Central Florida Educators Credit Union

The Central Florida Educators Credit Union can help you find the home loan that fits your lifestyle. With 69 years of service, they can help you own the home of your dreams. Whether you are purchasing a home to retire in or buying a home for the first time, CFECU can provide a low interest home loan that will meet all of your financial needs.

Central Florida Educators Credit Union makes it easy for you by offering its members mortgage services online. You can apply for a mortgage online, save your application to fill out later on, and look up answers to any questions you might have concerning mortgage loans. Or if you prefer, you can visit one of 12 branches in the state of Florida.

Central Florida Educators Credit Union Loans

Some are the choices offered of mortgage loans.

• Fixed Mortgages – These loans have an interest rate that will always stay the same. This is one of their most popular loan options. We have 10, 15, 20, and 30 year terms available. Central Florida Educators Credit Union does require a minimum loan amount of $25,000 for fixed mortgage loans. Fixed mortgage loans are for those who want to reside in the home for a period of more than ten years.

Fixed Rate Mortgages has up to 95% financing available, as well as point options of 0, 1%, and 2%.

• Adjustable Rate Mortgages – These loans have interest rates that will change with the national interest rate. These loans have a 30 year loan term. Adjustable Rate Mortgages are available with 1, 3, 5, 7, and 10 year adjustment periods. This means that you can choose to have a fixed mortgage rate for the first few years of the loan. After this period, the loan will become an adjustable rate mortgage. A minimum loan amount of $25,000 is needed to qualify for this loan. Adjustable Rate Mortgages are recommended for those who are unsure about their future salary and who may only want to live in the home for less than ten years.

Other Advantages of CFE Loans

If you decide to take out an Adjustable Rate Mortgage, your interest rate will be lower than a Fixed Rate Mortgage. This will give you time to grow into your loan.

Lifetime Caps on Adjustable Rate Mortgages range from 5-6%. With all of CFECU loans, they do not have prepayment penalties. You can choose to pay over the monthly amount of your loan for the life of the loan.

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