Home About Us Branch Locations Fraud Prevention Center Site Map  
Five County Credit Union

Online Banking
Log In | Learn More
Financial Calculators
CalculatorsAccess a full library of financial calculators.
Calculators
Bill Payment
Pay any company or individual in the U.S. using our Internet bill payment service.
BillsMore Info
Home Mortgages
Get pre-approved online so you Billscan shop for your home with the confidence that you can afford the mortgage.
ExtraAwards
For every dollar you spend, ExtraAwards gives you Bonus Points toward travel and merchandise.
Log In / Browse Rewards
Insurance Quotes
Click here to request a quote.
Shared Branching
Access your accounts at more than 2,000 "shared" credit union branches across the U.S and Canada. Branch Locator
     Home > About Us > Frequently Asked Questions

Frequently Asked Questions
(Click on your question)

Credit Union Questions
What is a Credit Union?
What is the biggest difference between a Bank and a Credit Union?
What is the Credit Union philosophy?
How was Five County Credit Union founded?
Who owns the Credit Union?
Who is eligible for membership with Five County Credit Union?
How can I become a member of Five County Credit Union?

General Account Questions
What are the benefits of Direct Deposit?
What information does my payroll department need to set up Direct Deposit into my account?
What information do I need to have money wired into my account?
Are my deposit accounts insured?
If I wish to set up automatic withdrawals (payments) from my account, what should I tell the company?
I need to send a check for deposit. Which address should I use?
Does Five County offer business accounts?

Hours and/or support Questions
When I have a problem I can call the Service Center, but what are the Service Center’s hours?  Are they open on holidays?
If I can't come in or call how could I contact my Credit Union for help on-line?
I need to put a stop payment on a check and I can't come in to a branch today what should I do?
I need to make a deposit and the branch is closed what should I do?
When I try to view CU e-statements or Bill Pay nothing happens, it just says to remove pop-up blockers.  How do I do that?
Why doesn't Five County Credit Union give balances over the phone?
How can I get a copy of a check drawn from or deposited into my account?

VISA Debit/Credit Questions
My debit/ATM card is lost or stolen.  How do I get a new one?
Why is my VISA Debit Card not working?
Why would my available cash balance be different from my balance?
What type of Credit Cards do you offer and what are the differences?
There’s a charge on my account from my VISA card that I don’t recognize!  What should I do?
I forgot my pin number. What do I do?
Why won't my VISA/Debit/ATM card work for out of the country transactions?

Loan Questions
How can I apply for a loan?
What type of loans does Five County Credit Union offer?
My loan is on automatic payments and the due date is a weekend or holiday, when will it post on my account?
My loan due date is not on the best day for me.  Can I change my due date?
My payment might be a few days late, will there be a fee?
I am having trouble this month making the payment.  What should I do?
What are some convenient ways I can make my payments?

Electronic Services Questions
What electronic services does Five County Credit Union offer?
I'm trying to transfer on-line and it says I have met my limit.  What is this and what does it mean?
User Name and Access Code, is that the same as Log In and Password?
I don’t have internet access how do I make a transfer or check on my account?
I can’t find my statement from last month what should I do?
What is the cut-off time for outgoing wires?
What is the fee for a wire transfer?

Miscellaneous Services Questions
What is shared branching?
Can I use another financial institution to access my Five County Credit Union account?
Where can I find a list of your ATM and Shared Branching locations?
Does Five County Credit Union exchange or accept foreign currency?
Does Five County offer safe deposit boxes?
Can I get travelers' checks, teller checks' or money orders at Five County.
Do you have the service of a Notary Public available in any of your branches?

Certificates and Money Market Questions
When I call the Credit Union and ask for a rate of a Certificate why do they give me two rates?
I want the best rate for my money, but don't want a certificate.  What should I do?
How is the penalty calculated for closing out a certificate early?
What is the minimum balance I need to open/keep in my Certificate?
What is the minimum balance I need to open a Money Market Account?
What is the SHIP account and how does the SHIP Account work?
Can Five County Credit Union match the CD rate from another institution?

