Mortgage Options | Home Equity Loans and Line of Credit | Apply for a Loan | Calculators
Do you want to be free of your first mortgage and escrow payments? Would you like to refinance your mortgage balance, but pay NO CLOSING COSTS?** Do you want the flexibility to choose your own term…one that will enable you to be home free of mortgage payments in 12 years or fewer?**
If you answered yes to any of these questions, the new JHFCU HomeFree Home Loan could be for you! Our new HomeFree Home Loan is actually a second mortgage product, but it is designed to be used to pay off your remaining first mortgage balance. It is a special product for members who have current mortgage balances under $200,000 who are looking to refinance, but who don't want to pay for closing costs.
There are some specific parameters for the HomeFree Home Loan:
For information, contact Sharon Battaglia at JHFCU at 410-534-4500, x230.
*APR = Annual Percentage Rate. Rates are based on term of loan and upon refinancing your non-JHFCU loan. Rates are current as of
02/07/13 and are subject to change. Property and flood insurance may be required.
**Closing costs will be added back to loan balance if the loan is paid off within the first 36 months.
***With a $100,000 loan at 3.65% APR for 10 years, your payment will be $995.90 per month.
One of the benefits of choosing JHFCU for your mortgage is that you are dealing with an established, local organization. All loans approved and disbursed by JHFCU are held in the Credit Union portfolio. You do not have to send your payments out of state; your servicing is done here at the Credit Union. JHFCU has retained a local processor to help process the initial application, but after approval, the loan is on the books at JHFCU. We maintain your escrow account and forward payments for taxes and insurance.
JHFCU has expanded its mortgage program and streamlined the process to provide faster time to settlement. We offer:
Our 15-year mortgage loan is perfect for members who prefer a shorter term, but want something longer than the 10-year option. The 10-year loan has been very popular among members with substantial equity who wish to refinance at a low rate to pay off their remaining balance in a shorter timeframe.
JHFCU can provide financing for the purchase of primary and secondary residences. We also offers jumbo mortgages for amounts exceeding conventional limits of $417,500.
*Please note JHFCU's Board of Directors has established a limit on the amount of aggregate fixed-rate mortgages outstanding at the Credit Union, based on a percentage of the Credit Union's assets, so the offering of these products may be suspended from time to time. However, our mortgage processor, Financial Security Consultants, can place your mortgage with another lender at the same rate if you should apply during a time when JHFCU is not accepting new mortgages. With a $100,000 loan at 3.65% APR for 10 years, your payment will be $995.90 per month. Property and flood insurance may be required. Other restrictions may apply. Other rates available for various terms and/or refinances of JHFCU loans.
The Credit Union’s “Golden A.R.M.” is VERY different from most variable rate mortgages because it has NO INITIAL TEASER RATE and is tied to PRIME vs. the LIBOR (London Interbank Offered Rate – an index on which most adjustable rate mortgages are based).
Key Benefits of our Adjustable Rate Mortgage:
Not only is the new Golden A.R.M. based on the Prime Rate, which is the rate banks traditionally offer their best customers, but the rate will be 2.00% BELOW Prime—fixed for one year at the time of settlement and adjusted on the annual anniversary to again be 2.00% below the rate at that time.* So you will, in almost all cases, ALWAYS have a rate that is significantly below Prime! Plus, annual adjustments are capped so they can never increase more than 2% a year. There is also no cap on reductions, so if Prime drops significantly, you benefit from all the decreases (and save on refinancing costs that you might have incurred lowering a fixed rate).
If you currently have a high-rate or a traditional adjustable-rate mortgage, or are looking to purchase a home, the Golden A.R.M. is worth a look. You can save money upfront, plus have the peace of mind that your rate will always be significantly below the Prime Rate. For questions or to apply, contact JHFCU’s mortgage processing partner, Financial Security Consultants, at 410-823-3300.
*APR = Annual Percentage Rate. Rate is variable, based on applicant credit, and subject to change. Contact JHFCU for our most current rates. Product has floor rate of 4.00%. Other restrictions may apply.
There are signs that home buying and refinancing are beginning to pick up, but consumers still need to find a mortgage that fits their budget and provides good value. JHFCU has developed a new product that includes a winning combination of a low rate so you can save money, with the flexibility of a 30-year term to keep your payments affordable. The rate is locked in for 10 years, and after that can adjust annually on the anniversary date.
*For current rates and details contact our mortgage processing partner, Financial Security Consultants, at 410-823-3300.
