- Capitalize on lower interest rates
- Local, personalized service throughout process
- Reduce monthly payments
- Convert ARM to fixed rate
- Local decision-making
- Fast decisions and smooth process
- Bring limited costs to closing
All Pelican State Credit Union mortgages comply with federal and state regulations.
Flat Fee Mortgage Program
Now is the perfect time to buy a new home or to refinance your current mortgage to a lower rate.
Pelican now offers a Flat Fee Mortgage Program! Instead of the typical 1% origination fee that most financial institutions charge, we only ask for a flat fee of $995!*
Save thousands of dollars in closing costs with Pelican’s flat fee!
For more information about this program, please email [email protected] or call 1-800-351-4877 FREE ext. 4511.
Keep in mind there are closing costs associated with refinancing. These costs can be rolled into your mortgage. This greatly lessens how much you'll need to bring to closing, but this also means you are adding to the principal loan amount.
To determine if you will be better off refinancing for the long-term, determine how much you will save per month by refinancing. Calculate how many months it will take, based on these savings, to equal the closing costs. That is your break-even point. If you will be in the home at least that long, you come out on top.
*Flat Fee Mortgage Program: Pelican State CU membership is required. The flat fee is non-refundable and payable upon closing. Home Equity Loans and HELOCs are excluded from the flat fee program. The flat fee covers expenses owed to Pelican State CU. Applicants are responsible for any fees not imposed by the credit union such as titles, appraisals, survey costs, applicant attorney fees and all settlement items between applicant as buyer and seller for the purchase of the applicant’s home. Applicant must use Pelican State CU's designated title insurance company and the owner’s policy is limited to an amount equal to the amount of the mortgage loan. Approved refinance and new purchase applicants will be responsible for funding interim interest and an escrow account for property taxes and insurance. All applicants with an LTV over 85% will require Private Mortgage Insurance (PMI), which is funded by the applicant. Mortgage loan rate and term are based on product, Loan to Value (LTV), collateral and credit qualifications; not everyone will qualify for the advertised rate and fee. Homeowner's insurance required. Escrow for insurance and taxes may be required. See a Pelican Mortgage Representative for additional details.