October 18, 2017

Mortgage

Wake Forest Federal Online April 2012#2 006Wake Forest Federal offers competitive rates on several types of mortgage loans. For more information or to apply for a mortgage, please call Billy Faulkner at (919) 556-5146.

Fixed Rate Mortgages

We offer fixed rate mortgages where the interest rate remains fixed over the entire term of the loan, up to 30 years on most residential properties. With a fixed rate loan, you always know what your principal and interest payment will be. Because we have a correspondent lending relationship with a leading national mortgage company that specializes in secondary lending markets, we are able to offer competitive interest rates and terms on home mortgages. Substantially all of our fixed rate mortgage loans are closed locally in our name by our staff and subsequently sold for servicing by others. The process is made easy by our dedicated staff of mortgage lenders.

Balloon Mortgages

We offer three and five year balloon loans, which are either called or modified based upon the Bank’s interest rates currently in effect at the balloon date. These loans are similar to adjustable rate loans in that the loans generally amortize over terms up to 30 years but are not indexed to any widely recognized rate, and do not interest rate caps or floors. Instead the majority of such loans are modified at the balloon date and the rate is adjusted to the Bank’s current rate offered for similar loans being originated on such dates.

Click here for a useful Mortgage Calculator.