Eglin FCU Mortgage Services

What types of properties and locations does your financing cover in Florida?

We finance single-family, primary residence property located in the following Florida counties: Bay, Escambia, Holmes, Okaloosa, Santa Rosa, Walton and Washington.

What is an early disclosure?

For HELOCs, the early disclosure (HELOC early disclosure) outlines crucial terms and conditions. It covers information such as what could happen to the borrower's home if they don't repay the HELOC as agreed, under what conditions the lender can terminate or reduce the credit line, and the length of the draw period. For specific questions regarding early disclosures please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is title insurance?

Title insurance is a policy that covers third-party claims on a property that don't show up in the initial title search and arise after a real estate closing. A third party could be someone other than the property's owner, such as a construction company that didn't get paid for its work on the home under a previous owner. Essentially, title insurance protects against unexpected ownership disputes or financial losses related to the property title. When you take out a mortgage, part of your closing costs includes title insurance, which primarily safeguards the lender. For specific questions regarding mortgage title insurance please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is mortgage hazard insurance?

Mortgage hazard insurance is a type of homeowners insurance coverage, also known as dwelling coverage. It protects your home from natural disasters or hazards such as fire, hail, windstorms, and fallen trees. When you qualify for a mortgage, lenders often require you to secure hazard insurance before closing on the home. For specific questions regarding mortgage hazard insurance please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is an escrow?

Mortgage escrow is a financial arrangement used in real estate transactions. During the home buying process, the Title Company will hold the earnest money deposit (EMD) until the purchase transaction closes. An earnest money deposit is a payment provided by the buyer to the seller to demonstrate their commitment to the purchase. As your mortgage lender we will establish an escrow account to pay for the property taxes and homeowners insurance after purchasing a home. Each month, a portion of your mortgage payment will go into this account, which can fluctuate annually depending on changes made to your property tax bill and insurance premium. For specific questions regarding your escrow account, please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is private mortgage insurance (PMI)?

Private Mortgage Insurance (PMI or MIP) is a type of coverage that is required if you obtain a Conventional mortgage - one that isn't federally guaranteed - and put down less than 20% to purchase a home or have less than 20% equity when refinancing. PMI protects the lender in case you default on the home loan. This premium is paid monthly and is factored into your mortgage payment. For specific questions regarding PMI, please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What are closing costs?

Closing costs are fees associated with your home purchase. Some are paid to your lender, and others to third parties such as appraisal, inspection, and title companies, in order to finalize and fund your loan. For specific questions regarding mortgage closing costs please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is a subordination agreement?

A subordination agreement determines the order in which outstanding liens on your property are repaid if you stop making mortgage payments. For specific questions regarding subordination agreements please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.

What is a mortgage rate lock?

A rate lock, or mortgage rate lock, is an agreement between a borrower and a lender that secures the interest rate on a mortgage for a specified period at the current market rate. During this time, the interest rate remains fixed, protecting you from potential increases. For specific questions about rate locks, including any associated costs or restrictions, please contact our Mortgage Services department at 850.862.0111 x.3737 during business hours.