coastal federal credit union mortgage rates

The Coastal Federal Credit Union Mortgage Rates

August 2, 2022

Coastal Federal Credit Union is a non-profit, member-owned financial institution headquartered in Raleigh, North Carolina. It is among the fastest-growing credit unions in the United States. As of 2020, Coastal had around $3.955 billion in assets. It also has more than 278,000 members. The credit union has been serving its members since 1967. You can benefit from personal and business banking solutions from the institution. But what are the Coastal Federal Credit Union mortgage rates?

You might be wondering what a mortgage is. For your understanding, a mortgage is an agreement between a borrower and a lender that authorizes the lender to take your property if you cannot repay a loan plus interest. Usually, mortgage loans are necessary when you want to buy a home or borrow finances against your home’s value. If you borrow funds against your property, then your property is your collateral.

On the other hand, a mortgage rate is the rate of interest your lender charges on a mortgage. The lenders determine mortgage rates in relation to the market situation. Again, the rates can be either fixed, which means they do not change for the term of the mortgage, or variable, meaning that they can fluctuate with a benchmark interest rate. Furthermore, mortgage rates can vary based on their credit profile.

How to join Coastal Federal Credit Union

coastal federal credit union mortgage rates

Before discussing the union’s various rates, it is wise to discuss how you can join the union if you want to be a member. Like many other financial institutions, you can join the union online by filling out the necessary forms and then proceeding to deposit the necessary finances once you succeed in your account application.

To open an account with the institution, you must begin by checking if you qualify. You can qualify if you are an immediate family or household member of a person who has already joined the credit union. When talking about an immediate family, we mean a spouse, sibling, child, parent, grandparent, stepparent, grandchild, stepchildren, stepsibling, and anybody in an adoptive relationship.

Upon qualifying, you can join by choosing a product from the institution. You can select the GO GREEN CHECKING account with no monthly fees and minimum balances. The account can earn you up to 1.00%APY.

You can also join by choosing any Coastal Mortgages if you are looking for a perfect mortgage for your case. One can also join by selecting NEW & USED AUTO LOANS and own a car with APR as low as 4.84%. The auto loans have great rates, which are as low as 4.84% APR. The loans have terms of up to 84 months with zero penalties for paying off your loan early.

You must bring the following documents to open a checking account with the platform.

  • Government-issued ID/Drivers License/State ID or active Passport
  • Social Security Number
  • Your complete physical and mailing address
  • Date of Birth

What are the Coastal Federal Credit Union mortgage rates

To get a mortgage rate from the company, you must know the rates that apply to the mortgage. Remember that you can get a fixed or a variable rate. For a fixed-rate mortgage, the interest rate does not change during the life of the loan. For a variable/adjustable-rate mortgage (ARM), the rate can change periodically depending on the ARM program you choose in relation to an index.

The monthly principal and interest rates made on a fixed-rate mortgage are stable. However, variable/adjustable-rate mortgage loan payments are likely to change. The following table shows the various rates that you can expect from the company.

Product Rate APR Points
30 Year Fixed Rate 5.875% 5.937% 0.207
15 Year Fixed Rate 4.875% 5.019% 0.491
5 Year Adjustable Rate 4.000%5.087% 0.375
7 Year Adjustable Rate 4.250%5.033% 0.500
10 Year Adjustable Rate 4.500%4.993% 0.500
30 Year Fixed 100% 6.625%6.695% 0.375
7/1 ARM 100% 6.125%5.971% 0.625
30 Year Fixed 105% 6.875%6.944% 0.375
7/1 ARM 105% 6.500%6.190% 0.875
Jumbo 30 Year Fixed Rate 4.625%4.634% 0.000
Jumbo 7 Year Adjustable Rate 4.250%5.128% 0.500
Jumbo 10 Year Adjustable Rate 4.500%5.052% 0.500

With a mortgage from the credit union, you can expect the following.

  • There are no down payments when you get up to 105% Loan to Value (LTV) on home purchases with the union’s 7/1 ARM and 30 Year Fixed mortgages.
  • By going beyond 100% financing on a home purchase, one can maximize their cash to use as they see fit.
  • There is no Private Mortgage Insurance requirement.
  • The union does not sell mortgage servicing.
  • They have an underwriting fee of only $600, and no charges for document preparation or credit reports mean substantial savings.
  • You can get loans of up to $647,200

Does Coastal Federal Credit Union refinance mortgages

Suppose you are looking for a mortgage refinancing. In that case, you are lucky since you can get it at Coastal Federal Credit Union. You only need to visit the institution online, get a custom quote for your refinancing, and apply. There are various advantages of getting refinancing. They include the following.

  • Refinancing can provide you with a better mortgage rate
  • You can lower your monthly payments
  • As a Preferred Partner of the RefiNow program, you can lower your Fannie Mae mortgage loan payment.

Why choose Coastal Federal Credit Union

There are several reasons one may choose the Coastal Federal Credit Union over the others. They include the following.

  • Better rates on your deposits and loans whereby you can save more money and get more interest on your savings.
  • Membership perks.
  • Amazing customer service.
  • Several ways to qualify as a member.

Bottom line

Coastal Federal Credit Union is a non-profit, member-owned financial institution headquartered in Raleigh, North Carolina. It is among the fastest-growing credit unions in the United States. As of 2020, Coastal had around $3.955 billion in assets. You can join the union if you are a close family member of someone having an account with the platform. The union has exceptional rates and perks that account holders enjoy.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.