Lafayette Federal will temporarily stop accepting new applications on all mortgage and home equity programs effective September 20, 2020.
Due to an unprecedented high number of applications, we have made the conscious decision to temporarily suspend accepting new mortgage and home equity requests until further notice. We will continue to support members by honoring all active preapprovals beyond September 20, 2020. Refinance requests received prior to September 20, 2020 will be given until October 1, 2020 to commit to using LFCU for their transaction and lock in their interest rate.
This temporary suspension will allow us time to work through our overwhelming member loan demand while continuing to deliver on our member-focused, service-driven promise.
Our Mortgage Loan Department is still open and available. Should you have general mortgage or home equity questions during this time, you may call (240) 292-5353 or (800) 888-6560 ext. 5353. Thank you for your understanding and patience during this time.
We make the mortgage process as easy as opening the door to your home!
Choose from a Variety of First Mortgages
We’ll take the mystery out of buying a home…and a bunch of the costs too! Plus, with our first time home buyers program, you’ll get all the help you need understanding your options. You’ll also receive:
A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are a secure way to ensure a stable payment and rate on your loan. By choosing a 30 year fixed rate loan, you will have the lowest monthly payment of all the fixed rate loans we offer.
An adjustable rate mortgage has a monthly payment that may change over the term of the loan.
Lafayette Federal is proud to offer two ARM Programs: our Equity Builder and Wealth Builder Mortgages. They were created to help meet the financial needs of our members. The premise behind our Equity Builder Mortgage was to link the borrowing member to relatively low and comparatively stable indexes, thereby providing the member with a low and historically stable mortgage rate and generally reducing the amount of interest paid relative to other ARM loans during the life of the loan. It comes in in a 1 year variation that has the ability to adjust every year.
Our Wealth Builder Mortgage is based off the Treasury Constant Maturity Rate index and comes with longer adjustment periods. Our favorite is our 5 Year Wealth Builder Mortgage; it provides the security of a longer period while providing the other benefits associated with our other Lafayette Federal ARM Programs.
A Lafayette Federal Bridge Loan helps you bridge the gap between having the money to purchase the home of your dreams and selling your existing residence. If you’re under a time crunch to sell, a Bridge Loan, which leverages the equity of your current home, gives you the money you need for a down payment, allowing you to close on your new home without having to worry about selling your current home. The Bridge Loan is paid off with the proceeds of your current home (also known as your departing residence).
Financing up to 80% Loan-to-Value (LTV) on your current home
Treated like a first mortgage refinance
12 month balloon
Monthly payments are optional – but not required – interest accrues and balance is due at maturity or payoff (whichever comes first)
Lafayette Federal and You — A Homebuying Match in Heaven
Find out what to expect from beginning to end during the mortgage process.
Lafayette Federal HomeAdvantage®
Take advantage of this exclusive, free member service that can help you search, buy, sell and save on your next home.
Lafayette Federal HomeAdvantage® gives you the tools and expertise you'll need to find and finance your home while saving you time and money in the process!
Start your Search
Simple, single-point access to information you can trust, including online property listings, recent sales data, demographics, schools, crime statistics and more. Search ListingsOpens in New Window
From Martinsburg, WV to Loudoun County, VA to Southern Maryland; we have partnered with a hand-picked network of real estate agents that are located all across the DC area. When ready, we can connect you with an agent in our network:
Ken Abramowitz, RE/MAX Town Center, Germantown, MD (English)
Damian Buckley, Compass, Bethesda, MD (English, Spanish and French)
Butch Cazin, Long and Foster Realtors, Martinsburg, WV (English and Tagalog)
Sam Chim, Bankable Realty, Rockville, MD (English, Spanish, and Vietnamese)
Jill Crofcheck, MDC Realty, Dunkirk, MD (English)
Arturo Cruz, Keller Williams Realty, Ashburn, VA (English, Spanish, Portuguese, French, and Italian)
Carlos Espinoza, RE/MAX Realty Group, North Potomac, MD (English and Spanish)
Jennifer Kelly, RE/MAX Allegiance, McLean, VA (English)
Pia Reyes, Coldwell Banker Residential Brokerage, Washington, DC (English and Tagalog)
You can call or email us to answer questions or get advice. Ready to close on your mortgage quickly? We can get your mortgage approved in minutes, rather than days or weeks! We offer free pre-approvals, so you can shop for your home knowing that you can afford the mortgage. Confused about which program to choose? We'll help you determine what's best for your situation. We're always just a call or email away!
Mortgage officers are based in our Corporate Office at 2701 Tower Oaks Boulevard, Rockville, MD 20852.
*APR = Annual Percentage Rate. Your APR may vary. Rates subject to change. Must be eligible for membership. The rates provided are based on a variety of conditions which include consumer credit score which may be higher or lower than the individual score. Your loan’s interest rate will depend on the specific loan type and characteristics of your loan transaction and your credit history up to the time of closing. The interest rates are not a replacement for a Loan Estimate and all information presented is subject to change at any time. APR values for mortgage loans assume average closing costs associated with the transaction and may not include additional costs required by loan type (e.g., VA Funding Fee and Private Mortgage Insurance). Actual rates may be obtained by contacting a Lafayette Federal Credit Union Loan Officer. Adjustable rate mortgage products are based on Lafayette Federal’s Cost of Funds Index (COFI), London Interbank Offered Rate (LIBOR), or the Constant Maturity Treasury Rate (CMT). Must be eligible for membership and all borrowers must become a member prior to consummation. $50 minimum balance required to open and earn 0.10% APY** on Lafayette Federal share savings account balances. $5 minimum balance required to open and earn 0.025% APY** on Lafayette Federal checking account balances. **APY=Annual Percentage Yield. Rates are subject to change without notice. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, an agency of the U.S. government. Contact a Lafayette Federal representative for loan details and restrictions. NMLS #464425. ***Cash Rewards are awarded through the HomeAdvantage program to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Cash Rewards amounts are dependent on the commissions paid to the HomeAdvantage network agent. Obtaining a mortgage or use of any specific lending institution is not a requirement to earn Cash Rewards. If you are obtaining a mortgage, your lender may have specific rules on how Cash Rewards can be paid out. Cash Rewards are available in most states; however, are void where prohibited by law or by the lender. Please consult with your lender for details that may affect you. NMLS 464425
HOME MORTGAGE DISCLOSURE ACT (HMDA) NOTICE: The HMDA data about our residential mortgage lending are available online for review. The data shows geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau's websiteOpens in New Window.
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Rates as low as 2.375% APR*
Lafayette Federal Credit Union is one of the premiere financial institutions in the Washington, D.C. area, now serving DXC and CSRA employees. Since our founding in 1935, we have sought to provide our members with a safe and convenient place to save, and to offer loans at rates and terms more favorable than those of other financial institutions. We also work hard to provide top-notch customer service. Contact us to obtain a copy of our Annual Report.