Mortgage Loans

The home mortgage process can be intimidating and uncertain. Partners Financial FCU can help make your home buying experience trouble-free and inviting.

Take the stress out of buying a home by applying easily online today.

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Which Type Of Mortgage Loan Is Best for You?


Conventional First Mortgage Loans

If you are looking for a loan where your monthly principal and interest payments will not change locking your interest rate in for life, then this the loan for you.

This mortgage loan is available for primary residences, second homes/vacation homes that are at least 50 miles away from the primary residence and that will become the primary residence and rental properties* in all 50 states.

2nd Mortgage/Home Equity Loans

Home equity loans, also called 2nd mortgage loans, are loans that take advantage of the equity you have in your home

If you have an existing mortgage but would like to borrow against the equity in your home you could benefit from this home equity loan.


Is your Mortgage loan amount above $548,250? You could qualify for the JUMBO Loan.

Jumbo loans are considered on a case-by-case basis and are available to qualified borrowers only. **

FHA Loans

FHA Loans are mortgage loans insured by the Federal Housing Administration and administered by the U.S. Department of Housing and Urban Development (HUD).

If you don’t have the customary 20% down-payment for a home loan and would like to take advantage of less stringent qualification requirements this loan is for you.

VA (Veterans Administration) Loans

If you are an American veteran or a surviving spouse of an American veteran, you could be eligible for financing through this VA loan.

Generally, a down-payment is not required for VA loans and the qualification requirements are usually less stringent than those of conventional mortgages. However, if you do have a down-payment and are not seeking less stringent qualification requirements, you may wish to compare the terms of a VA loan with those of conventional loans offered.

Apply for a Mortgage or Home Equity Loan Today

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For more information about loan types, give our Mortgage Loan Department a call at (804) 649-2957 for a customized rate quote, or the toll-free number at 800-321-5617.

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Mortgage Frequently Asked Questions


Can I lock my rate right away, and should I?

Partners Financial will normally request that you lock a rate only after the loan request has been approved and the satisfactory appraisal showing sufficient value has been received.

Rates are normally locked for 45 days. If the lock expires before you make it to closing, the rate will be subject to change.

Once you lock your rate, your loan officer will do everything necessary to ensure that the loan progresses toward closing in a timely manner.

However, it will be your responsibility to ensure that you provide all requested documents, information, and decisions to your loan officer as soon as reasonably possible.

Partners Financial cannot anticipate whether interest rates will go up or down during the loan-processing period. So, any decision about whether to lock or not should be based on your own evaluation of the market.

Can I be pre-approved and obtain a pre-approval letter?

Yes. You should submit a complete application in order to be pre-approved and obtain a pre-approval letter. 

Pre-approvals are good for only 90 days.  If the pre-approval expires, you will be required to re-apply. 

Is there an application fee?

No. We do not charge an application fee.

Appraisals & Inspections

What if my home does not appraise for the amount I hoped for?

Your loan officer will work to find any other available options for you (for example, a lesser loan amount) and will contact you to discuss them with you.

If there is not sufficient value for other options or if the appraisal determines that the property is not in satisfactory condition to offer other loan options, the loan process will end.

You will receive a copy of the appraisal to review. Please remember that the appraisal fee is non-refundable.

How much does the appraisal cost and when do I pay for it?

The appraisal cost is a non-refundable, out-of-pocket expense. For properties local to the Richmond area, the cost is approximately $450.

For properties located outside of the local area and properties in states outside of Virginia, the cost is approximately $500. Once you have received your loan approval, the appraisal fee will be due.

The loan approval will be conditional pending a satisfactory appraisal showing sufficient value being received. The appraiser cannot be engaged until the appraisal fee has been deposited.

Can I submit my most recent appraisal to have it considered instead of obtaining a new appraisal?

No. The appraisal must be prepared by one of Partners Financials’ approved appraisers and must be prepared specifically for Partners Financial Federal Credit Union.

Can I choose my own appraiser?

No. Partners Financial has an approved appraiser list from which the appraiser must be chosen. Neither the borrower nor your loan officer or any other party involved in mortgage loan production may choose the appraiser. Partners Financial has an internal appraisal order desk and only specific employees may choose the appraiser from the approved appraiser list.

Will I get a copy of my appraisal?

Yes. Partners Financial will provide a copy of your appraisal to you as standard practice. You will not need to submit a written request to receive a copy.

Title Work & Closing

Can I choose my own closing attorney or settlement company?

We have a very qualified, efficient, and cost-effective settlement agent we can recommend. However, you can choose your own settlement agent/attorney if you prefer.

Let your loan officer know as soon as possible that you will be choosing your own agent/attorney. Please provide your loan officer with the company’s name, address, phone number, fax number, and the name and email address of a contact at the company.

Can I choose my own title company?

We have a very qualified, efficient, and cost-effective title company we can recommend. However, you can choose your own title company if you prefer.

Let your loan officer know as soon as possible that you will be choosing your own title company. Please provide your loan officer with the company’s name, address, phone number, fax number, and the name and email address of a contact at the company.

Fees & Closing Costs

Should I use the APR as the best way to determine which lender has the lowest rate and fees?

The APR should not be confused with the actual rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

The APR is a figure designed to express the cost of credit as a yearly rate. Some, but not all, closing costs are required to be used in calculating the APR.

You can use the APR as a guideline when shopping for a mortgage loan. However, since not all closing costs/fees are included in the calculation and since lenders vary widely with regard to how they interpret certain fees, you should be sure to compare actual rates and total fees as well.

Are there other closing costs?

The costs will vary from loan to loan. Partners Financial provides a Good Faith Estimate of closing costs within 3 business days of receiving a completed mortgage application.

The Good Faith Estimate provides a detailed estimate of the closing costs specific to your loan request. Your loan officer can provide more details regarding closing costs.

Are there prepayment penalties?

No. Partners Financial does not charge prepayment penalties.

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Contact Us For More Mortgage Loan Information

Further questions about the mortgage loan process? We’ll be happy to help. Give our Mortgage Loan Department a call at (804) 649-2957 for a customized rate quote, or the toll-free number at 800-321-5617.

Contact Us


The information contained on this page does not constitute and should not be construed as an offer to extend credit. Eligibility for any available mortgage programs can only be determined once a completed application has been submitted and a review of each applicant’s credit score, credit history and overall creditworthiness has been completed.

Interest rates can vary widely because they depend on factors such as loan purpose, loan-to-value, credit history, cash down, etc.

Partners Financial does not obtain credit reports for members requesting rate quotes. The quote will be based solely on the information you provide and is an estimate only.

You are leaving the Partners FFCU website and will be linked to an alternate Internet site not operated by the credit union. Partners FFCU is not responsible for the content of the alternate Internet website. Partners FFCU does not represent either the third party or you if the two of you enter into a transaction. Please be aware that privacy and security policies on the website to which you are being taken may differ from those practiced by Partners FFCU.

A $15. Convenience fee will be automatically added to your payment amount. Your maximum total payment amount (including the $15 convenience fee) cannot exceed $800. Payments initiated and approved by 3:00pm will be applied to your loan on the same business day. Payments initiated and approved after 3:00pm, or on a day that the credit union is closed (weekends and holidays), will be applied on the next business day. If you have a PFFCU debit card, please log into home banking to make your loan payment.

Please select OK to confirm and continue to the payment form.

Excludes mortgages and home equity lines of credit. A $25 fee is due at set-up for each loan. Loan must have been open for at least 6 months. Past due accounts do not qualify. One skip-a-pay allowed per calendar year (Jan-Dec).