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First Mortgages FAQs

Q: How can I apply to purchase a new home or refinance my existing home? 
A: You can apply by calling 301.779.8500 ext. 4045 or online through our Mortgage Web Center

Q: Can I speak to someone before applying for the mortgage? 
A: Yes, our loan officers are available to answer any questions Monday through Friday from 8:30 am to 5:00 pm. Please call 301.779.8500 ext. 4045.

Q: What type of mortgage loans does the Credit Union offer? 
A: We offer fixed-rate and ARM loans for the purchase or refinance of a personal real estate property. We offer financing up to 97% of the appraised value.

Q: Can I apply for a loan in any state? 
A: The Credit Union accepts First Mortgage applications online in all of the contiguous United States and the District of Columbia. We are not currently accepting applications for properties in Alaska and Hawaii.

Q: Can I apply for a jumbo loan? 
A: Yes, the Credit Union offers jumbo loans with a maximum loan amount of $1,250,000 and a maximum loan-to-value of 80%.

Q: Is financing available for investment properties? 
A: No, our Credit Union only offers financing for primary residences and second/vacation homes.

Q: Where can I find current mortgage rates? 
A: Our first mortgage rates can be found in our Mortgage Center. Our Rate Watch lets you set up rate thresholds and receive email alerts when those levels are met.  

Q: Can I lock in a rate? 
A: Yes, we offer rate locks for up to 60 days for refinances and 90 days on purchases. 

Q: Will my mortgage be sold? 
A: We are a direct lender and we always retain the servicing of your mortgage. You will always make your payment to the Credit Union and if you have any questions, a Credit Union representative will assist you.
 

Mortgage Servicing

Q: Where can I view my mortgage payment?
A: Mortgage payment details can be found on your monthly mortgage statement and in Digital Banking. 

Q: How do I make my mortgage payment?

A: The Credit Union has multiple payment options available for you.

  • Automatic recurring payments: You can set up a recurring payment to your mortgage through Digital Banking. Choose “Internal Transfers” from the left menu and select “Transfer Money”. Then, complete the payment fields and select “Monthly” for the frequency.

  • One time transfer of funds: You can make a transfer from your Credit Union account to your mortgage through Digital Banking. Choose “Internal Transfers” from the left menu and select “Transfer Money”. Then, complete the fields to submit the transfer.

  • Payments from another financial institution: Payments can be sent from another financial institution and applied directly to your mortgage loan.

  • Mail: Payments can be mailed in using the coupon attached to the monthly mortgage statement.

  • In-person: Payments can be made at any of our branches. 

  • Over the phone: Payments can be made over the phone by calling our Contact Center at 301.779.8500 during normal business hours.

Q: Can I make bi-weekly payments?
A: No, we do not accept partial payments, however, alternative savings and payment structures can be set up to help you budget based on your unique pay schedule. A separate savings account can be opened to deposit sufficient funds for the monthly mortgage payment. This will help you keep the funds for the mortgage payment set aside to ensure they are available when the monthly payment is due.

Q: When is my payment due? 
A: First mortgage payments are always due on the first of each month. Payments received after that date are considered past due but a late fee is not assessed until after the 15th of the month. To ensure payments coming from another financial institution are received in a timely manner, we recommend having the funds available and sending the payment no later than the 10th of the month to avoid any delays that many occur in the availability and posting of the payment.

Q: Is there a grace period for payments?
A: There is a 15 day grace period for loan payments.

Q: How do I make an additional principal payment?
A: Any additional amount over the scheduled payment amount will automatically be applied to the principal.  

Q: Where can I find the amount I paid in interest for the past year?
A: A 1098 form is sent to members with mortgage accounts that had $600.00 or more of interest paid during the year. Additionally, the monthly mortgage statement reflects how much interest has been paid in the current year.

Q: How can I obtain a payoff for my mortgage?
A: Payoff requests can be faxed to 301.985.4667 or emailed to [email protected]. Please provide a wet signed copy of the borrower’s authorization. Verbal requests and electronic signatures are not accepted as they cannot be validated or authenticated. Please allow five business days for processing.

Q: How do I get a copy of a lien release for a mortgage I paid off?
A; Lien release requests can be faxed to 301.985.4667 or emailed to [email protected].

Q: How do I get a subordination? 
A: Subordination requests can be faxed to 301.985.4667 or emailed to [email protected].  

Q: I have a question about my current mortgage with the Credit Union. Who can help me?
A: Questions about your current mortgage can be emailed to [email protected]. You can also call our Mortgage Department at 301.779.8500 ext. 4045. 

Q: Why does my mortgage loan not show on my member account statement?
A: A monthly mortgage statement is generated each month separately. This statement is specific to your mortgage loan only.

Q: Why did my payment change? 
A: Your payment may fluctuate if there have been changes to your property tax amount or homeowner’s insurance premiums. Each month, a portion of your mortgage payment is set aside in your escrow account to make sure funds are available for the payment of your property taxes and homeowner’s insurance when these payments are due. 

Q: I received my property tax bill. Do I need to send it to the Credit Union?
A: If you are in any jurisdiction other than the state of Maryland, please email the bill to [email protected].

Q: I am changing my homeowner’s insurance policy. What should I do?
A: Email a copy of the new policy along with any invoice for the premium due to [email protected]. If you are receiving a refund from the cancelled policy, it is suggested to deposit the refund into your escrow account to limit shortages in your escrow account.
 

Here to help

301.779.8500 ext. 4045
[email protected]

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