FIRST MORTGAGE INFORMATION

First Mortgage Financing Made Simple With Chestnut Run FCU and PHH Credit Union Services
Whether refinancing your existing mortgage or purchasing a New Home our Mortgage Loan Consultants have the guarantees for you.
We Guarantee to make a loan decision the same day you call us...or we will pay you $250!  This pre-approval lets you shop for a home with confidence.
We will close on your agreed upon closing date or we will reduce your interest rate by 1/8 of one percent for the life of the loan on approved conventional, purchase loans.
Click here for more information, rates or to apply online. Once you complete the online mortgage application form, you will receive a FREE loan decision within just 3-hours.*
What Will My Mortgage Payment Be?
Do I Want a Fixed or Adjustable Rate Mortgage?

From start to finish, you’ll find that our mortgage process is as easy as 1-2-3.
Step 1: Click on the above link or call our toll free number at 1-877-225-3015 to speak to a Mortgage Loan Consultant. 
They are available Monday-Friday 8:30 am-10:00 pm and Saturday 8:30 am-8:00 pm (Eastern Time).
When you call have the following information on hand:  Name & Social Security number of each applicant, Address of landlord or address of mortgage company and mortgage account number, Source(s) of down payment and closing costs, Credit union address, account number and approximate balance, Value of assets (stocks, bonds, mutual funds, etc.), Net worth of businesses owned (if applicable), Confirmation of credit cards and installment loans, Information on any other properties owned (rental, investment, second homes, etc.), Alimony/child support payments (if applicable), Monthly salary and source of income, Information on employment.
Step 2: In about 15 minutes on the phone with you, we can gather all of the necessary information to process your mortgage loan application. the entire process is amazingly fast-once we have your permission, it takes only 30 seconds for our advanced computer system to access your credit report! Best of all, we guarantee to give you a loan decision the very same day, right over the phone, in most cases within 15 minutes!
Step 3. Your Mortgage Loan Consultant will mail you a step-by-step application package for your review and signature. Everything is organized to help you complete the forms quickly and easily. If you do have any questions, we’re here 6 days a week to answer them. Once you return the package, your application is complete!
 

AVAILABILITY
Our Mortgage Loan consultants are here to take your calls throughout the business day, as well as during extensive evening and weekend hours. Call us at your convenience-we’re ready when you are.
EASE
We can give you a pre-approval for your mortgage loan even before you find your dream house. Once you are pre -approved, you’ll know exactly how much money you can spend on a home-saving you time and energy
NEGOTIATING POWER
With a pre-approval from PHH, you’ll be positioned as a “cash buyer,” and sellers will know that your offer is solid.
CHOICES
PHH offers over 50 different mortgage products to suit the needs of our credit union members.  Our expert loan consultants can help determine which one is right for you. If your needs are not met by one of these programs, we’ll try to create a program just for you.  We also guarantee to never sell or transfer the servicing of your loan for the life of the loan.

*to be eligible for this guarantee you must: 1) submit accurate and complete pre-approval or application information online between 8:30 am and 7:30 pm Monday through Saturday and 10 am to 6:30 pm Sunday Eastern Time. 2) be available at the contact phone number you provide within the 3-hour time frame following your submission of the accurate and complete pre-approval or application information. PHH Mortgage Services is not responsible for system failures that prevent the submission from reaching us.

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CLOSED END SECOND  MORTGAGE INFORMATION

A fixed rate Closed End Second Mortgage Loan turns your real estate equity into ready cash for today's needs.

Designed especially for property owners like you with a solid credit history and property values that have appreciated. Our Fixed Rate |Closed End Second Mortgage Loan puts this untapped equity to work for you.

With a fixed rate Closed End Second Mortgage Loan you can finally utilize all your financial resources at once. Make that improvement to enhance the comfort and value of your home. Take that dream vacation or buy that second home. Competitive rates and flexible terms make a fixed rate Closed End Second Mortgage Loan a convenient and affordable choice for all your major borrowing needs.

