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Mortgage Loans

Mortgage Loans

As a full-service Real Estate lender, we offer mortgage options unique to your situation. Whether it's time to buy, refinance, or put the equity in your home to work, we are ready to help you achieve your homeownership goals. With fixed and variable rate options and jumbo loans, you can rest assured our home loans come with flexibility and simplicity. Loan amounts available from $65,000 to $5,000,000. Plus, our easy application process makes it as simple - and rewarding - as possible. 1

 

Mortgage Options for Your Needs

If you're looking to buy, we offer:

  • Free pre-approval for purchase
  • No application fee
  • Competitive rates
  • Loans for single-family and multi-units (2 to 4); condominiums; townhomes; and planned unit developments
  • Financing for second and vacation
  • Investment property financing
  • No points and rate options available

If you're considering a refinance, we offer:

  • Cash-out Refinances on primary residences, second and vacation homes, and investment properties
  • Free mortgage analysis

When it's time to put the equity in your home to work, we offer Home Equity Lines of Credit:

  • Financing from $10,000 to $250,000
  • Jumbo Loans up to $500,0002
  • Competitive HELOC rates
  • Instant access to funds online or with free HELOC checks
  • Low closing costs3
  • Investment properties may be eligible for financing

 

Visit Our Mortgage Center to Apply for a Purchase or Refinance

Go to the Mortgage Center Now

 

Ready to Apply for a Home Equity Line of Credit

Get Started Today

 

Fixed-Rate Mortgage

Consistent monthly principal and interest payments at a fixed rate.

  • 10, 15, 20, 30 - year terms*
  • $65,000 to $5,000,000 amounts

Click to view today's rates

Apply for a Fixed Rate Mortgage today!

* 10 –Year Fixed-Rate Mortgage: The payment on a $200,000 10-year Fixed-Rate Loan at 3.000% and 60% loan–to-value (LTV) is $1,931.21 with 0.500 points due at closing. The Annual Percentage Rate (APR) is 3.288%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and country maximum loans amount restrictions may apply.

Adjustable-Rate Mortgage (ARM)

A loan that adjusts to fit your needs.

  • Fixed payments for 3, 5, 7, or 10 years, then adjustable thereafter, amortized 30-year terms*
  • $65,000 to $5,000,000 amounts

Click to view today's rates

Apply for an Adjustable Rate Mortgage today!

*Adjustable Rate Mortgages (ARM) are based on 30 year terms, other terms are available upon request.  The 10/1, 7/1, 5/1, and 3/1 ARM loan Index is a nominal 1-Year weekly average, and the 5/5 ARM Index is the nominal 5-Year weekly average of the Treasury Constant Maturities, as made available by the Federal Reserve Board.  Your interest rate is subject to change at the initial adjustment period and each interest rate adjustment period over the life of the loan.  These adjustments may increase the rate after consummation.  Example: on a 5/1 ARM loan, the initial adjustment period is after the 60th payment and every 12 months thereafter.  On a 5/5 ARM loan, the initial and future adjustment periods occur every 60 months

Hybrid 5/5 Mortgage

An alternative for borrowers that offers the consistency of a fixed-rate loan and the lower rate of an Adjustable-Rate Mortgage (ARM).

  • Fixed payments for 5 years, then adjustable every 5 years, thereafter, amortized 30-year terms*
  • $65,000 to $5,000,000 amounts

Click to view today's rates

Apply for an Hybrid 5/5 Mortgage today!

* 5/5 Hybrid Mortgage: The initial payment on a 30-year $200,000 5/5 Adjustable-Rate at 3.125% and 60% loan–to-value (LTV) is $856.75 with 0.500 points due at closing. The Annual Percentage Rate (APR) is 3.882%. After the initial 5 years, the principal and interest payment is $953.03. The fully indexed rate of 8.125% is in effect for the remaining twenty-five (25) years and can change once every five (5) years for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after five (5) years and can increase. These rates assume no increase in the financial index after the initial fixed period. APR and Index values are as of 1/3/2020.

 

Not sure which one is right for you? We're happy to help. You can reach our Loan Officers directly by visiting our online Mortgage Center. For questions regarding Home Equity Lines of Credit (HELOC), give us a call at 888.800.3328.

 

Find a Home and Be Rewarded

Haven't found your dream home just yet? Want to be rewarded when you do? Our Home Rewards program can match you up with the right realtor and earn you a commission rebate when you buy or sell your home!