You can contact Financial Security Consultants at 410-823-3300 to get your application process started. Financial Security Consultants will complete the documentation process (including verification of income and accounts), order an appraisal and credit report, and forward the file back to the Credit Union for final review and approval.
The Credit Union will let you know if your loan is approved and will instruct you to arrange settlement with the real estate attorney. The time from application to settlement is approximately 4-6 weeks.
If
JHFCU cannot approve your loan, Financial
Security Consultants can work with you to possibly place your loan
with another lender, saving you the trouble of reapplying with another
institution. If you need to call Financial Security Consultants, the office
can be reached at 410-823-3300 (or 1-800-730-7599 if calling outside the
Baltimore metro area).
Purchasing or selling real estate? Now you can receive professional real estate assistance and cash rebates through the Introducing SMARTMOVE® Program.
The Johns Hopkins Federal Credit Union has teamed up with Introducing SMARTMOVE®, a national real estate affinity program designed specifically for credit unions to give you, our member, the highest quality, professional real estate assistance and CASH REBATES.
When you register with Introducing SMARTMOVE®, a coordinator will explain the Introducing SMARTMOVE® guidelines in order for you to qualify for a cash rebate - up to $5,000 - whenever you buy or sell real estate. You'll receive a cash rebate for each transaction.
You will also receive high quality professional real estate assistance from specially trained and experienced agents who will help you with your search, and professionally market your current home or investment properties.
This program is available for properties located nationwide and applies to:
Best of all, this program is absolutely free to you as a valued member of JHFCU. To register or for more details, contact Introducing SMARTMOVE® at (800) 645-6560, Monday-Friday, from 9:00am-5:00pm (EST), or via the web at www.smartmove.com.
JHFCU offers an extensive line of mortgages and home equity options.
Whether you're planning to purchase a house, refinance an existing mortgage,
tap into equity for a business project, or simply want the flexibility
of a large line of credit, JHFCU can help.
Members can also use the loan calculator
for principal and interest payment calculations: remember an additional
amount for your escrow account (for taxes and insurance) would have to
be added to your monthly payment, too, if you are calculating a first
mortgage.
JHFCU offers one of the best Home Equity products around, with no closing costs.* The line can also provide overdraft protection for your Share Draft Checking account. Home Equity Lines are a revolving line of credit secured by the equity in your home. The money you've put into your house is yours to use over and over again. You can use the money for many purposes, and at a much lower interest rate than most installment loans.
Home Equity Lines of Credit offer another advantage: in most instances, the finance charges you pay remain tax deductible (consult a tax advisor for specifics). You can also access funds several ways: via mail, TeleBranch 24, the Internet Branch, a draft (check), or in person. Call the Credit Union and press 2 for an application and more information.
*Closing costs will be added back to the loan payoff balance if the loan is paid off within the first year.
If you would like the stability of a fixed interest rate** but still want to benefit from the tax deductibility advantage of a home equity loan, then consider JHFCU's fixed rate Home Equity Loan. With this closed-end loan, you'll receive the proceeds of the loan at settlement. Therefore, this loan may be more appropriate for purchases you plan to make immediately, unlike the Home Equity Line which provides the option to use as needed. Your appraisal fee is refunded to you after settlement but will be added back to the loan payoff balance if the loan is paid off within the first year. Call the Credit Union for more information.
**Rates are determined by the applicant's credit history and may vary. An additional .25% discount for the purchase of optional debt protection. Consult your tax advisor for tax deductable benefits.
The margin for qualified borrowers is now as low as 1% below Prime, and we are also extending an additional 1/2% discount on all Home Equity lines for members with direct deposit.* This ongoing rate is lower than any we have seen in the market and, unlike "teaser" introductory rates offered by other financial institutions, it provides you with savings not only in the first few months, but year after year! And don’t forget, a JHFCU Home Equity loan has NO CLOSING COSTS as long as you don’t pay it off within the first year (most institutions have a longer restriction). So stop chasing introductory rates and get the line of credit that will reward you for years after you open it!
*Based on applicant credit and may vary. This rate is for qualified borrowers with lines of 80% or less loan-to-value and includes a half-percent discount for direct deposit. Rates are based on the Prime Rate, as published in the Wall Street Journal on the 25th of the previous month, and can adjust monthly.
Accounting Department – Escrow Services
Johns Hopkins Federal Credit Union
2027 E Monument St
Baltimore, MD 21287
OR you may fax it to 410-467-0298 or email scanned copies to our Accounting Help Desk at AHD@jhfcu.org