Mortgage Program | DOY Federal Credit Union

Mortage Program

DOY’s Second Mortgage Loan offers fixed rates for up to 12 years, lending up to 80% of appraisal value minus the first mortgage balance. No hidden fees, prepayment penalties, or PMI. DOY provides honest financing with competitive rates and local service—no surprises.

DOY Second Mortgage Loan

Loan Benefits

DOY offers fixed-interest rates for up to 12 years, with borrowing limits up to 80% of your home's appraisal value, minus your remaining first mortgage balance.

No Extra Fees

Enjoy no application fees, prepayment penalties, or late charges, keeping your loan straightforward and affordable.

Avoid Hidden Costs

Some lenders disguise fees through points or prepaid finance charges. Always review the Good Faith Estimate, which discloses all costs before you sign.

Know Your Rights

After signing, borrowers have three business days to cancel without penalty. Always examine documents carefully before committing.

Understanding PMI (Private Mortgage Insurance)

PMI is a fee banks charge when down payments are under 20%. It protects lenders, not borrowers, in case of foreclosure. Since many loans are front-loaded with interest, PMI can add years of unnecessary payments.

Transparent & Simple Mortgage Program

DOY’s mortgage program is built on integrity and transparency, providing an honest and straightforward path to homeownership that’s free of surprises. From application to closing, every step is designed to be clear and fair—no hidden fees, no confusing fine print, and no gimmicks that leave you second-guessing your choices. We believe in empowering borrowers with fair financing that reflects their real needs, offering competitive rates without sacrificing trust. With DOY, your journey to owning a home is guided by principles, not profit, ensuring that you're supported every step of the way. Whether you're buying your first house or refinancing your current one, our team is committed to making the process smooth, stress-free, and tailored to your financial goals.