Fixed Rate Mortgages

The fixed rate mortgage is the most popular and low risk loan option available today. It can be used to purchase a home or to refinance an existing mortgage. The interest rate remains the same through the term of the loan. Monthly payments generally stay the same year to year, giving members the ability to plan out their long-term housing costs. Like all of the loan programs we offer, there is no prepayment penalty, so you can make extra payments monthly or pay off the loan early without penalties or fees.

Fixed Rate Mortgage Basic Features

• A conventional fixed-rate fully amortized loan.
• Mortgage terms available for 10, 15, 20 and 30 years.
• Minimum loan amount $25,000; maximum loan amount varies.
• Points can be purchased to reduce the interest rate. We offer options of 0, 1% and 2%.
• Up to 95% financing available¹
• No prepayment penalties
• Refinancing available

¹Only applies to purchase transaction and no cash out refinances.

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

Adjustable Rate Mortgages

First Mortgage - 3/1, 5/1, 7/1 and 10/1 Adjustable Rate Mortgage

This is a conventional adjustable rate loan. The interest rate and payment are fixed for the first 3, 5, 7 or 10 years adjusting annually thereafter for the remaining term. If you plan to sell or refinance your home within 3 to 10 years, this could be the ideal mortgage for you.

• 30-year term
• Minimum loan amount $25,000; maximum loan amount varies
• Point options include 0, 1% and 2%
• Initial interest rate is usually lower than a fixed rate mortgage
• Security of a 2% annual cap and a 6% lifetime cap
• No prepayment penalties
• Refinancing available

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

First Time Home Buyer

Have dreams of purchasing your first home? CFE offers first-time home buyer programs that help make getting a home affordable.

CFE's First Time Home Buyer Program (HLPR 30 Year Fixed)

This option provides first-time homebuyers with a 30-year fixed rate mortgage priced .25% lower than our standard 30 year product.

• 30-year term
• Minimum loan amount $25,000; maximum loan amount varies
• 5% down payment requirement ²
• Reduced closing costs
• Non-first time buyers eligible to apply (some restrictions apply)
• Other terms and conditions may apply

CFE's First Time Home Buyer Program (HLPR 3/1 ARM¹)

The HLPR Loan has an initial rate that's 1% below the national average. After the first 3 years, the rate adjusts to the market rate and can adjust once each year thereafter. The annual rate adjustment will not exceed 1% per year and no more than 5% over the life of the loan.

• 30-year term
• Minimum loan amount $25,000; maximum loan amount varies
• 5% down payment requirement ²
• Reduced closing costs
• Non-first time buyers eligible to apply (some restrictions apply)
• Other terms and conditions may apply

¹ Adjustable Rate Mortgage

² Minimum 5% of borrower's personal funds is required and must be part of the transaction; however gifts and grants are permitted as additional funds for down payment and/or closing costs. Household income restrictions apply.

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

FHA – Fixed Rate Mortgages

The Federal Housing Administration, generally known as "FHA", is one of the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, and manufactured homes. This mortgage option offers low down payments and low closing costs. A down payment can be as low as 3.5% of the purchase price and some closing costs and fees can be included in the loan.

FHA - Fixed Rate Mortgage Basic Features

• 15 and 30 year amortization available
• Low down payment
• Financing available up to 96.5% loan to value
• Purchase transactions only

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

Home Equity Line of Credit (HELOC)

This is an open-end revolving line of credit secured by the equity in your home. If you're planning a home improvement project or want to consolidate bills, this is the perfect loan to help you get the extra funds you need for whatever you're planning.

• 35-year term (20-year "draw period" with a final 15-year repayment period)
• Minimum loan amount $7,500; maximum loan amount $400,000
• Financing available up to 80% of your home's appraised value minus your first mortgage balance
• Rate based on Wall Street Journal prime + a margin
• Interest paid may be tax deductible (consult your tax advisor for details)
• Accessible by check, MATT Web, MATT Phone and in-person

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

Second Mortgage

A fixed-rate fully amortized second mortgage is perfect for additions or renovations on your home.

• Terms up to 15 years
• Minimum loan amount $7,500; maximum loan amount $400,000
• Financing available up to 80% of your home's appraised value minus your first mortgage balance.
• Rate based on loan-to-value ratio and term financed
• No prepayment penalties

Fixed Rate Second Mortgage example:

Loan Amount:		$25,000
Sample Interest Rate:		8.000%
APR1:		8.000%
Term:		15 Years
Monthly Payment 2:		$232.10
Total Finance Charges:		$18,127.66

Please call the Real Estate Dept. at (407) 896-9411 or (800) 771-9411 outside Orlando, option 3 if you have any questions.

¹ Annual Percentage Rate

² Principal + Interest