We allow any mortgage borrower to “lock” an interest rate*. All you need to have is:
- a loan in process OR
- a scheduled appointment with one of our mortgage officers OR
- to have submitted a mortgage application online
* Excludes VHFA loan programs. Choose one of these options to lock a rate now:
Once you have locked an interest rate, that is the rate you will close at regardless of whether rates go up or down between locking and closing. You can check current interest rates and the current rate lock time period here.
To lock your interest rate, we will require the following information:
- full name of the borrower or borrowers
- property address
- contact phone number
- loan amount, within $10,000
- term you are requesting
- number of points, if any, you intend to pay
- whether the transaction is a Purchase or Refinance
- whether you are locking in a Fixed Rate or an Adjustable Rate
- if the home is your Primary Residence, Second Home or an Investment Property
- the interest rate you are locking into (from the current rate sheet)
We realize that getting a mortgage loan is a very big step. At NEFCU, we will make every effort to ensure that the process proceeds as smoothly and efficiently as possible. Below is an outline of what you can expect:
Phase I: Application
- Complete and submit the online mortgage application or complete the printable application.
- Print the General Consent Form, sign, date and return to our Online Mortgage Group. You may fax it using our Fax Cover Sheet or mail it to: NEFCU Attn: Online Mortgage Group, P.O. Box 527, Williston, VT 05495.
- Collect applicable items from the Mortgage Checklist for your situation.
- You may wish to review Description of Loan Disclosures.
- A Mortgage Loan Officer from our Online Mortgage Group will contact you to discuss your application and to ensure that the loan program you selected is suited to your goals.
Phase 2: Processing
- Mortgage Assistant will order the appraisal and legal work.
- Mortgage Processor will mail a Commitment Letter to the borrowers outlining the conditions of obtaining the loan.
Phase 3: Underwriting/Approval
- Borrowers return to NEFCU requested conditions from the Commitment Letter.
- Mortgage Processor receives the appraisal and contacts the borrowers with the results. A copy of it will be provided to the borrowers 3 days prior to closing.
- When all of the conditions of the loan have been met, Mortgage Processor will schedule the closing at a convenient time for the borrowers.
- Attorney performs a 40 year title search on the property and obtains title insurance.
Phase 4: Closing
- Borrowers to provide NEFCU with a homeowner's insurance binder naming NEFCU ISAOA ATIMA as the first mortgagee (and second if applicable) prior to closing.
- Borrowers to call the attorney approximately 24 hours prior to closing to confirm the final closing figures.
- Borrowers to obtain an in-state official check made payable to the closing attorney if they are required to bring funds to closing.
- Attend the closing at the attorney's office.
We would be happy to answer any questions for you or schedule an appointment with one of our Mortgage Loan Officers.
Contact us at 866-80-LOANS.Thank you for considering New England Federal Credit Union for your financing needs.
Primary Residence
A primay residence is a 1-4 family residential property that is accessible and occupied year round by the owner/borrower and is the legal residence of the owner/borrower and which at the time of making the loan is used or intended to be used as a primary residence by the borrower within 60 days of closing.
Seasonal Properties
Seasonal properties are single family residential properties occupied by the owner, accessible and usable only during a portion of the year, serviced by normal utilities and waste disposal systems and are not the legal residence of the owner/borrower. Rental income cannot be used for qualifying.
Investment or Non-Owner Occupied
An investment or non-owner occupied property is a 1-4 family residential property owned and maintained as rental or investment property.
Land
Loans are available for property that will become a primary residence in Vermont. There is a maximum loan-to-value of 80% of purchase price or appraised value, whichever is less, and an acceptable perk test is required. The loan is a 10 year balloon/variable amortization up to 20 years.
Mobile Home
Loans are available for homes on owned land or in a park. A mobile home on owned land is eligible for our residential programs; there are other programs for a home being financed in a park. The mobile home must be dated 1976 or newer.
