We service a variety of mortgage loans for properties in Escambia, Santa Rosa, Okaloosa, Holmes, Walton, Bay & Washington County. (NMLS 440642)
30 YEAR FIXED RATE
0 points
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15 YEAR FIXED RATE
0 points
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HOME EQUITY

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HELOC
no closing costs
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UNIMPROVED PROPERTY

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CONSTRUCTION/PERM

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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.


Need a lower interest rate? Consolidate debt? Help with college tuition? Members can refinance their homes 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 you're interested in purchasing land as a long-term investment or you intend to build your new home there, EFCU can help provide the funds to get you there.

Build a home.


Looking to build that perfect home? Look no further than an EFCU Construction/ Perm loan.


Mortgage Calculators


Fixed Conventional Loan Payment Calculator

(calculates Monthly Principal and Interest Payment, excluding insurance and taxes)
Amount of Loan:
$
APR*:
    %
Term of Loan:
    months
Monthly Payment:
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Disclaimer: Financial calculators are provided to give sample payments for given Annual Percentage Rate and Terms but are not guarantees of credit. There is no guarantee, explicit or implied, regarding the accuracy or applicability to your specific circumstances. All examples are hypothetical and are for illustrative purposes, and are not intended to provide investment advice. Please contact a Member Service Counselor for assistance with your specific loan request.



Purchasing a home
EFCU strives to close all of our loans within 30 days.
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.
You can be pre-qualified over the phone within minutes.
EFCU offers loans with down payments as low as 10%.
Not at this time. Eglin Federal Credit Union will only do mortgages on primary residences.
You will need enough homeowner's insurance to cover all mortgage loans held against your property.
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
It normally takes 30-45 days to close on a purchase. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
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.
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.
Yes, but you would need to pay the difference between what is owed on your mortgage and your home's current value at closing.
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.
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.
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
Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.
It normally takes 30-45 days to close on a home equity loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
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.
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.
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.
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.
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)
Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.
It normally takes 30-45 days to close on a home equity loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
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.
Yes, however you would have to reapply and go through the entire loan process all over again.
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.
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
Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.
It normally takes 30-45 days to close on an unimproved property loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
EFCU has a limit on the amount of acreage that can be financed. That limit is 20 acres.
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.
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.
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.
Construction Loans
Yes, EFCU construction loans are for new construction on property you own, not for construction being completed by a builder (in a new subdivision, etc.). If you are interested in purchasing a piece of property, EFCU does have an option where we can do a construction loan and purchase the lot at the same time.
It normally takes 30-45 days to close on a construction loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
During the construction phase, you will be required to make construction interest-only payments every month with an interest rate of 5%. Once your home is 45 days away from completion, you will have the option to lock in your new interest rate based on the current rates of that day for your permanent financing.
No, EFCU does not require a builder to be involved in the process.
After the loan is closed, you will have 9 months to complete the construction of the home. In some cases, EFCU will approve a 90 day extension if more time is needed.
The construction loan is handled as two separate transactions. The first closing will handle the construction phase. The second closing will modify your mortgage into permanent financing once your home is completely built.