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EFCU Mortgage Services

Buy a home.

The choice is easy. EFCU members benefit from lower closing costs with NO ORIGINATION FEES and NO LENDER FEES.

Refinance with us.

Refinance your home with EFCU for a lower interest rate or "cash out" and never pay ORIGINATION FEES or LENDERS FEES.

Get cash.

Take advantage of the equity in your home to fund home improvement projects, large purchases or consolidate debt using a Home Equity Loan or HELOC from EFCU.

Buy land.

Whether purchasing land as a long-term investment or to build your new home, EFCU can help provide the funds to get you there.

Fixed Conventional Loan Payment Calculator

Use our fixed conventional loan payment calculator to determine how much you can afford.

More Information

 Frequently Asked Questions

 Purchasing a home

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

Should I get pre-qualified before talking to a real estate agent?

Getting pre-qualified is a great idea. Knowing how much you are able to spend will help your real estate agent find you the perfect home.

How long will it take to receive a pre-qualification letter?

A loan originator will contact you within 1-2 business days.

How much money do I need for a down payment?

EFCU offers loans with down payments as low as 5%.

Can I get a loan to purchase a vacation home or investment property?

Not at this time. Eglin Federal Credit Union will only do mortgages on primary residences.

How much homeowner's insurance do I need?

You will need enough homeowner's insurance to cover all mortgage loans held against your property.

Will my mortgage loan be sold?

Some of our mortgage products are sold, but EFCU retains the servicing of your loan. As a result, you will not see any difference in our service to you.

 Refinancing a home

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

Should I refinance my mortgage?

If you're trying to determine whether you should refinance your mortgage, use our mortgage calculators to determine what your monthly savings might be at different rate points. A typical rule of thumb is that if you can reduce your current interest rate by 0.75-1% or higher, then it might make sense to consider refinancing move. If you have questions about whether refinancing your mortgage may benefit you, our loan officers can assist you in reviewing the benefits of refinancing.

Can I do a refinance on my vacation or investment property?

Eglin Federal Credit Union will only finance primary residences. However, if there is enough equity on your primary residence, there are some cases where we can use your primary residence as collateral and do a cash-out refinance instead.

Can I refinance my mortgage even if I owe more than my home is currently worth?

Yes, but you would need to pay the difference between what is owed on your mortgage and your home's current value at closing.

Should I make my next mortgage payment even though I am in the process of refinancing with EFCU?

EFCU encourages our members to continue making their mortgage payments even when we are processing a refinance. We do not want our members to incur any late fees. If there is an overpayment to the other lender, they will refund that overpayment.

Will the funds be available on the closing date?

No, a refinance has a required rescission period. A rescission period gives a borrower the right to cancel their loan transaction with the new lender within three days of closing.

Will my mortgage loan be sold?

Some of our mortgage products are sold, but EFCU retains the servicing of your loan. As a result, you will not see any difference in our service to you.

 Home Equity Loans

How soon will someone contact me after I have submitted my mortgage application?

Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

Is there a limit on how big my home equity loan can be?

The maximum amount for a home equity loan will depend on the value of your home and the balance of any other mortgages. That maximum loan to value is 80 percent, and the loan cannot be greater than $150,000.

Can I get a home equity loan on my vacation or investment property?

Eglin Federal Credit Union will only finance primary residences. However, if there is enough equity on your primary residence, there are some cases where we can use your primary residence as collateral and do a cash-out refinance instead.

Will I need an appraisal?

There are some cases where we can use 100% of the tax assessment. Please call EFCU's Mortgage Department at 850.862.0111 x.1837. A mortgage lending representative will help discuss your available options.

Will the funds be available on the closing date?

No, a refinance has a required rescission period. A rescission period gives a borrower the right to cancel their loan transaction with the new lender within three days of closing.

How do I know if my home equity loan is tax deductible?

You can consult with your tax advisor regarding which purposes may be permissible for tax deductions. Typically, mortgage interest payments are tax deductible, and your advisor will be able to tell you whether your home equity payments also qualify.

 Home Equity Line of Credit (HELOC)

How soon will someone contact me after I have submitted my mortgage application?

Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

How does a HELOC work?

A HELOC is basically a credit card with your home listed as collateral. HELOCs have a 9 year draw period before they will automatically close. You will then have 20 years to repay off any remaining balance.

Can I increase my credit limit on an existing HELOC with EFCU?

Yes, however you would have to reapply and go through the entire loan process all over again.

How is the monthly payment on a HELOC calculated?

Your monthly payment can be determined by taking your current balance and multiplying it by 1.5%. (Example: 150,000 x 1.5% = $2,250). As your balance decreases, so will your monthly payment.

Will I need an appraisal?

There are some cases where we can use 100% of the tax assessment. Please call our office to see if this could be an option for your current situation.

 Unimproved Property (Land) Loans

How soon will someone contact me after I have submitted my mortgage application?

Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

What is the largest piece of land I can buy with a land loan?

EFCU has a limit on the amount of acreage that can be financed. That limit is 20 acres.

Will I need an appraisal?

There are some cases where we can use 100% of the tax assessment. Please call our office to see if this could be an option for your current situation.

Will I need a survey?

A survey is always required on our land loans. We will use an existing survey on the property if you have one. If you do not have one, a new survey will be ordered by EFCU during the loan process.

The property I am interested in purchasing with my land loan is within a flood zone. What does this mean?

Flood insurance is not required by EFCU on a land loan. However, additional insurance coverage could be required by your lender when you choose to build on the property.

 Realtors

What mortgage programs does EFCU offer?

Eglin Federal is always looking to add new mortgage programs; however, we currently offer Fixed Rate and Adjustable Rate Conventional mortgages with as little as 5% down, Home Refinancing, Home Equity loans, Unimproved Property and Construction Perm loans.

How is EFCU different from other local lenders?

There are several things that separate EFCU from most local lenders: All processing and underwriting decisions are made in-house, EFCU rarely sells the loan package so servicing remains local, plus, EFCU doesn't have any ORIGINATION FEES or LENDER CHARGES... period!

How long does the loan process typically take?

EFCU strives to close all of our loans within 30-45 days.

Can I use any title company I want to close the sale?

Please refer to our list of approved service providers so you can see the settlement companies already approved by EFCU. EFCU will order the appraisal; however, you can order the survey, WDO and any other necessary inspections from whomever you prefer.

How do I find out if my buyer can become a member of EFCU?

There are several qualifying factors for EFCU membership including immediate family or residents of the same household of EFCU members, geographic location, employment or association with select businesses and organizations, and military affiliation. To learn more about eligibility qualifications or to use our Eligibility Wizard, visit our "EFCU Membership" page.

Will EFCU keep me updated throughout the process?

Our members' privacy is our #1 goal so no financial information will ever be disclosed. However, the member can request EFCU to send you information about the loan process such as the current status, the appraisal, and any closing disclosures.