Home Banking Questions
What is Home Banking?
What can I do with Home Banking?
What accounts will I be able to access through Internet Home Banking?
How can I reset my home banking?
How secure is home banking?
Can anyone else access my account?
When do transactions post to my account?
Can I download my account history information & what software is supported?

Bill Payer Questions
Is there a way for me to pay my bills online?
How do I sign up for Bill Pay?
Is there a fee for Bill Pay?
Is it possible to schedule recurring payments?
When I add a new payee to my bill payment account, or change my account number, how quickly will the change take place?
Can I use electronic bill payment with all my accounts?
When can I start using electronic bill payment?

Checking Account Questions
What types of personal checking accounts does Five County Offer?
How can I order checks?
Why was I charged a fee for a transfer I didn’t make?
There is a check # 9999 that cleared my account, I didn’t write a check # 9999.  What is it and why?
What is the minimum deposit required to open a checking account?
How can I tell which set of numbers on the bottom of my check is my checking account number?
How can I get Free Checks?

Mortgage Questions
What is a down payment?
What are points?
What is PMI?
What is an appraisal?
What is prepayment?
What is a homeowner's warranty?
What is an inspection?


Credit Union Questions


What is a Credit Union?

A Credit Union is a member owned non-profit financial cooperative.  The first credit union was formed in 1850 in Germany. In this first Credit Union members deposited their savings with the credit society to provide working capital with dividends paid on these “share” accounts.  Loans were extended for “productive purposes” based on the character of the borrower.  The concept of Credit unions quickly spread throughout Europe, then to North America in 1900.

Return to Top

What is the biggest difference between a Bank and a Credit Union?

Not for Profit, Not for Charity, But for Service - It’s true, credit unions are financial institutions like banks, and savings and loans, but they operate much differently. Credit unions are financial cooperatives, owned by the people who use the credit union.  Since the focus is on service (not profit), members benefit with lower rates on loans, higher rates on savings, and often pay fewer fees and service charges on the same services offered by other financial institutions.

Return to Top

What is the Credit Union philosophy?

“People helping People” - Is more than just a slogan—it’s the way credit unions operate each and every day.  Around the world, and here at home, credit unions focus on improving the quality of life for their members, their families, and the community.

Return to Top

How was Five County Credit Union founded?

Five County Credit Union was founded by the employees of Bath Iron Works in 1956 and was then known as the "BIW Employees Federal Credit Union".  Our credit union has seen tremendous growth over the years in membership, assets and personnel.  In 1993 the credit union converted to a state charter. In July, 2001, our name was streamlined to "Five County Credit Union.  In 2007 we merged with Knox County Federal Credit Union, adding Knox to the list as our eighth county.

Return to Top

Who owns the Credit Union?

As a credit union member, you own your credit union. You are entitled to elect, and be elected to, the volunteer Board of Directors, which is composed of your fellow members.  The Board of Directors set policies for the operation of the credit union based on the needs and wishes of the members. The Board of Directors also establish dividend rates, loan interest rates, and fees.

Return to Top

Who is eligible for membership with Five County Credit Union?

Anyone who works, resides, or worships in Androscoggin, Cumberland, Lincoln, Kennebec, Knox, Sagadahoc, Somerset or Waldo County can join. Also, relatives of current members may join Five County. Those eligible for family membership includes spouses, children, siblings, parents, grandparents, and grandchildren of current members.

Return to Top

How can I become a member of Five County Credit Union?

To become a member of Five County Credit Union, you need to open a share "savings" account with a minimum deposit of $25.00.  Once you are a member you are eligible for all of the Credit Unions services, from savings products to our loan products.

Return to Top


General Account Questions


What are the benefits of Direct Deposit?

Benefits to members who establish Direct Deposit (full net pay) include; Free ATM card use, a .25% discount on future consumer loans (excluding loans for real estate, VISA credit cards, and lines of credit), free single signature Travelers Checks, free Bill Pay  (1-20 payments), and the convenience of not standing in line.