Learn More about Home Rewards

 

Calculate Before You Borrow

 

A home is a big investment, and our Home Affordability calculator will help you figure out how much you can afford. Our Mortgage Calculators will also help you to determine the cost-efficiency of Renting vs. Buying, Compare Mortgage Loans to make sure you're getting the best loan for you and your finances, and more!

 

A Home Equity Line of Credit can offer a flexible source of cash but how much depends on various factors, so use our calculator to determine your home's Available Equity. Our Home Equity Calculators will also show you how much you can save using your home's equity instead of credit cards or other loans to Consolidate Debt or other Major Expenses such as home improvements or tuition costs.

 

Visit Our Mortgage Center to Apply for a Purchase or Refinance

Go to the Mortgage Center Now

 

Ready to Apply for a Home Equity Line of Credit

Get Started Today

 

Learn More About Mortgage Loans

 

Check out these other resources to help you navigate the home loan process:

  • First Trust Deed FAQs

    What number do I call if I have questions regarding my existing First (Trust Deed) Mortgage with First Entertainment ?
    If you have questions, or would like additional information on your existing First Trust Deed with First Entertainment, please call 877.498.9409. Questions regarding new Mortgages, Seconds, and HELOCs should call 888.800.3328.

    Where do I mail my First (Trust Deed) Mortgage payments?
    For First Trust Deeds only, please mail your payment to:

    First Entertainment Credit Union
    Post Office Box 7168
    Pasadena CA 91109-7168

    Can I Pay Off My Loan Faster than the Stated Term?
    Yes, and you'll save on finance charges. You can pay off your loan faster either by making larger payments than the minimum required, or making more than 12 full payments a year.

    Is There a Pre-Payment Penalty?
    There may be a pre-payment penalty on some loan products. Please verify with a Loan Advisor if there is a pre-payment penalty on the specific loan product you are interested in obtaining. Regardless of if a pre-payment penalty applies, when a loan is paid off, a fee for the reconveyance of the deed of trust will be charged.

    Is a Credit Union Loan Assumable?
    No, the person buying your property cannot assume your loan.

    Does the Credit Union Require an Impound Account?
    An impound account is required if: (1) you are financing more than eighty percent (80%) of the appraised value of the property or the sales price, whichever is less; or (2) the property is located in a flood zone and requires flood insurance. Also, an impound account may be required if you do not make timely payments for taxes, assessment, insurance premiums, or other items which affect the Credit Union's security interest in the Property.

    Is Flood Insurance Required?
    If the property is in an area designated as having special flood hazards and in which the sale of flood insurance is available, the insurance is required.

    Is Mortgage Insurance Required?
    Only if you are financing more than 80% of the appraised value or the sales price of the property, whichever is less.

    How Long Does it Take to Fund a Credit Union Real Estate Loan?
    Although processing time may vary, typically it takes 30 days to process your loan. However, the Credit Union can usually give you a pre-qualification for your loan within 48 hours.

    Is There Any Charge if I Cancel the Loan After Applying, but Before Any Rescission Period?
    You may be charged for any third party costs incurred by the credit union. In most cases, third party costs would be the fees for appraisal and the credit report.

    Are These All of the Possible Questions I Could Be Asking Regarding First Trust Deeds?
    Absolutely not. But we were getting close to filling up the Internet and we figured that smart people like you would call us at 888.800.3328 to find out more information, or perhaps to apply.

  • Common Real Estate Terms

    This glossary is for further understanding of real-estate terminology and is not comprehensive or intended to define all essential and necessary aspects of real estate loans. If you think it is... you're sadly mistaken. But it's a start. Have more questions? Call our Real Estate lending department at 888.800.3328.

    Adjustable Rate Mortgage (ARM)
    In this type of real estate loan, following an initial interest period, the interest rate is adjusted annually based on the movements of a selected index. The adjustments will usually result in an increase or decrease in the monthly payment. Adjustable Rate Mortgages are also known as Adjustable Mortgage Loans (AMLs) or Variable Rate Mortgages (VRMs).

    Amortization
    The means by which a home loan is scheduled to paid off, including principal and interest, by a series of regular installment payments. Loans are typically amortized over 30 years.

    Annual Percentage Rate (APR)
    The APR is a shopping tool that denotes the true cost of credit expressed as a yearly rate. It takes into account the interest rate as well as other charges, such as points, prepaid interest, etc.

