Real Estate

Mortgage Loan Center

Now You Can COME “HOME” To Your Credit Union For Your Home Mortgage

We’ve partnered with a leading credit union mortgage service provider so that we may offer home loans to our members. With rates at historical lows, this is a perfect time to get moving!

Whether you’re buying your first home, moving up or downsizing, or refinancing your current loan, you can take advantage of a variety of mortgage programs right here at your credit union, featuring:

  • Low fixed and adjustable rates
  • Lower closing costs (Call us for an estimate of closing costs so you can compare)
  • No intangible tax
  • Various terms to best suit your needs
  • A knowledgeable, friendly staff ready to help So, if you need a home for your mortgage, you can now turn to your credit union, the place you know and trust. For more information, call our Loan Department at 305.324.4004 or stop by today. Or, visit our mortgage center (new window/tab).

CONTACT THE LOAN DEPARTMENT TO MAKE AN APPOINTMENT WHEN READY TO APPLY.

PLEASE TAKE INTO CONSIDERATION THAT THE LOAN PROCESS TAKES AT LEAST ONE HOUR.

What documents do you need to apply:

Personal

  1. Driver’s license (if not currently a member).
  2. Divorce decree (if applicable)

Employment/Income

  1. Proof of Income ( 2 paystubs or Pension Statement). Signed Income Tax Return if self employed or having rental property(ies).
  2. Proof of additional income, such as Social Security benefits, child support, or alimony (if applicable)
  3. Federal income tax returns for the previous two years (if self-employed)
  4. W-2 forms for the previous two years
  5. Previous two years’ and year-to-date profit and loss statements (if self-employed)
  6. Balance sheet for the most recent quarter (if self-employed)

Property

  1. Sales contract
  2. Proof of earnest money deposit
  3. Proof of homeowners insurance (needed before closing)
  4. Contact information for homeowners association (if applicable)
  5. List of other properties under your name with the following information: address, Mortgage company, balance, monthly payment, taxes & insurance, amount of rental or lease received.

Liabilities

  1. Court documentation for bankruptcy or judgment (if applicable)
  2. Listing agreement or sales contract for current home (if applicable

Assets

  1. Statements for checking and savings accounts for the last three months
  2. Statements for retirement funds and other investments for the last three months

If Refinance:

  1. Copies of both Homeowners & Flood Insurance if applicable.
  2. Copy of OWNERS Title Policy.
  3. Copy of Survey (WITHIN 10 YEARS)
  4. Copy of 1st Mortgage and 2nd mortgage statement(s) if applicable.

A form 4606-T and the Credit Inquiry form will be provided by the Credit Union for your signature at the time of your application.

5/1 Mortgage

5/1 Mortgage: The Best of Both Worlds

Lower interest rates and a fixed payment for 5 years means you get the best of both worlds with our 5/1 Mortgage. If you are in the D.R.O.P. program and are thinking about refinancing your mortgage, this may be the loan for you!

A 5/1 ARM is an adjustable rate mortgage that has a fixed rate for the first five* years of the loan. The first five* years of the loan feel like a fixed rate loan. Once this period has been reached, the loan will begin to adjust every year. This is not a “discount loan” where you are paying a lower rate than market requiring an upward adjustment with each change period. If market rates are unchanged then no adjustment in the rate or payment occurs.

*Payment Example based on a $200,000:  A 5/1 ARM loan that has a fixed rate for the first five years at 3.625% APR* would have monthly payments of $912.10.  Payments will be subject to change on year 6.  This payment example does not include mortgage insurance premiums and taxes.  Actual obligations will be higher.

If rates do change then there are caps that prevent the payment from rising too fast. There is a maximum adjustment cap of 2 percent per adjustment and a cap of 5 percent for the life of the loan. After the first 5 years the adjustments will be once a year and the rate can either increase, or decrease, depending on economic market conditions.  Closing costs typically range between $900 – $3,000.

5/1 ARM Benefits

You may want to use a 5/1 ARM if you intend to live in your home for less than five years or if you intend on paying down your mortgage once you are out of the D.R.O.P. By choosing this type of mortgage, your payment will be lower since the initial five-year interest rate is less than a conventional 30 year loan rate.