Return to Top

What information does my payroll department need to set up Direct Deposit into my account?

They need our ABA Number and your account number.  Our ABA # is 211287463.  If you wish to have your funds deposited into your checking account, use the twelve digit number on the bottom of your checks.  If you wish to have the deposit go into your savings account, use your base member number with Five County CU (without the -00).

Return to Top

What information do I need to have money wired into my account?

In order to wire money from another institution to your account with Five County, use these wiring instructions:  Wire to: Tricorp Federal Credit Union, ABA # 2112-9166-6. Further Credit: Five County Credit Union, ABA # 2112-8746-3.  Final Credit: Your name and account number.* 
*For checking use the twelve digit number at the bottom of your check, for savings use your base member number

Return to Top

Are my deposit accounts insured?

Funds on deposit are federally insured for up to $250,000 per member by the National Credit Union Administration (NCUA); an agency equivalent to the banking industry's FDIC; and insured for up to an additional amount of $250,000 by Excess Share Insurance Corporation.

Return to Top

If I wish to set up automatic withdrawals (payments) from my account, what should I tell the company?

You can use your debit or credit card, or our online Bill Payment service. To set up automatic payments from your account, companies may ask you for your account number and the credit union’s routing number.  The routing number for Five County is 211287463.  When debiting from your checking account you can find your twelve digit account number at the bottom of your checks.  If you wish to have it withdrawn from savings use your base member number (without the -00).

Return to Top

I need to send a check for deposit. Which address should I use?

You should send your deposits and all other mail to: PO Box 598, Bath, ME 04530.

Return to Top

Does Five County offer business accounts?

We offer a variety of business accounts to suit the needs of your business.

Return to Top


Hours and/or support Questions


When I have a problem I can call the Service Center, but what are the Service Center’s hours?  Are they open on holidays?

The Service Center is open Monday through Saturday, 8:30AM to 8:00PM.  They are open every holiday except Thanksgiving Day and Christmas Day.

Return to Top

If I can't come in or call how could I contact my Credit Union for help on-line?

E-mail admin@fivecounty.com.  Also, if you have on-line banking, send the Service Center messages with any questions.  When you are logged into your account there is a tab that reads "other options" at the top right.  From there you will see Credit Union message board.  Click the message board to send us your question.

Return to Top

I need to put a stop payment on a check and I can't come in to a branch today what should I do?

If you have on-line banking, log into your account and refer to the tab that reads, Check Options.  Choose the Stop a Check section.  Also, you can call the Service Center to stop payment on a check.  This will put a verbal stop payment on the item for 14 days.  Within 14 days you will need to come in and sign the form to make the stop payment last for the full six months.  A processing fee will be assessed at the time the stop payment request is made.

Return to Top

I need to make a deposit and the branch is closed what should I do?

All Five County branches have a drop box on site (the Auburn branch drop box is limited to commercial depositors only and requires a key).  Drop boxes are checked twice a day by two employees.  Use an envelope to make your deposit and we will credit your account on the next business day.  If you have a VISA debit card you can also make a deposit using our ATM's that accept deposits.

Return to Top

When I try to view CU e-statements or Bill Pay nothing happens, it just says to remove pop-up blockers.  How do I do that?

In order to receive CU e-statements or Bill Pay the pop up blocker will need to be off.  Hold down the Control (Ctrl) button when you click the tab to view it in your account.  Or, go to Tools at the top of the computer screen.  If you have an option for pop-up blocker, you can click to turn it off.  If the pop-up blocker option is not there then go to internet options and click privacy and un-select Turn on Pop-up Blocker.

Return to Top

Why doesn't Five County Credit Union give balances over the phone?

Five County Credit Union takes your privacy seriously.  We do not give out balances over the phone because someone else could call to find information about your account.  We offer two free services, homebanking and tellerphone, that are password protected to help you get your balance 24 hours a day!

