Did you know that you can purchase your new home, refinance or obtain a second mortgage at CFCU?

CFCU understands that a home loan is one of the biggest financial transactions you will ever face. That’s why we have experienced mortgage representatives that can help you with the home financing process.

• Pay no pre-payment penalties
• Second Mortgages

CaribeFed Personal*

We offer our member personal loans secured by an existing real estate already owned by the member.

• Maximum of $100,000
• First mortgage up to 30 years
• Second mortgage up 15 years
• Fast processing
• Best interest rates guaranteeD
• Up to 80% LTV 

CaribeFed Mortgage*

CaribeFed Mortgage allows you to purchase your home with a 5% of down payment. This makes easy your mortgage up to the maximum for conforming and non-conforming loans. This type of mortgage is for principal residences and maximum allowed is 95% of the value of the home.

CaribeFed 2*

A second mortgage of a maximum of 80% of the value of the property, including the value of your first mortgage. This product is offered with attractive interest rates.

FHA Loans

Caribe Federal offers FHA loans to all its members, with this type of loan you have the advantage of having lower closing costs and better offers in interest rates.

Applying has never been easier. All we need from you is:

1. Copy of purchase deed
2. Copy of Sales contract, when applies
3. Letter of balances from holder of existing mortgages (mortgage experience for the last 12 months)
4. Debt Certificate and Value Certificate of Property Taxes (from CRIM)
5. Copy of the existing Insurance Policy
6. Letter from the Administration Office concerning the monthly payment, when applies.
7. Copy of earning statement and W2 form from previus year
8. Identification with signature and photo (both spouses)
9. Social Security Card (both spouses)

Maximum Terms

Type of Mortgage Purchases	Maximum Amount	Max. Term	L.T.V.
1st. Mortgage (Refinancing of Residence)	Conforming up to $417,000 Over $417,000 jumbo loan	30 yrs.	80%**
Second Mortgage on Primary Residence		15yrs.	80%

**This L.T.V. may be increased up to 97% (on primary residence purchase), but is subject to meeting all requirements for Mortgage Guaranty Insurance Corporation.

Home Equity Loan*

• Fixed interest rate over the life of the loan
• Same payments every month
• Get the entire amount of the loan at closing
• Up to $100,000
• Terms 5/15 payment
• Low closing cost

Home Equity Line of Credit (HELOC)*

• No interest rate are charged until the credit line is used
• Line of credit is accessed by check or over the counter cash advance
• Pay interest rate on the amount of money used
• Terms up to 5 years
• Fixed interest rates
• Up to $100,000

 

*Some restrictions may apply. Subject to credit approval and other parameters established by CFCU. Your interest rate will be determined based on your credit history.