1st and 2nd Mortgage Loans Frequently Asked Questions
Q. What is the current Mortgage interest rate? As of April 30, 2014:
Q. What is the minimum credit score needed to purchase a home?
Q. Are there any application or origination fees?
Currently there is no application or origination fees for the 1st mortgage at this time. The processing fee for 2nd mortgage is currently $50.
Q. What is the length of time it takes to close on mortgage?
Q. How much down payment is required?
Q. What is a Closing Cost?
Closing Cost are fees charged by Lenders, example; attorney fees, appraisal fees. Most of the time, the Homebuyers pay the Closing Cost.
Q. How do I prequalify?
You can apply online or download a paper application at www.1stchoicecu.org. You will receive a response within three business days.
You will be redirected to one of our mortgage originating partners' websites below:
Q. What is a 2nd Mortgage?
A Second Mortgage is a loan using your home as collateral; while you still have a 1st mortgage on your home. All 2nd mortgages are processed through 1st Choice Credit Union.
Q. What is a Homebuyers Workshop?
A Homebuyers Workshop provides general information about the home buying process, down payment assistance programs, closing cost, home inspections, credit readiness and financial options.
Q. How do I apply for down payment assistance?
1st Choice Credit Union has partnership with agencies in the community who provides funding for eligible borrowers.
Contact one of our homeownership counselors at 404.832.5800 for details.