Return to Top

How can I get a copy of a check drawn from or deposited into my account?

If you have on-line banking you can get copies of any and all checks that you write once they clear your account.  If you wish to get a copy of a check you deposited, our Service Center can get a copy for a $2.00 charge per check.

Return to Top


VISA Debit/Credit Questions


My debit card is lost or stolen.  How do I get a new one?

You can call our Service Center at 1-800-750-0959 to block the lost card for you over the phone.  If your card is lost after hours, Sundays and Holidays please call 1-800-472-3272.  We need a written request to order you a new card.  You may stop into one of our fourteen locations, FAX, or mail us a request for a new card.  Also, you may send us a request for a new card in writing through our Credit Union message board with on-line banking.

Return to Top

Why is my VISA Debit Card not working?

Debit Cards have daily limits.  The limit is $500.00 a day using the PIN at a store or ATM machine, and $2,000.00 a day using the card as credit card.  If you have a loan with Five County that is fifteen days or more past due the card will be blocked until your loan is brought current.

Return to Top

Why would my available cash balance be different from my balance?

When you use a debit card, the merchant sends a confirmation to the Credit Union for an authorization.  When the approval is given, the balance in your checking account is reduced or "blocked" by the amount of the purchase.  This is known as a pre-authorization hold. The merchant determines the amount of the hold. Five County CU establishes the length of time the hold remains in place.  Typically the hold stays on your account until the funds are transferred to the merchant, or 24 hours.

Return to Top

What type of Credit Cards do you offer and what are the differences?

We offer two VISA credit card programs, one that offers points and one that does not, to match our member’s preference.  Our competitive interest rates and generous credit limits make our VISA the obvious choice for our members.  Contact a Member Service Representative for additional details of each VISA program.

Return to Top

There’s a charge on my account from my VISA card that I don’t recognize!  What should I do?
Some companies use different names, so always try to contact the company first (VISA requires this) to try to get your money back.  The next step is to print & complete a Debit/Credit Card Dispute Form and return it to a credit union representative. When we receive your written dispute, we work with VISA to get your refund processed.

Return to Top

I forgot my pin number. What do I do?
We can order you a copy of your current PIN to be sent to your address. This can be done in person or by request through home banking. If you would like to pick your own PIN, that can be done in your local branch for a nominal fee.

Return to Top

Why won't my VISA credit card and/or Debit card work for transactions outside the U.S.?

Overseas fraud is on the rise.  You can use your card internationally by notifying the call center at 1-800-750-0959.  For your benefit, we recommend notifying us prior to traveling.

Return to Top


Loan Questions


How can I apply for a loan?

You can apply for a loan at www.fivecounty.com, call our Service Center at 1-800-750-0959 Monday through Saturday 8:30AM to 8:00PM or stop in to any of our locations and see a Loan Officer.

Return to Top

What type of loans does Five County Credit Union offer?

Five County Credit Union is the answer to all your lending needs.  We offer a wide variety of loans: mortgages, home equity lines of credit, VISA cards, auto loans, boat loans, home and garden equipment loans, personal loans, and debt consolidation loans.

Return to Top

My loan is on automatic payments and the due date is a weekend or holiday, when will it post on my account?
Automatic payments are scheduled to transfer to the loan in the evening.  In the event that the payment is scheduled for the weekend or a holiday, the payment will transfer to the loan the next business day, in the evening. The delayed processing will not negatively impact your account.  

Return to Top

My loan due date is not on the best day for me.  Can I change my due date?

Five County Credit Union will allow you once within the life of the loan to permanently change the due date.**  You will need to contact one of Five County Credit Union's Financial Service Officers.
**This does exclude Real Estate Loans, Home Equity Loans, VISA, Line of Credits, and Safety Net Loans. 

Return to Top

My payment might be a few days late, will there be a fee?

After 15 days late on a consumer loan, the Credit Union charges 5% of the payment amount or $10.00 whichever is less.

Return to Top

I am having trouble this month making the payment.  What should I do?