    Application Fee
    A charge, often non-refundable, made by a lender to cover the cost of processing your application. The credit union does not charge an application fee.

    Appraised Value
    The estimated market value of the property as determined by a professional appraiser.

    Assumability
    If a loan is assumable, you are permitted to transfer your mortgage and its specified terms to the person(s) purchasing your home. The ability to assume fixed and variable rate loans varies from lender to lender. Real Estate loans at the credit union are not assumable.

    Bi-Weekly Mortgage
    A mortgage on which payments are due and payable every two weeks. Since a total of twenty-six bi-weekly payments (equivalent to 13 monthly payments) are made annually, loans of this type are paid off more quickly than loans requiring twelve monthly payments per year. (At this time, First Entertainment does not offer this mortgage type.)

    Cap
    A limit, expressed as a percentage, on the amount the interest rate on a Variable Rate loan can increase or decrease, either during each adjustment period (periodic cap) or during the life of the loan (overall cap). This term may also refer to the amount the payment can go up (payment cap) at each adjustment interval. However, payment caps do not limit the amount of interest the lender is earning and may cause negative amortization.

    Deed of Trust
    The legal instrument signed by the borrower to secure a real estate loan.

    Demand
    Written instructions by a beneficiary under a deed of trust stating and demanding the amount necessary for issuance of a reconveyance.

    Disclosure
    Information regarding the loan, which the lender is required by law to give to a borrower.

    Down Payment
    The cash portion of the purchase price that is paid from the buyers own funds.

    Equity
    The difference between the price at which the home could be sold and the amount of the balance due on the first mortgage (and any other liens on the property).

    Escrow
    A neutral third party appointed to act as custodian for all documents and funds until the buyer and seller meet all requirements.

    First Trust Deed
    The mortgage that has first priority over any other lienholder in the event of a default on the loan or foreclosure on the property.

    Fixed Rate Loan
    A loan where the interest rate in effect at the time the loan is made remains the same over the life of the loan.

    Impound Account
    An interest-earning savings account (held by the lender) for accumulating the portion of a borrower's monthly payments designated for future payment of taxes, insurance, fees, assessments, etc. The lender then disburses funds from the impound account to make these payments.

    Index
    A measure of the general movement of interest rates which a lender uses to calculate how much the interest rate will change for that institution's variable rate loans.

    Indexed Rate
    In a Variable Rate loan program, it's the rate that takes effect after the initial discounted period expires. This rate is calculated by adding the current value of the index to the margin or spread.

    Initial Rate
    An interest rate for the first 6 or 12 months of a variable rate loan, that is usually lower than the fully indexed rate.

    Legal Description
    The description of the property as listed in the county records.

    Margin or Spread
    An amount, expressed as a percentage, which is added to the index to determine the interest rate on a variable rate loan.

    Mortgage
    A lien held by the lender against the borrower's real property in return for funds borrowed to purchase the property

    Negative Amortization
    A situation that may occur when a variable rate loan has a "payment cap" feature. Since this limits how much your payment can increase during an adjustment, your adjusted payment may not be enough to cover the total amount of interest due. In this case, the unpaid interest would be added to your unpaid principal loan balance.

    Negative "Vibe"
    What you might give off to the Mortgage Lender if you come in on a day where you have a really bad attitude. Heck, the Mortgage Lender could even do that to you, but we don't think that's gonna' happen - 'cause this is First Entertainment! By the way... we just threw this one in here to see if you were reading these terms.

    Points
    A point is a pre-paid finance charge equal to 1% of the principal amount of the loan, and is payable at the close of escrow. For example, two points charged on a $100,000 loan would equal $2,000.

    Pre-Paid Interest
    The interest that accrues on the mortgage from the date of settlement to the beginning of the period covered by the first periodic payment.

    Pre-Paid Penalty
    An additional fee charged to the borrower under some loan agreements (usually a fixed-rate loan) if the loan is paid off prior to the end of the loan term.

    Principal
    The amount of the loan, excluding interest.

    Private Mortgage Insurance (PMI)
    Insurance on a real estate loan to protect the lender from loss if the borrower defaults on the mortgage and the lender forecloses on the property.

    Reconveyance
    An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for debt. Most commonly used upon payment in full of a trust deed.

    Refinance
    Negotiation of a new loan in order to pay off an existing loan. Homes are usually refinanced to take advantage of lower interest rates, switch from one loan type to another (e.g. variable to fixed), or generate cash from equity. Since refinancing usually involves new loan costs, these costs must be weighed against the benefits to be gained.

