-6661 :: www.nrlfcu.org