Apply Now You may qualify for $100 off your closing costs!*
Our mortgages are designed to suit your needs, whether you’re a first-time home buyer or you're refinancing your existing home for a better rate.
Refinance today
Take advantage of our 5-minute mortgage review to see if you're getting the most out of your home! Learn more
Personalized service
Our lending experts stay with you from the beginning to the end of your real estate journey, so you can count on the personalized service you need to
provide a smooth, easy experience.
Mortgage options to fit your lifestyle
Fixed-Rate Mortgages: With a fixed-rate mortgage from CAFCU, your interest rate won't change over the life of your mortgage, meaning your principal and interest payments will remain constant. If
interest rates rise, you won't be affected.
Mortgage Refinancing:Refinancing a mortgage from another financial institution can possibly lower your monthly payments, allowing you to pay off your loan faster. Many people refinance
to convert an adjustable-rate mortgage to a fixed-rate loan. When you refinance, you also have the option to use the equity in your home to consolidate debt or pay for education, vacations, home improvements, and much more.
Fresh Start Mortgages: If
a less-than-perfect credit score is blocking you from the dream of homeownership, our Fresh Start Mortgage can help. This loan is designed to help CAFCU members with credit challenges get the financing they need for a home purchase. CAFCU's Fresh Start Mortgage can also
be used to refinance a high-rate mortgage at a lower rate with our affordable alternative financing options.
Not sure which mortgage option makes the most sense for you? Contact our Real Estate lending experts at 1-800-359-1939, option 2.
*$100 off closing cost discount is valid when you apply online and close on a First Mortgage. Discounts and offer are subject to change and cannot be combined with other offers.
Mortgage FAQ
If you are thinking about getting a mortgage with CAFCU...
Why should I consider getting pre-approved before buying a home?
Getting pre-approved before buying a home provides you with the price range that works best with your budget. A pre-approval also makes you a more attractive applicant, as the seller knows your financing has already been approved and you are ready to make a deal.
What are your current mortgage rates?
Our rates are posted online Monday through Friday and are subject to change. You can view the most current rates on our Mortgage Rate Board page.
How are mortgage interest rates determined?
Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Can I be notified when mortgage/refinance rates are updated?
To keep up-to-date on our changing rates, please watch our Mortgage Rates page. You can also sign up for Rate Watch emails and let us keep an eye on interest rates so that you don't have to.
How do I apply for a mortgage?
You may apply online by clicking the Apply Now button on the left side of this page and choosing your preferred loan type from the drop-down menu. Once you have applied, a real estate loan officer will reach out to you with the next steps.
Do I have to be a CAFCU member to apply for a real estate loan?
Yes, you must be eligible for membership for us to review and process your application. If you are not currently a member, join now.
How long does the loan process take once the application has been completed?
Although each loan is unique, the typical turnaround time is 30-45 days.
Do you have any deals for first-time homebuyers?
We periodically run special offers for many of our products and services. Please see our current promotions page for details.
What is the minimum down payment you require for a mortgage loan?
Generally, five percent of the purchase price is the minimum down payment required for well-qualified members; however, this amount may vary based on the loan program, credit score, and credit history.
What are the closing costs for my mortgage?
Closing costs vary widely based on where you live, the property you buy, and the type of loan you choose Closing fees fall into three categories: third-party fees covering your appraisal, credit report, settlement/closing, survey, tax service, title insurance, flood certification, and courier; taxes and other unavoidable costs like state/local taxes and recording fees; and lender fees including points, document preparation fees, and loan processing fees. Here is a list of typical closing fees. Note that this list may not include other fees you would encounter with every mortgage loan.
Do you offer escrows?
No, we currently do not offer any escrow programs for our mortgage loans.
What is a mortgagee clause and what is CAFCU's?
A mortgagee clause is a provision added to a property insurance policy that ensures that the insurance provider will pay the mortgagee (lender) in the event that loss or damage occurs to a mortgagor’s (borrower’s) property. Ultimately, it protects the lender’s investment in the property.
CAFCU's mortgagee clause is:
Corporate America Family Credit Union, its successors and, or assigns
2075 Big Timber Road
Elgin, IL 60123
Do you offer investment property financing?
No, we currently do not offer investment (rental) property loans.
Do you offer VA or FHA financing?
No, we currently do not offer VA or FHA loans.
Do you offer vacant land financing?
No, there must be a dwelling on the land you are looking to finance.
Do you offer construction loan financing?
Yes, though we will only finance the end loan on a construction project. We do not offer short-term construction loans or other types of interim financing to build a home.
Will you keep my mortgage in-house or will it be sold to another lender?
Unless otherwise discussed, we will retain your mortgage, meaning you can enjoy working directly with our member service team for the life of your loan.
If you currently have a mortgage with CAFCU...
How are my property taxes paid?
In most cases, you will be responsible for making any property tax payments when they come due.
When will you send my 1098 tax form?
You should receive your mortgage interest statement (Form 1098) by January 31 of each year.
How can I request a payoff letter?
A payoff letter can be requested by sending an email to our Real Estate department, sending a fax to 1-847-531-8944, or by calling our real estate servicing department at 1-800-359-1939, ext. 2206. Typical turnaround time is 24-48 hours.
For more information or questions connect with us:
