Take Out a Loan
Get the best value for your home mortgage dollar at Mid-Atlantic Federal Credit Union (MAFCU). We offer a full range of options for home purchase, construction and refinance–at some of the lowest rates around–together with a team of experienced Mortgage Representatives that can help you choose the right mortgage and make every step of the process simple and hassle-free.
Along with all the traditional mortgage products, MAFCU also offers an array of options to customize your loan to suit your specific needs and budget. Check out our low rates on:
- Traditional Fixed-Rate Mortgages that give you the peace of mind of knowing exactly what your monthly payment will be.
- Adjustable Rate Mortgages that are ideal if you plan on living in your home for a short period of time, or believe your income will increase in the future.
- Jumbo Loans in amounts up to $2 million at fixed or adjustable rates.
- "Interest First" Loans at fixed or adjustable rates that require interest only payments for up to 10 years.
- Construction and Lot Loans.
- Reverse Mortgages, which turn a portion of the equity in your home into available cash.
- Investment Property and Vacation Home Loans.
- Condominium Financing.
- Customized "Piggy Bank" Loans to avoid PMI or qualify for a conforming loan.
- Home Affordable Refinance Program (HARP), which offers homeowners the opportunity to refinance their existing Fannie Mae loans.
Apply for your MAFCU mortgage now.
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For added peace of mind, many homebuyers select a fixed-rate mortgage because its monthly payment of principal and interest never changes for the life of the loan.
At MAFCU, we offer fixed-rate loans in all shapes and sizes: 30-year, 25-year, 20-year, 15-year, even 10-year.
You might choose a fixed-rate loan if you want to lock in a low rate. If you have an Adjustable Rate Mortgage (ARM) now, refinancing with a fixed-rate loan can give you more monthly payment stability.
Adjustable Rate Mortgages (ARMs)
With an adjustable rate mortgage (ARM), you benefit from a lower introductory rate for a set period of time (5, 7, or 10 years), so you may be able to get more house for your money. While the rate adjusts based on one of several market indices–and may increase–an ARM may still be a good choice if you plan on moving within three to 10 years, refinancing, or believe your income will increase enough to afford a potentially higher rate after the introductory period.
All programs have a "cap" that protects you from your monthly payment going up too much at once. In addition, all ARM programs have a "lifetime cap"–your interest rate can never exceed that cap amount, no matter what.
In addition to fixed-rate jumbo loans, MAFCU also offers adjustable rate options for greater flexibility. These products:
- Offer financing up to 95% and loan amounts up to $2 million for qualified borrowers.
- Interest-Only or Full Amortization Loans.
- Have no negative amortization or pre-payment penalties.
- Offer a 0.25% rate discount if you also open a MAFCU checking account with Direct Deposit and Auto Payment.*
*Discount is for a limited time only and is valid only on 5/1, 7/1,and 10/1 ARM products. Proof of Direct Deposit and Auto Payment required for discount to apply. 70% of income used to qualify must be deposited.
Interest First Loans
Available at low adjustable rates, these loans require interest only payments for up to 10 years, and then the loan is fully amortized over the remaining 20 years. There are no prepayment penalties, so you can pay toward the principal balance of your loan at any time, but you are not required to do so the first 10 years. The payments obviously will increase when the "interest only" period has passed, but this program provides the lowest initial monthly payment of all loans available.
Construction and Lot Loans
Thinking about building a new home, but worried that financing the lot and the home's construction will be a complicated process? Then think MAFCU. We can provide the financing for both in one loan package featuring:
- One time close option.
- Flexible draw schedule.
- Lot purchase financing.
- Existing property renovation financing.
- Programs for tear downs*.
- Flexible terms to meet the needs of your custom home.
Not ready to build just yet? Opt for a lot loan alone. Ideal for borrowers who will be ready for a construction loan in the near future, this type of financing is available for a lot that is normal for the area and has at least one utility available from the street. (Septic tanks, propane tanks, are acceptable if these features are normal for the neighborhood.)
*Demolishing an existing home and building a new home on the site.
A reverse mortgage turns a portion of the equity in your home into available cash. It is the opposite of a typical loan, in that the lender makes payments to you, rather than you making monthly house payments. Choose a lump sum distribution, annuity payment, a line of credit or all three.
Available to qualified homeowners age 62 or older, with a reverse mortgage, you maintain ownership of your home, and no principal or interest payments are required for as long as you live in your home. The loan is repaid when the home is no longer your principal residence, whether you sell it, permanently move out or pass away. If the amount remaining on the loan at this time is less than your home's value, the difference is given to you or your estate. You will never owe more than the amount your house is worth, and the lender cannot seek repayment from other assets or heirs.
Investment Property & Vacation Home Loans
Available at low adjustable rates, these loans require interest only payments for up to 10 years, and then the loan is fully amortized over the Investment residential property up to 4 units, vacation homes and second homes are all possible with a loan from MAFCU. We also have options for your business property and business loans and services.
MAFCU offers financing for most types of condominiums. If your property is a condo, call us before buying or refinancing. Our competitive rates and terms make these properties more affordable and accessible.
Piggy Back Loans
A piggyback loan is a second mortgage taken out at the same time as a first mortgage as a way of borrowing a higher percentage of the property cost/value without having to pay mortgage insurance. The first mortgage is typically limited to no more than 80 percent of property cost/value and therefore does not require mortgage insurance. The piggyback loan would represent 5- to 15 percent of the property cost/value.