If the home is not sold before the five year fixed portion of the loan is reached, you can either refinance or keep the loan as an adjustable rate until you sell the house.

For a mortgage that offers you the best of both worlds – low rates for a longer term – call our mortgage specialists for more information today.

CONTACT THE LOAN DEPARTMENT TO MAKE AN APPOINTMENT WHEN READY TO APPLY.

PLEASE TAKE INTO CONSIDERATION THAT THE LOAN PROCESS TAKES AT LEAST ONE HOUR.

What documents do you need to apply:

Personal

  1. Driver’s license (if not currently a member).
  2. Divorce decree (if applicable)

Employment/Income

  1. Proof of Income ( 2 paystubs or Pension Statement). Signed Income Tax Return if self employed or having rental property(ies).
  2. Proof of additional income, such as Social Security benefits, child support, or alimony (if applicable)
  3. Federal income tax returns for the previous two years (if self-employed)
  4. W-2 forms for the previous two years
  5. Previous two years’ and year-to-date profit and loss statements (if self-employed)
  6. Balance sheet for the most recent quarter (if self-employed)

Property

  1. Sales contract
  2. Proof of earnest money deposit
  3. Proof of homeowners insurance (needed before closing)
  4. Contact information for homeowners association (if applicable)
  5. List of other properties under your name with the following information: address, Mortgage company, balance, monthly payment, taxes & insurance, amount of rental or lease received.

Liabilities

  1. Court documentation for bankruptcy or judgment (if applicable)
  2. Listing agreement or sales contract for current home (if applicable

Assets

  1. Statements for checking and savings accounts for the last three months
  2. Statements for retirement funds and other investments for the last three months

If Refinance:

  1. Copies of both Homeowners & Flood Insurance if applicable.
  2. Copy of OWNERS Title Policy.
  3. Copy of Survey (WITHIN 10 YEARS)
  4. Copy of 1st Mortgage and 2nd mortgage statement(s) if applicable.

A form 4606-T and the Credit Inquiry form will be provided by the Credit Union for your signature at the time of your application.

Home Equity/2nd Mortgage

Home Equity Loans

Line Of Credit (HELOC) – Variable Rate
Rates As Low AS+:  5.50%APR**
Max rate: 18.00% APR**
Closing costs typically range between $900 – $3,000. (Currently paid by CU – Loans paid off and closed in less than three years from the loan origination date will require a prorated reimbursement of closing costs paid MFFCU)

A variable rate loan based on the prime rate as published on the Wall Street Journal (currently 5.00%) plus margin with a floor of 4.00%. It works similar to a credit card, you have a credit limit and you can draw on it. When you make your monthly payments the funds become available again. There are no application fees. (Florida properties only) for lines over $10,000. The maximum financing is $150,000 and up to 80% of the appraised value of the home minus the first mortgage balance.

Home Equity  Fixed Rate Loan
(Primary Residence Only)*
Rates As Low AS+5.75%APR**

A fixed rate, fixed term home loan. Terms  Up to 15 years  . The minimum loan amount is $ 10,000 and maximum is $150,000.00.  No application fees. The maximum financing is up to 80% of the appraised value of the home minus the first mortgage balance. Payments can be automatically deducted from your payroll or from your Miami Firefighters Federal Credit Union checking account.

Homeowners and flood insurance (if applicable) is required for all home equity loans.  Ask about our townhouses, condo’s and rental property (4 units max) home equity programs.  Rates and fees subject to change without notice.

*Rental and Secondary property maximum is 50% LTV, maximum $49,999.99
** APR – Annual Percentage RATE
+ The “as low as” rates are based on 0.25% payroll deduction discount, 0.25% direct deposit discount and an additional 0.25% discount for members who meet the requirements of a Deluxe Relationship.  Deluxe Relationship Requirements: Household balance of $15,000 or more (total deposit or total loan balance)
++ Higher Amounts may be available on a case by case basis.

Member Rewards

Build your relationship with Miami Firefighters FCU. With our Member Rewards program the more you use your credit union for loans, checking and savings accounts, the more your credit union prospers and grows and this means more and better services and pricing for you.

Your accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. See NCUA Calculator (new window/tab) for more information.

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