OUR FIXED RATE CLOSED END SECOND MORTGAGE LOAN PROGRAM OFFERS MANY APPEALING FEATURES INCLUDING:

• Maximum loan amount up to $100,000 based on your equity (90% of the appraised value less any balance on your first mortgage).
• Secured by a second mortgage with No Prepayment Penalties.
• $5,000 minimum loan amount with a competitive fixed rate.
• Credit Life and Disability Insurance is available at a nominal cost.

                                                            

The payment term is as follows for up to 80% Loan To Value:  Estimated Payment Per $1,000 Per Month: A minimum of $5,000 can be financed up to 5 Years at 6.99% APR*   $19.76 A minimum of $7,500 can be financed up to 10 Years at  7.99% APR* $12.11 A minimum of $10,000 can be financed up to 15 Years at 8.49% APR*   $9.82 The payment term is as follows for 81% to 90% Loan To Value: Estimated Payment Per $1,000 Per Month: A minimum of $5,000 can be financed up to 5 Years at 7.49% APR* $19.99 A minimum of $7,500 can be financed up to 10 Years at 8.49% APR* $12.37 A minimum of $10,000 can be financed up to 15 Years at 8.99% APR*   $10.12

                                                       Loan Calculator

Annual Percentage Rate subject to change until application turned in and Rate Lock Acknowledgment signed. The Annual Percentage Rate on your loan may vary with your credit worthiness. Please ask a Loan Officer for details regarding how the Credit Union determines your interest rate.

The following fees will be paid by Chestnut Run FCU.
 However, in the event of cancellation, Chestnut Run FCU reserves the right to forward all incurred costs to applicant(s):

• Appraisal $60.00
• Lien Search and Flood Zone Determination $51.00
• Attorney Fees (Record Lien) $77.00
• Attorney Fees (Release & Satisfaction If Applicable) $58.00

The above fees are for New Castle County only. Any additional fees incurred will be paid by the member.
Only properties located in DE, MD,  PA, and NJ are eligible.

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HOME EQUITY LINE OF CREDIT MORTGAGE INFORMATION

A Personal Revolving Line Of Credit Based On Your Equity (H .E.L.P. Home Equity Loan Plan) turns your real estate equity into ready cash for today's needs....ready credit for tomorrow’s opportunities.

Designed especially for property owners like you with a solid credit history and property values that have appreciated. Our Home Equity Line Of Credit Mortgage Program puts this untapped equity to work for you.

With a Home Equity Line Of Credit Mortgage you can finally utilize all your financial resources at once. Make that improvement to enhance the comfort and value of your home. Take that dream vacation or buy that second home. Competitive rates and flexible terms make a Home Equity Line Of Credit Mortgage loan a convenient and affordable choice for all your major borrowing needs.

OUR HOME EQUITY LINE OF CREDIT MORTGAGE LOAN PROGRAM OFFERS MANY APPEALING FEATURES INCLUDING:

• A line of credit up to $50,000 based on your equity (80% of the appraised value less any balance on your first mortgage).
• Secured by a second mortgage with No Prepayment Penalties.
• With easy access by check or phone.
• $10,000 minimum first advance; $100 subsequent advances.
• Affordable monthly payments of only 2% of outstanding balance or $200.00, whichever is greater.
• Competative rate of only 1/4% over prime (as stated in The Wall Street Journal), variable quarterly. Maximum APR of 18.00%
• No Closing Cost
• Convenient monthly statement.
• Credit Life and Disability Insurance is available at a nominal cost.
   Only properties located in DE, MD,  PA, and NJ are eligible.
   

The minimum monthly payment may not repay the outstanding balance by the end of the repayment period.  You will then be required to make a single balloon payment at the maturity date.A non-refundable Application Fee of $250.00 is due when applying.
 

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