We encourage you to contact your Financial Service Officer immediately upon experiencing difficulty making your payments.  We will work with you to find a solution.

Return to Top

What are some convenient ways I can make my payments?

If you sign up for on-line banking you can make transfers from deposit accounts to your loan anytime of the day.  All Five County branches have a drop box onsite.  It is checked twice a day, by two employees.  Five County CU is also affiliated with Shared Branching, you can check on our website to find a location near you.

Return to Top


Electronic Services Questions


What electronic services does Five County Credit Union offer?

Five County Credit Union has many electronic services.  We offer ACH Origination (Loan Payments from other institutions), Bill Payer, Direct Deposit "Member Select", E-Statements, VISA Check Cards, Cyberbranch "Home Banking", Overdraft Protection, Payroll Deduction, Teller-Phone, Wire Transfers, and our web site!

Return to Top

I'm trying to transfer on-line and it says I have met my limit.  What is this and what does it mean?

Reg D is a federal regulation that pertains to the number of electronic withdrawals and transfers that come OUT of a non-transactional (savings) account. There is a limit of 6 per month and it is reset every month on the 1st.  This does not apply to transactional accounts such as a checking account.  You can come into a branch to perform the transfer, use a shared branching location, or make the transfer or withdrawal at an ATM if you have a debit card. The call center will not be able to process your transfer request by phone once the Reg D limit has been reached.

Return to Top

User Name and Access Code, is that the same as Log In and Password?

Yes.  Your username is set up by you so you’re not entering your account number online.  The Access Code is also set up by you, for your protection.

Return to Top

I don’t have internet access how do I make a transfer or check on my account?

Teller-Phone is our 24/7-telephone system that provides members with access to their accounts using a touch-tone telephone.  It is user friendly and free to all members.

Return to Top

I can’t find my statement from last month what should I do?

With our e-Statements members can receive their statements electronically, usually just a few days after the end of the month. Members access their current or previous e-Statements securly through the internet. You can sign up for e-statements by clicking on the e-statements tab found on the homebanking account profile page.

Return to Top

What is the cut-off time for outgoing wires?

Our cut-off time for outgoing wires is until 3:00 PM.

Return to Top

What is the fee for a wire transfer?

The fee for an incoming wire is $5.00. The fees for outgoing wires range from $25.00 to $50.00, depending on the destination of the funds.

Return to Top


Miscellaneous Services Questions


What is shared branching?

Shared branching is a group of more than 1,200 credit unions nationwide that allow you to access your credit union account at more than 2,300 locations in 46 states.

Return to Top

Can I use another financial institution to access my Five County Credit Union account?

You can access your account through the Shared Branching network. You will need to know your full member ID number and also have a valid picture ID. (Drivers License, State ID, Military ID or Passport)

Return to Top

Where can I find a list of your ATM and Shared Branching locations?

Select the contact us icon on our home page. The drop down offers access to a list of both.

Return to Top

Does Five County Credit Union exchange or accept foreign currency?

No, Five County is unable to accept any foreign currency.

Return to Top

Does Five County offer safe deposit boxes?

Yes, at our Lewiston branch. We have several different sizes of safe deposit boxes to meet your needs.

Return to Top

Can I get travelers' checks, teller checks' or money orders at Five County?

The fee is two dollars per teller check.  Money orders and travelers checks are available at a nominal fee.

Return to Top

Do you have the service of a Notary Public available in any of your branches?

Yes, we offer notary service free to our members. We employ at least one notary in every branch. Please call ahead at 1-800-750-0959 to make sure the notary is scheduled the day you plan to visit.

Return to Top


Certificates and Money Market Questions


When I call the Credit Union and ask for a rate of a Certificate why do they give me two rates?

There is an APY (Annual Percentage Yield) and a DR (Dividend Rate).  The dividend rate is the rate on your certificate.  The annual percentage yield is the amount that you earn over the life of the certificate if you don't withdraw your monthly dividends. 

Return to Top

I want the best rate for my money, but don't want a certificate.  What should I do?

