Home Mortgage & Equity Loans



When planning a new purchase or refinance of a home, knowing
your options could mean valuable savings for you. BayPort Credit
Union has a variety of affordable and flexible financing plans. Let
our knowledgeable mortgage staff assist you in determining your
best options.

Home Equity Loans

Home Equity loans may be made for any purpose on your primary
residence or vacation home. Mobile homes, modular homes or rental
properties are not eligible for Home Equity loans at the Credit
Union. Homes must be located within the States of Virginia or North
Carolina and may require an appraisal.
here for Rates

How to Apply
Choose your loan type:

The following items would be helpful in processing your
application as quickly as possible. You may fax these items to us
at 757-928-7817:

  • A copy of Deed or Deed of Trust if the Credit Union cannot
    obtain from another source.
  • Most recent mortgage balance statement(s) – including
    address, phone number and your account number.
  • City or County tax assessment.
  • Homeowners and flood insurance company and agent

If you have any questions, please
contact us.

The Federal Equal Credit Opportunity Act prohibits creditors
from discriminating against credit applicants on the basis of race,
color, religion, national origin, sex, marital status, age
(provided the applicant has the capacity to enter into a binding
contract); because all or part of the applicant’s income derives
from any public assistance program, or because the applicant has in
good faith exercised any right under the Consumer Credit Protection
Act. The federal agency that administers compliance with this law
concerning this creditor is the Federal Trade Commission,
Washington, D.C. Regional Office, Room 810, 8th Floor, Bicentennial
Building, 600 E. Street, N. W., Washington, D.C. 20580.

*The Adjustable Rate Mortgage means that the interest rate of
the loan may be adjusted at the end of each three year interval.
The index rate for the adjustment is the weekly average yield on U.
S. Treasury Securities adjusted to a constant maturity of 3 years,
plus our margin rounded to the nearest 1/8%. Information about the
index is published weekly in the Federal Reserve Statistical
Release H.15. Information regarding the margin that will apply to
the loan you are requesting will be provided on the ARM Disclosure
that will be mailed to you within three days of application. This
adjustable rate mortgage will not increase or decrease by more than
1% from the preceding three (3) year interest rate at each
adjustment interval. The maximum increase or decrease in interest
rate could not exceed 4% over the life of a 15 year loan. The
monthly payments will be recalculated at the time of each rate
change and will be based on the current balance, remaining term of
the loan and the new interest rate. A notice will be mailed to you
advising you of the rate adjustment and payment change.