First-Time Home Buyer

Rolling out the welcome mat with easy mortgage terms

No down payment or mortgage insurance necessary

Buying a home is exciting, but it can also be a little scary or sometimes overwhelming. Which is why at Coastal Credit Union, we make it our priority to help you explore your options to ensure that you end up with the best mortgage.  We’re committed to helping you ease into home ownership. 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.

Bank Better With A First-Time Home Buyers Mortgage

  • 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'

  • Now available for homes up to $548,250

The Must-Know Mortgage Facts

  • One of our Mortgage Development Officers will find the best program options for you, discuss rates, terms,
    and answer your questions

  • Depending on your closing date, your first payment will be due within 30-45 days, meaning you could have up to 45 days before your first payment is due

  • Coastal Credit Union offers online, automatic, telephone, or in person payment options to conveniently make your payment

The Advantages You’ll Enjoy

  • 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

  • This mortgage is eligible for an annual Loyalty Bonus payout 

  • Want to save some more money?  Work with our highly experienced and dedicated Daymark Realty Agents to help you buy or sale your home and get a $500 cash rebate

Adjustable-Rate Mortgage
Adjustable-Rate Mortgage
Apply for this flexible home loan if you plan on paying it off, refinancing or moving before the rate adjusts.

Frequently Asked Questions

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change.

If everything seems to be in good standing on your application, you will be able to obtain a pre-qualification letter. Although it is not necessary to be pre-qualified, it is highly recommended before making an offer. It demonstrates to both you and to sellers how much house you can afford. It can be frustrating for both buyers and sellers to agree upon an offer, only to find out the buyer is unable to qualify for it.

Pre-qualification is based solely on the data you give in your loan application. From this information, your lender can provide a ballpark estimate of how much you can borrow, but your pre-qualified amount isn’t yet a definite thing. Pre-approval is a commitment in writing for an exact loan amount, after your lender has taken a closer look at, and verified, your financial situation and history.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on several factors, including your current financial picture and how long you intend to keep your house. Coastal Credit Union can help you evaluate your choices and help you make the most appropriate decision.

As a first-time buyer, the first step in purchasing a home is to determine what exactly you can afford. By using one of the several calculators on our website, you will be able to figure out affordability in relation to finances, credit score and other information.

For a $250,000 loan for a term 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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