Five County Credit Union has Money Market accounts with great rates!  However, If you want an account that will help you save ask us about a SHIP account.  If you want the best rates you don't need to go anywhere else!

Return to Top

How is the penalty calculated for closing out a certificate early?

When a certificate is closed before maturity, one half of the potential interest will be forfeited. For example if you took out a 2 year certificate, and closed it after 18 months. You would lose an amount equal to 12 months of interest at the time of closing.

Return to Top

What is the minimum balance I need to open/keep in my Certificate?

You need to keep a minimum balance based on the tier amount of your savings certificate; $500.00 for tier one, $10,000.00 for tier two and $100,000.00 for tier three.

What is the minimum balance I need to open a Money Market Account?

The minimum opening balance for the Five County Money Market Club (Golden Rate Account) is $1,000.00. The Golden Rate Fund Plus Account, a Money Market Draft Line, has a minimum balance of $5000.00.

Return to Top

What is the SHIP account and how does the SHIP Account work?

"Share Holder Investment Program" The ship account is a deposit account designed to help earn more interest than a regular savings, and be more accessible than a certificate. You can open a ship account with $5.00 and deposit to it at anytime. We require that a written notice of 90 days be submitted before withdrawal. If you withdraw without notice you forfeit 90 days interest based on the amount of the withdrawal.

Return to Top

Can Five County Credit Union match the CD rate from another institution?

You'll find that Five County Credit Union's rates beat most of our competitors.  However, we do take other rates into consideration. If you are currently a member with Five County and find that another institution's rate has caught your eye, give us a call and we will see if it is something that we can match.

Return to Top


Home Banking Questions


What is Home Banking?

Home Banking, also known as Cyberbranch, is a tool that allows you to use a personal computer with an Internet connection to conduct your financial transactions online.

Return to Top

What can I do with Home Banking?

You can view account balances and transaction history, transfer money, view cleared check images and much more.

Return to Top

What accounts will I be able to access through Internet Home Banking?

You can access your checking, savings, and loan accounts from the Internet Home banking service. Our Home Banking Product is intended to give you as much access, security, and versatility as possible.

Return to Top

How can I reset my home banking?

You can call our call center at 1-800-750-0959 or stop in to your local Five County Branch.

Return to Top

How secure is home banking?

At Five County Credit Union your account information is very secure. We use the latest technology to protect our members privacy.

Return to Top

Can anyone else access my account?

Absolutely not. Information on Internet Home Banking is not public. Only you can access your account information using your access code. (Unless you share your password with another person)

Return to Top

When do transactions post to my account?

When you perform a transaction on Internet Home Banking, posting will occur immediately.

Return to Top

Can I download my account history information & what software is supported?

You can download your account history into: Microsoft Money; Quicken (versions 2004 and older); and Microsoft Excel as a CSV File.  For information regarding Quicken versions 2005 and newer, please contact a member service representative.  Account history downloads to Quickbooks is NOT supported at this time.  

Return to Top


Bill Payer Questions


Is there a way for me to pay my bills online?

We do offer Electronic Bill Pay Service.

Return to Top

How do I sign up for Bill Pay?

Signing up for Bill Payment can be done by signing-in to online banking and clicking on the Bill Payment tab at the top of the page.  For additional assistance, contact a Call Center Representative at  1-800-750-0959 or email admin@fivecounty.com.

 

Return to Top

Is there a fee for Bill Pay?

Bill pay does have a monthly fee of $5.95. However if you receive direct deposit and are set up for Member Select with the CU, the fee will be waived as long as you use the service at least once a month.

Return to Top

Is it possible to schedule recurring payments?

Yes. You can schedule weekly, semi-monthly and monthly recurring payments.

Return to Top

When I add a new payee to my bill payment account, or change my account number, how quickly will the change take place?

When you update the information for the bill payment account, the changes are implemented virtually instantaneously.

Return to Top

Can I use electronic bill payment with all my accounts?

No, only checking accounts can be used for bill payment purposes.

