Search PFCU
The specific amount of your closing costs varies by situation. Appraisal fees, title charges, and closing fees may all vary from state to state and from lender to lender. To evaluate your closing fees, we’ve created three categories of which you should remain aware:
- Third-party fees
- Taxes and other unavoidable costs
- Lender fees
| Third-Party Fees | Taxes and Other Unavoidable Costs | Lender Fees |
We collect any third-party fees and pass them on to the person who actually performed the service. |
These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don’t assume that you won’t have to pay it. It probably means that the lender hasn’t done the research necessary to provide accurate closing costs. |
These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before deciding. Please note, this may not be an exhaustive list. |
Mortgage rates are determined by the Wall Street Prime rates. When the economic outlook is good, rates tend to increase, and rates fall when it’s not so great. It seems somewhat backward, but here’s the reasoning: When the economy is doing well, borrowers can afford more. This affects the market for mortgages, which results in slightly rising rates. Conversely, when the economy declines and unemployment rates increase, interest rates fall to make it more affordable for borrowers to take out loans.
For our most current mortgage rates, visit our Rates page.
A mortgage note, also known as a real estate lien note, is a signed legal document. By signing, one agrees to repay the loan amount as well as any interest that accrues within a specified amount of time. The interest rate is predetermined.
When you take out a real estate loan, you will also need to sign the mortgage (deed of trust) as well as a promissory note. The promissory note contains the terms of loan repayment, while the deed is released to you upon completion of payment.
To discuss deals for first-time home buyers, please speak with one of our Member Service Representatives.
A mortgage is a loan to finance the purchase of your home. When you close on a mortgage, your home becomes collateral for the loan. You will be required to sign a legal contract stating that you promise to pay the debt, including interest and other costs, typically over the course of 15 to 30 years.
For more information, please visit our Mortgage page or apply today!
A HELOC is a revolving line of credit, similar to a credit card. You can borrow as much as you need up to your credit limit, any time you need it. Because a HELOC is a line of credit, you only make payments on the amount you borrow, not on the full amount available to you.
Visit our Home Equity Loans page for more information.
A Fixed Home Equity Loan provides you with a fixed amount of money. You repay the loan with equal monthly payments for a fixed period of time—similar to a mortgage payment.
Visit our Home Equity Loans page for more information.
We offer two types of Home Equity Loans:
- Home Equity Line of Credit (HELOC)
- Fixed Home Equity
Visit our Home Equity Loans page for more information.
Our Home Equity Line of Credit (HELOC) offers the following benefits:
- Variable-rate with up to 22-year term
- Low fees with affordable repayment terms
- Borrow up to $300,000 (up to 90% of your assessed or appraised value)
- Tap into the line of credit any time you need it
- Direct Deposit and Payroll Deduction Payments to fit your unique pay schedule
- Interest paid may be tax-deductible
Please refer to the HELOC page for more information.
Complete our Online Application to apply for a Home Equity Line of Credit. It only takes a couple of minutes!
Our Fixed Home Equity offers the following benefits:
- Fixed-rate with up to 15-year term
- Low fees with affordable repayment terms
- Borrow up to $300,000 (up to 90% of your assessed or appraised value)
- Set payment and interest rate for the life of the loan
- Receive funds in a lump sum
- Direct Deposit and Payroll Deduction Payments to fit your unique pay schedule
- Interest paid may be tax-deductible
Visit our Home Equity Loans page for more information.
Related Information
Access the equity in your home when you need it
A Fixed Home Equity Loan is a convenient and affordable way to pay for a variety of projects and expenses. Since these loan rates are fixed, you can be assured that your repayments will remain the same for the life of the loan.
Ready to get started? Complete our Online Application today.
Getting pre-approved before buying a home provides you with the price range that works best with your budget. Pre-approval also makes you a more attractive applicant, as the seller knows your financing has already been approved.
If you elect to escrow your property taxes, you will make monthly payments and the credit union will pay your taxes on your behalf.
If you do not escrow the property taxes, then you are responsible for making the property tax payment when it comes due.
If your loan is set up with an escrow account, the credit union will obtain the property tax bill from the government.
If your loan is approved with you paying the taxes yourself, you will need to provide a copy of the paid tax bill annually to us. At the following address:
- Providence Federal Credit Union
6400 SE Lake Road, Suite 125
Milwaukie, OR 97222
An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an “impound account”, escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due.
A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account.