Frequently Asked Questions
How do I start the application?
There are several ways you can apply. You can fill out a mortgage pre-qualification application online, call 301.784.3000 and speak with one of our Member Connection Center representatives, or you can walk into any of our convenient locations and apply in person. After you apply, one of our Mortgage Specialists will reach out to you.
How much are closing costs?
This number varies and may be different for each member depending on credit score, loan amount and loan to value (LTV). Our mortgage specialists will be able to give you more information as to what these numbers will be.
What does ARM mean?
An ARM is an Adjustable Rate Mortgage and refers to when the payment will stay the same for a specific number of years, and adjust yearly after the initial term is over.
Do you offer FHA or USDA loans?
Not at this time, however, we do offer a variety of other products to meet your needs including conventional mortgages, VA mortgages and Home Equity products.
What is PMI? Will it apply to my loan?
PMI stands for Private Mortgage Insurance. Typically you must have PMI with any loan where more than 80% of the selling price is financed. If you qualify under the First Time Home Buyer Program, you will NOT be required to have PMI.
Can I qualify for any other assistance?
It is possible that you may qualify for a “grant”. We work with several different agencies, and as long as their guidelines are met, we may be able to help you receive additional assistance. Some of these programs require you to have some funds to contribute at the time of settlement.