Return to Top

When can I start using electronic bill payment?
You can begin bill payment once you have received your confirmation letter from us, usually within 48-72 hours after registration is complete.

Return to Top


Checking Account Questions


What types of personal checking accounts does Five County Credit Union offer?

Our Classic Checking is for members who do not wish to maintain a minimum balance.  Our Prestige Checking and Elite Checking are for those members who wish to earn interest and are able to maintain higher account balances.

Return to Top

How can I order checks?

You can call Five County Credit Union's service center and we will order them over the phone for you.  You can also stop in to any one of our ten convenient locations.  Also, you may Re-order checks on-line under the Account Services Option.

Return to Top

Why was I charged a fee for a transfer I didn't make?

Five County Credit Union offers to all its members automatic overdraft protection from the savings account to prevent bounced checks.  FCCU charges a nominal fee for this transfer and the number of allowable transfers is governed by Regulation D limits.

Return to Top

There is a check # 9999 that cleared my account, I didn’t write a check # 9999.  What is it and why?

If you set up an automatic payment with a company they may print a physical check on your behalf.  Also, if you happen to overdraft an item with a business, that business may have an affiliate company charge your account a fee for the overdraft with that business.  That business will typically have a written notice stating that they may charge you this fee, should you bounce a check with them.

Return to Top

What is the minimum deposit required to open a checking account?

FCCU personal checking accounts do not have a required minimum deposit upon opening the account.

Return to Top

How can I tell which set of numbers on the bottom of my check is my checking account number?

The nine digit number 211287463 is our routing and transit number (ABA Number).  The twelve digit number at the bottom of the checks is your Micro Number (checking account number) it should start with 700020… or 700950…

Return to Top

How can I get Free Checks?
If you have our Prestige or Elite checking account you can get one box of checks free each year.  Also if you are a Prime Time member (Age 60 and older, and have direct deposit) you are eligible for free checks.

Return to Top


Mortgage Questions


What is a down payment?

Virtually all home buyers rely on a mortgage loan to finance a home.  Few mortgage loan programs will enable you to finance the full purchase price of a home.  Instead, you will have to contribute a portion of the cost from your own funds (called down payment). 

Return to Top

What are points?

Points are finance charges paid to the lender as part of the closing costs.  Each point equals 1% of your total mortgage loan.  Points can be negotiable and are sometimes tied to your interest rate.  Paying more points to get a lower interest rate may be a good idea if you plan to take a long-term loan. 

Return to Top

What is PMI?

Private Mortgage Insurance - Insurance the buyer carries to guarantee that the lender is paid off if the buyer defaults on a mortgage.  It's required for all mortgages with less than a 20% down payment.  The exact amount depends on the amount of the loan and the size of the down payment. 

Return to Top

What is an appraisal?

An evaluation of the property's value.  The appraiser visits the house and reviews recent selling prices of similar homes within the area.  You will probably pay an appraisal fee at closing or before. 

Return to Top

What is prepayment?

Making early or extra payments towards the principal (amount borrowed).  Prepayment can shorten the length of your mortgage and thus lower your total interest paid over the life of the loan. 

Return to Top

What is a homeowner's warranty?

This warranty covers any repair to the structure, mechanical systems, and major appliances of the house for a certain time.  This warranty is useful when purchasing an older home. 

Return to Top

What is an inspection?

An evaluation of the property to find out if there are any problems with it that could change its value.  The inspection also helps you decide if there are any items that you want the seller to repair before the final contract is signed.  The inspector prepares a detailed report indicating any problems found, after inspecting the entire home. 

Return to Top

Home | Accounts | Loans & Credit | E-Services | Financial Services | Member Resources
Apply for Membership Loan Application Pay Your Bills Online
© Copyright 2012, Five County Credit Union. All Rights Reserved.   Phone: 1-800-750-0959    Site Disclaimer   Privacy Policy
Apply for Credit Union Membership Loan Eligibility Pay Your Bills Online Homepage