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DLFCU offers fixed rate mortgages up to 30 years, in addition to the other array of mortgage and equity products, we can feel assured that our members have every opportunity to get the most affordable home loan possible. Here are the two financing options offered by DLFCU for purchasing your new home.
CONVENTIONAL MORTGAGE LOAN
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Available For New Home Purchases or Refinancing!
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Fixed Interest Rate Over The Life Of The Loan
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Lower Closing Costs Than Other Lenders
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Flexible Terms Up To 30 Years
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Easy Application Process: Contact DLFCU for an application
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Finance Up To 95% Of Your Home
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Apply Online!
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Conventional Loan Application Process
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The application process is as simple as its always been, and DLFCU is keeping the paperwork to a minimum. For those who are in the market for a new home, we recommend that you get Pre-Qualified for your mortgage loan before you even start house-hunting (if you wish to refinance your home, Pre-Qualification isn’t necessary).
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Members only need minimum documentation for the pre-qualification application process including:
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Valid Drivers License
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Social Security Card
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Pay stubs
**Must include at least 60 days of year to date payroll information or W-2’s for self-employed individuals
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For those that would like to apply from the convenience of your home or office, you can begin the application process online or call a Member Service Representative toll free, (888) 369-2207, to set up an appointment.
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Quick and easy application process. Members have 4 easy options to apply for any DLFCU mortgage loan:
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Apply Online!
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Call (888) 369-2207 to begin the application process
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Visit any Financial Resource Center
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Download and print the mortgage application from our website (Printable application is used for all mortgage loans except Home Equity Line of Credit).
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Contact Our Mortgage Department!
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IN-HOUSE MORTGAGE LOANS
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Lower Rates
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Average Of 75% Savings On Closing Costs
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No Requirement For PMI or Escrow
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Easy Applications And Quick Closings
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Finance Up To 95% Of Your Home
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Apply Online!
Contact Our Mortgage Department!
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FIVE YEAR BALLOON MORTGAGE LOAN
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Prior to the introduction of the fixed rate conventional loans, DLFCU’s First Mortgage program featured a Five Year Balloon Mortgage Loan, but now we have expanded to offer ARM loans. which is a great loan option for buyers who may not qualify for a conventional mortgage and/or want to purchase a home with very little initial out-of-pocket costs. ARM Mortgage Loans have a low interest rate, monthly payments based on a term of up to 30 years, and have very little up-front costs.
Contact Our Mortgage Department!
ADJUSTABLE RATE MORTGAGE LOANS
DLFCU’s Adjustable Rate Mortgage Loans are ideal for people shopping for a low mortgage rate, looking to maximize their home buying dollar, or members who expect to refinance or move in the near future. Not only can you finance up to 95% of your home, DLFCU’s ARM Loans have many other benefits, including:
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Below market rates. The lower rates on DLFCU ARM Loans (as much as 1% below current market rates for a conventional fixed rate 30-year loan) can give you additional buying power upfront and may even save you money over the life of the loan.
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Low Out-Of-Pocket expense. Depending on the value of your home, there may not be any requirement for PMI (Private Mortgage Insurance), or Escrow, or even a down payment!† Plus, DLFCU’s origination fee is typically much less than other financial institutions, and depending on the ARM loan you choose, you may be able to roll your closing costs into the mortgage loan!
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Convert to a conventional fixed rate loan if you prefer. On some of DLFCU’s ARM loans, you may have the option to convert the loan to a fixed rate loan based on prevailing market rates. Conversion not only saves you money on closing costs (when compared to a conventional loan refinance), but also saves you the hassle of re-applying for the loan!
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Fixed rates for the first 1, 3 or 5 years. Your mortgage rate is fixed for either 1, 3, or 5 years (depending on the program you select). After the initial period the rates adjust annually based on prevailing market rates at the time.* Upward rate adjustments are limited to 2% in any year and 6% over the life of the loan1.
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Local Servicing On Your Loan. Unlike many other mortgage lenders that shift the servicing of your loan to another institution weeks after you close on your loan, DLFCU will always be able to service our members’ mortgage loans! If you ever have a question or an issue with your loan, a DLFCU Representative is just a phone call away!
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Online access to your mortgage loan information. With a few clicks of your mouse, you will be able to access all of your mortgage loan information right from your desktop.
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Quick and easy application process. Members have 4 easy options to apply for any DLFCU mortgage loan:
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Apply Online!
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Call (888) 369-2207 to begin the application process
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Visit any Financial Resource Center
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Download and print the mortgage application from our website
(Printable application is used for all mortgage loans except Home Equity Line of Credit)
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Contact Our Mortgage Department!
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†2% rate cap annually; rate may not increase more than 2% at any adjustment period; rate may not move over 6% over the life of the loan for 1 and 3 year ARMS, and no more than 5% for 5 year ARMs. PMI and Escrow may be required for mortgage loans over 80% LTV (Loan to Value). Some restrictions apply to financing of a secondary residence. Terms of the permanent financing loan option begin after the construction phase.
*Rate determined by current US Treasury index, plus 2%; subject to rate cap restrictions.
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