Benefits of a DCU Membership
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Choose from our easy to use calculators to plan for your home purchase.
Frequently asked questions and answers to help manage and plan for your mortgage.
We offer many different programs. Our conventional programs require a minimum of 5% down + closing costs and pre-paid items. We also have a program for eligible applications to pay only 3% down*. Schedule an appointment with one of our Mortgage Loan Originators for more information.
Closing costs vary by state, property type and credit. They include taxes and government fees, legal services, fees to the lender for processing the mortgage and other fees. In addition to closing costs, the borrower must also pay for certain pre-paid items including daily interest, tax escrow deposit (when escrowing for property taxes) and homeowner’s insurance.
For a quote, use our Personalized Quote tool . Once an application is submitted, we’ll provide a Loan Estimate which will provide you with an estimate of the costs associated with your specific scenario.
Prequalifications and preapprovals are two ways to verify if a potential borrower can afford a mortgage. Borrowers apply for prequalification while they are searching for a home. Prequalification allows you and sellers to estimate how much you can afford. At DCU, prequalification is the initial step to applying for a mortgage for home purchase.
The actual cost of credit to the borrower including interest and certain other charges calculated over the life of the loan and expressed as a yearly rate. APR can be used as a guide to compare the true cost of loans, since costs can vary across loan options.
A Fixed Rate Mortgage is a loan with a set interest rate and equal monthly principal and interest payments for the entire term of the loan. An Adjustable-Rate Mortgage is a loan in which your principal and interest payment and rate will be fixed for the first 5, 7, or 10 years, depending on the term you choose, and then adjust to a new rate and payment that can change periodically after that.
DCU offers mortgages for the purchase of homes in all 50 states.
Once your application is submitted, DCU will order an appraisal on the property to ensure that its market value sufficiently exceeds the amount of the loan. If you have an appraisal that was already completed but was not done through DCU, it cannot be used for a new application. You may qualify for an appraisal waiver from the GSE that DCU underwrites to. They will make the determination and notify DCU if that option is available to you.
A rate lock is a process in which we “lock in” your interest rate, ensuring that it will not change through the closing of your loan. Rates may not be locked for prequalification/preapprovals. For Purchases, you may lock your interest rate within 60 days of your closing date. For all loan types, the rate must be locked at least 14 days prior to closing. If the rates go down, the interest rate effective for your rate lock still applies. If your rate lock expires, and the market rates increase, your loan will be based on the new prevailing rates.
PMI stands for Private Mortgage Insurance and is a monthly insurance premium paid by the borrower for the cost of insurance that covers the lender in the event the borrower defaults on the loan. It is required when the borrower is putting less than 20% down.
Yes. One of the benefits of financing with DCU is that we will service your loan as long as you have it. No need to worry about making payments to a different lender or prepayment penalties.
Ready to apply or need assistance? Contact a Mortgage Loan Originator for help completing an application.888.888.8328
1. Eligibility by Family Relationship to a Current DCU Member
Relatives of DCU members are eligible to join if they are spouses, domestic partners, children grandchildren, parents, grandparents or siblings (including adoptive in-law, and step relationships).
2. Eligibility by Company You Work for or Retired From
You currently work for or retired from a company in our list of participitating employers.
You have a family relationship (as described above) to a non-member who currently works for or retired from a company or organization in our field of membership.
3. Eligibility by Organization You Belong To
You currently belong to or join an organization whose members we serve.
You have a family relationship (as described above) to a non-member who belongs to an organization in our list of participating organizations.
4. Eligibility by Community
You are automatically eligible to join DCU if you live, work, worship, or attend school in one of the communities in our list. Any business or other legal entity located in one of these areas is also automatically eligible to join.