General DCU Mortgage Topics
Frequently Asked Questions
What are your rates?
Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center at 508.263.6700 or 800.328.8797.
What is a point?
A point is 1% of your total loan amount. For example: one point for $100,000 mortgage is $1,000.
What will my closing costs be?
Closing costs are approximately $1,900 – $2,100 (not including points) per $100,000 depending on the state you are purchasing your home in. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Where can I apply for a DCU Mortgage?
You can apply online 24 hours a day, 7 days a week. You can apply or get pre-qualified by phone. Call 508.263.6700 or 800.328.8797 (select 3) anytime Monday through Friday 8:00 am to 9:00 pm or Saturday 9:00 am to 3:00 pm, Eastern Time. A representative will guide you through the entire application process. Finally, you can visit any DCU Branch to apply.
Does DCU offer fixed and adjustable rate mortgages?
Can closing costs be rolled into my loan amount?
For refinances, closing costs can be rolled into your loan amount not to exceed maximum program guidelines for loan to value. Closing costs on Purchases cannot be rolled into the loan amount.
What is DCU's application fee?
DCU's application fee is $300.
How can I lock in my interest rate?
After reviewing your application with a Mortgage Representative you are able to lock in your rate.
Is there a fee to lock my rate?
No, there is no fee to lock your interest rate.
Does DCU provide service on my DCU mortgage?
Yes. For as long as you have it.
What does it mean when I get an informational letter from Freddie Mac, Fannie Mae or the Federal Home Loan Bank?
A new law requires Freddie Mac, Fannie Mae or the Federal Home Loan Bank to send informational letters when they buy or sell your mortgage. If you get (receive) one regarding your DCU mortgage, it's no cause for concern.
Freddie Mac and Fannie Mae are short names for two government sponsored enterprises that buy home mortgages from financial institutions. The Federal Home Loan Bank (FHLB) also buys mortgages. They provide financial institutions a steady stream of funds they can use to fund consumers' mortgages. This allows more people to buy homes.
We often sell mortgages we write to one or more of these institutions so we can meet our members' needs. Whether we hold or sell the loan, we always retain responsibility for accepting your loan payments, giving you convenient access to your account, and providing service - known as loan servicing. If you get a mortgage from DCU, you'll have DCU service for the life of your loan. On Friday, June 19, 2009, Freddie Mac will begin notifying borrowers by letter when their mortgage loan is assigned, sold or transferred to Freddie Mac or to a trust for which Freddie Mac serves as trustee. This notification is for informational purposes only and is consistent with Section 404 of the Helping Families Save Their Homes Act of 2009, which was enacted on May 20, 2009. It also applies to Fannie Mae and the FHLB.
What does the term "Loan to Value" mean?
It is the total loan amount divided by the value of your property. The value of the property is the lesser of either the purchase price or appraised value.
Will DCU escrow my taxes?
DCU will escrow your taxes if your loan to value is greater than 80% or if the property is an investment.
Does DCU require Private Mortgage Insurance?
Private Mortgage Insurance is required with a loan to value over 80%.
What is the maximum amount I can borrow if I want to consolidate bills?
On a 1-2 unit primary residence or second home you may borrow up to 80% of the property value in a first mortgage. DCU also offers many second mortgage products for debt consolidation.
Will DCU finance my second home or investment property?
Yes. With DCU you can finance a second home or an investment property up to a 4 family unit.
What if I have an investment property with more than 4 family units?
You can contact our Commercial Loan department for a commercial mortgage.
What is a Jumbo Mortgage?
A Jumbo Mortgage is a mortgage amount in excess of $484,350 for a one family unit property.
If I apply through phone, who is my mortgage with?
Your mortgage is with DCU. We'll service your mortgage (accept payments and handle escrow) for as long as you have it.
If you have any other questions regarding the mortgage products and services offered by DCU, please call our Information Center.
Our StreetWise Guide for Homebuying and Mortgages offer information to get you ready for choosing, buying, and financing a home.