    Residential Mortgage Credit Report
    Detailed account of credit, employment, residence, and public record from three national repositories.

    Secondary Mortgage Market
    The buying and selling of first or second mortgages on deeds of trusts by banks, insurance companies, government agencies, and other mortgagees (ie. Freddie Mac, Fannie Mae).

    Settlement Costs
    Also referred to as Closing Costs, these are costs incurred by the seller and the buyer in transferring title to the property from one to the other, or at refinance. They typically include such things as property tax, insurance, broker's fees, escrow fees, title insurance premium, deed recording fee, etc. Escrow instructions will stipulate which portion of the fees are to be paid by buyer or seller.

    Sub-Escrow Fee
    Processing fee charged by a title company to calculate the amount needed to pay off an existing real estate loan. The title company would then issue a check to the lender to pay off that loan.

    Tax Service
    Outside service that tracks member's property taxes in order to verify that the taxes are being paid.

    Term
    The number of years before your loan is scheduled to be paid off (15 or 30 year terms are most common).

    Title Insurance
    An insurance policy protecting the individuals claiming an interest in the property (such as the borrower and lender) against loss resulting from any encumbrances not identified by the Title Company in their Preliminary Title Report.

 

Protection for What Matters Most

Whether you need coverage for a new home purchase, or are policy shopping for one you already own, our Media Benefits Insurance Services (MBIS) agents specialize in finding you the best rate as well as identifying gaps in your existing coverage. 4 Schedule an appointment to speak with a MBIS agent over the phone or request a quote online today.

 

Housing Counselors

Housing Counselors can provide professional advice on an array of subjects, including buying a home, renting, defaults, foreclosures, and credit issues. Should you choose to use a housing counselor, it's essential to find a counselor approved by the U.S. Department of Housing and Urban Development (HUD) and can offer independent advice about whether a particular set of mortgage loan terms is a good fit based on your objectives and circumstances, often at little or no cost to you.

Find a Counselor

 

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PMI is required when the loan-to-value on a Mortgage Loan is greater than 80%.

Loans are subject to credit approval, and not all members will qualify. Certain terms and conditions may apply. Current home loan rates are available online at Mortgage Rates and HELOC rates or by contacting the Credit Union at 888.800.3328.

First Entertainment offers HELOCs on owner-occupied single-family primary residences for a maximum of $500,000 up to 80% of your combined loan to value (CLTV) and for a maximum loan amount of $250,000 up to 90% CLTV. The Maximum CLTV for HELOCs on a non-owner-occupied property is 60% and for a maximum loan amount of $250,000.

The estimated origination fee for a HELOC on an owner-occupied property, in 2nd lien position, is $300 for loan amounts up to $250,000 (due at closing). Estimated origination fees for a HELOC on an owner-occupied property, and in 2nd lien position, are $600 for loan amounts $250,001 to $500,000 (due at closing). Based upon the following two (2) sets of criteria, you must also pay certain fees to third parties, which generally total between $600 and $1,000, in addition to the Origination Fee. If you ask, we will provide you with an itemization of the fees you will have to pay to the third parties. Estimated Origination Fees for a HELOC on an owner-occupied property, in 1st lien position, are $300 for loan amounts up to $500,000 (Origination and Closing Costs due at closing). Estimated origination fees for a HELOC on a non-owner-occupied property and in 2nd lien position are $600. (Origination and Closing Costs due at closing.)

The First Entertainment HELOC is an adjustable-rate loan. The HELOC rate, based on the current Prime Rate (the Index) plus a Margin, is variable and subject to change monthly. The Variable-Rate HELOC current 3.25% APR is accurate as of 03/15/2020, is subject to change and is our best rate based on creditworthiness, credit score, and maximum combined loan-to-value (CLTV) of 60%. The rate may increase after consummation. The maximum Annual Percentage Rate (APR) is 18.00%. The HELOC term is 25 years. Minimum interest-only monthly payments during the 10-year draw period and amortized monthly payments during the 15-year repayment period. Minimum credit limit is $10,000; Maximum $500,000 for owner-occupied property, maximum CLTV of 80%. Property Insurance is required on the subject property. Consult your tax advisor regarding deductibility of interest. HELOC is available only in CA.

Insurance services offered through Media Benefits Insurance Services CA Lic#0H99393, a DBA for Media Benefits Corp., which is a wholly-owned subsidiary of First Entertainment Credit Union.