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Mortgages & Refinancing
Helping you feel at home from the start.
Home Starts Here
First Flight’s knowledgeable mortgage specialists are here to guide you through every step of the home financing journey. Whether you’re purchasing a new home or refinancing your current one, we offer a variety of mortgage solutions designed to fit your goals, including fixed-rate and adjustable-rate options. With personalized servicing, you’ll receive responsive support for your questions over mortgages, escrow accounts, and online loan management tools. Our team is committed to helping you choose the solution that’s right for you. Scroll or click to learn more:
Fixed-rate Mortgages
Fixed-rate mortgages are closed-ended loans available for terms from 10 years to 30 years. Interest rates and terms are locked for the term of the loan and you can expect nearly the same payment each month (changes occur when property taxes, insurance, or other expenses included in escrow fluctuate). When you choose a fixed-rate mortgage, you can expect:
- In-house loan underwriting, processing, and servicing
- No PMI or Escrow options
- Purchase, Refinance, and Cash Out loans are available
- As little as 3% down payment for first-time homebuyers
Construction-to-Permanent Mortgage Loans
First Flight offers Construction-to-Permanent Mortgage Financing for lots up to 5 acres with a single closing. This is available to first and second homes borrowers (owner-occupied) with financing up to 90% (10% down) with Terms up to 30 Years, visit our Construction-to-Permanent Mortgage Loans page.
Lot Loans
First Flight offers a low, fixed-rate loan option to purchase vacant, residentially-zoned lots located in North Carolina. Whether you are planning a location for a future home or looking to purchase a location for your manufactured or park model home, First Flight Federal Credit Union can assist you. Get more information and rates on our Lot Loans page.
FHA and VA Loans
First Flight offers FHA & VA loans for purchase or refinance. Veterans with certificates of eligibility may qualify for VA loans, and FHA loans are insured by the Federal Housing Administration. Contact a First Flight representative at 1-800-807-0766 or support@firstflightcu.com for more information.
Adjustable-Rate Mortgages
Adjustable-rate mortgage (ARM) products feature an interest rate that is adjusted periodically based on a pre-selected index. You can expect your monthly payment to adjust, either up or down, depending upon the index. These loans offer benefits such as: Conforming and Jumbo loan options Purchase, refinance, and cash-out loans available Primary residence, investment properties, and second homes eligible.
Jumbo Loans
Jumbo mortgage loans provide financing for loan amounts exceeding conceded loan limits. With fixed and adjustable-rate options Jumbo loans are available for purchases, refinances, and cash-out transactions involving primary residences, investment properties, and second homes.
The Mortgage Process
We want to make sure you’re prepared for the journey ahead, so our friendly mortgage experts will help you navigate the process of taking out a mortgage. While each situation is unique, here’s a brief, step-by-step look at what most borrowers can expect.
Step One: Pre-qualification
Pre-qualification is an estimate of your borrowing power. This estimate is based only on the information you provide and is not verified by First Flight.
Step Two: Mortgage Application
This form will ask for detailed information about you, your employment record, and the home you are purchasing, etc. During this step you may also be asked to provide certain documentation including: W2, paycheck stubs, and the purchase contract (offer to purchase). Apply for a mortgage online.
Step Three: Underwriting
The team of underwriters evaluates credit history, debts, assets, income, and information about the property you are wishing to purchase, in order to make a mortgage loan decision defines underwriting. The following are some factors considered in the underwriting process:
- Collateral: the value of the property is confirmed by an independent appraisal comparing the property you would like to purchase to other properties that are similar and have sold recently in the area you wish to buy.
- Capacity: Your income and overall debt are evaluated to determine if you have the ability to pay the loan back on a timely basis.
- Credit: In order to ensure you have a history of paying your current obligations on time; your credit history is also evaluated.
Step Four: Processing
Processing your loan involves collection of all the outstanding documents that are needed to satisfy all the conditions set forth by the underwriter in your loan commitment letter.
These conditions can include verifying your income and assets, reviewing the Offer to Purchase and appraisal, etc. The processing step of the loan also includes putting together the loan package which will be sent to the attorney’s office for closing. To prepare for the upcoming closing the following steps are required: scheduling the closing time and date, choosing the closing attorney, and obtaining homeowners insurance.
Step Five: Closing
At the loan closing, or settlement, your mortgage is activated, the title (ownership) to the property is transferred from the seller by recording a deed, and you are given the keys to your new home.
Quick Links:
- Call us at 800-807-0766
- Visit a convenient, local financial center
- View all lending and deposit rates
- Call us at 800-807-0766
- Visit a convenient, local financial center
- View all lending and deposit rates
APR = Annual Percentage Rate