mortgage loans

River Place Co-op Financing Available. If you would like to live or currently live in River Place, click here!

Lafayette Federal Credit Union—your credit union—has made the mortgage process as easy as opening the door to your home!

Lafayette puts the technology at your fingertips!
Our online mortgage application provides you with ALL of the information you’ll need to make your mortgage loan decisions.

What's so great about the system?
Well, here's a list of just a few of the benefits you'll get:

• You can now receive 30 second automatic loan approvals;
• Receive your loan disclosures online to view and print—no more waiting for the mail;
• Get closing cost estimates for properties located anywhere in the United States;
• View simultaneous loan rate/payment comparisons for ALL of our loan products;
• Lock-in your interest rate online;
• Sign up to receive automatic interest rate updates with "Rate Watch";
• Receive automatic loan status updates online;
• Obtain detailed information on what to expect throughout your loan process;

First Trust Mortgage Loans
We offer a huge variety of mortgage options, so there’s sure to be one that’s right for you. Choose from loan amounts up to $2 million, fixed or adjustable rates and terms from 5 to 30 years. We offer buy-downs, early pay-offs and lock-in options, plus interest-only and no-closing-costs options. We offer financing on homes located anywhere in the United States. We also offer financing on second homes, investment properties and commercial real estate. How’s that for freedom of choice?

We also offer refinances and financing for vacation homes, investment properties and commercial real estate. In addition, we offer equity loan options as well!

Pre-Approval Letter
Want to start searching for that perfect home? The first step is to get a pre-approval letter to determine the best financing for you. Click here to access our mortgage options. You will be provided with all of our loan programs, current interest rates, payment amounts and an estimate of your closing costs. You can submit an application and receive an automatic, pre-approval letter that you can take to your realtor. The process takes approximately 20 minutes to complete the application and if qualified, a decision can be made within 30 seconds.

Mortgage Rates
Tired of having to look for the information that you need? Let us send it directly to you. Lafayette Federal Credit Union can now keep an eye on rates for you and notify you when our rates are getting close to your target rate. Sign up for Rate Watch and have rates emailed to you daily, weekly or monthly on all of our products or just the products that interest you. It’s a free service that keeps in on top of the mortgage industry without having to do the work!

Mortgage Loan Application
Already know that you want to apply? Click here to fill out a no-obligation mortgage application. Submit the application online and receive an automatic decision on your loan request in approximately 30 seconds. You’ll also receive your loan disclosures such as your Good Faith Estimate and Truth-In-Lending online to view and print. Want to lock-in your interest rate? You can do that as well – online!

River Place Co-op Financing
Lafayette Federal offers a variety of financing options for owner and non-owner-occupied units at River Place in Arlington, Virginia. We offer financing not only for purchases but also for rate/term refinances with cash-out options available. You can apply online or, if you prefer, our loan originators will be happy to meet with you personally to discuss your financing options and take your loan application. When it’s time to settle your loan, you’ll have the benefit of using our in-house settlement company, PBX Settlement Services, LLC, and will have the options of settling your loan at our office, your office or your home. Click here for our special rates for River Place!

Home Equity Loans
Already own your home? It's time to put your equity to work! Your equity is determined by subtracting your mortgage balance from your home's appraised value. This can add up to a lot of cash. Make home improvements, consolidate bills, pay college tuition, take a family vacation—the possibilities are endless.

Using your equity as collateral you can borrow at great low rates. We offer fixed and adjustable rate home equity loans or lines of credit and we'll lend up to $500,000.

To obtain rates, payments, closing costs and to complete an online application, click here. After you have applied, a representative from our lending department will be in touch with you, and you can decide together on the right home equity option for you.

Mortgage Refinancing Alternative**
Want a lower rate on your loan but don’t want to refinance? Lafayette FCU may have the answer – don’t refinance your loan; request a contract modification on the interest rate.

Lafayette FCU offers this as an alternative to refinancing! For First Trust loans the fee for this service is ½% of the outstanding loan balance with a minimum fee of $1,500.00. For Term Equity Loans the fee is ½% of the outstanding loan balance with a minimum fee of $500.00. For Home Equity Lines of Credit the fee is ½% of the loan limit with a minimum fee of $500.00.

• The loan must be secured by a member’s primary residence (not available for second homes or investment properties)



• A Member is allowed only one (1)  change in interest rate during the life of the loan



• The loan must have been settled at least twelve (12) months prior to making a request



• A Member is responsible for any third party fees (in addition to above fee) incurred. These fees may include (but are not limited to): appraisal fee, credit report fee, title search, etc.

If you are interested in learning more about this option, please contact Jermaine Medley (jmedley@lfcu.org or 240-747-2471) or Scott Rubin (srubin@lfcu.org or 240-747-2477) for additional information.