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First-Time Home Buyers

Rolling out the welcome mat with easy mortgage terms

No down payment or mortgage insurance necessary

Here’s how our First-Time Home Buyers Mortgage could help you bank better:

  • Finance 100% of your home’s purchase price
  • Choose a Fixed-Rate Mortgage of 30 years or an Adjustable-Rate Mortgage with a lower interest rate that's fixed for seven years (7/1 ARM)
  • Private Mortgage Insurance (PMI) isn't required, saving you hundreds of dollars per year
  • Underwriting fee of just $600 and no charges for document prep or credit reports mean substantial savings
  • You'll always deal with your friends at Coastal because we will never sell your mortgage to a far-off megabank
  • Even if you aren't a first-time home buyer, all benefits may still be available to you as long as you haven't owned a home for the past three years
  • Have more questions about buying a home? Check out this article.
  • This mortgage is eligible for an annual Loyalty Bonus payout 
  • id AllySM : Our identity theft recovery program is included free with this product

Just the Facts

Coastal should be the first choice for first-time home buyers.

Ask a friend or two in North Carolina about the challenges of purchasing a home. Tens of thousands of dollars needed for a down payment. Hundreds upon hundreds of dollars more to cover closing costs and private mortgage insurance. Countless headaches when you have questions about payments and your call is directed to an out-of-state company that purchased the loan.

At Coastal Credit Union, we’re committed to making your maiden voyage into home ownership a smooth passage. We feature a choice of variable-rate or fixed-rate loans, low fees, no mortgage insurance requirements and a promise to service your loan locally. Our goal is that after you’ve moved into your new house, you’ll want to tell your friends about us.

Earn more cash back when you shop.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

The primary savings is considered the membership account which provides our members with voting rights at the credit union and will always need to remain open and active as long as there are share products or loan products listed under the housing account.

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please email with any questions.

Yes, if you wish to add more funds to your loan or increase it in anyway a new application will need to be submitted

You do not need to have a first mortgage with Coastal to obtain a HELOC.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

For a $250,000 loan for a tem of 30 years with a 4.50% APR, the monthly payment is $1,267.00.  Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.  All loans are subject to approval.

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