Loans at New York Times Employees' FCU

Credit Union Mortgages
Meeting our members' mortgage financing needs is important to us, so all of our mortgage products have the following features and terms:

Eligible Properties include 1-4 family owner-occupied homes, condominiums, and co-ops.
Loan Amounts are available as follows:
1 family - $322,700; 2-family - $413,100
3-family - $371,200; 4-family - $461,350.
Jumbo rates only apply to loans exceeding $300,000
Flexible Terms designed to meet your financial needs. NYTEFCU offers terms from 10 years up to 30 years.
Point Options are available to allow members to obtain the lowest possible interest rate.
Put as little as 5% down. Loans are available up to 95% of purchase price or appraised value, whichever is less.
Refinance your home up to 90% of the appraised value with no cash out, up to 75% with cash out for fixed rate loans, and up to 80% with cash out for adjustable rate loans.
Private Mortgage Insurance is required for all purchase and refinance loans where over 80% of the value of the property is financed.
No Prepayment Penalty is ever assessed, so you are always welcome to prepay your mortgage loan.

Fixed Rate Mortgages
A fixed rate mortgage loan is perfect for the member who wants the stability of a fixed interest rate and monthly payment amount.

The interest rate stays fixed for the life of the loan, so your monthly payment will always be the same.
Lock-in your rate for up to 90 days. For a $250 fee, NYTEFCU will hold the interest rate in effect when you lock-in for a period of 90 days. Your lock-in fee will be credited against your other closing costs as long as you close within 90 days.

Adjustable Rate Mortgages
This product is designed for members who want the stability of a fixed rate and may not anticipate owning a particular property for the long term. It also suits the needs of members who feel interest rates will be stable or decline over the next 1,5,7 or 10 years.

ARMs are available with an initial fixed rate period of 5,7 or 10 years. The rate will adjust annually after the initial fixed rate period, but will never go up or down more than 2% in any year, or 5% over the life of the loan.
Free Rate Lock-in. You will receive the lower of the rates in effect at the time of application or five days before you close, whichever is less.

No Closing Cost One Year Adjustable Mortgages
Especially designed for the first-time home buyer, or the member with limited funds for the down payment and closing costs, this product lets you enjoy home ownership even with a minimum amount of available funds.

NYTEFCU pays closing costs for appraisal, credit report, recording fee, tax search fee, title insurance, title survey fees, survey, mortgage tax, NYTEFCU's attorney, and flood certification fee.
Member is responsible for homeowner's insurance, private mortgage insurance, real estate escrow, and pre-paid interest.
Adjustable Rate Mortgage with an initial fixed rate period of one year. The rate will then adjust annually, but will never go up or down more than 2% in any year, or 6% over the life of the loan.

Home Equity Line of Credit
If you already have equity in your home, consider a NYTEFCU low-cost Home Equity Line of Credit featuring:

Loan amounts from $10,000 to $250,000
Line available up to 80% of appraised value minus balance of first mortgage.
Low adjustable rate of Prime + 0% for the life of the loan.
Easy access during the ten-year draw period with a repayment term of 20 years.
No closing costs for loans under $50,000. If your loan is over $50,000, the Credit Union will pay the first $500 of your closing costs.

New And Used Vehicle Loans
Finding the right loan to meet your needs is very easy with the Credit Union. We will finance your car, motorcycle, boat or recreational vehicle with affordable and flexible terms. Your vehicle loan has no application fees or pre-payment penalties. You can buy a vehicle with no money down as we offer up to 100% financing (plus tax and license, registration and dealer preparation fees) on new and used vehicles. Borrow for up to five years (six years on a luxury vehicle - minimum $30,000) on a new car with fixed interest rates for the term of the loan. For recreational vehicles, extended terms up to 12 years are also available at a great variable rate. If you currently have a vehicle loan with another financial institution, you may refinance it with NYTEFCU to attain our low interest rates.

Non-Purchase Auto Loans
If your current vehicle is seven model years old or newer, you can use it as collateral to borrow money at current used car rates. If there is no lien or loan balance, the entire Red Book value is yours to use for any purpose you choose!

Stock Secured Loans
You can use your shares of stock as collateral for this loan up to 75% of the market value. You'll have options with rates and terms that will meet your specific needs, with terms up to 12 years.

Share Secured Loans
You may have funds available in your Share account but may not want to use your savings for a larger purchase. You can borrow against your regular shares up to 100% of eligible balances. Because there's no credit approval required, this is a great way to get a great interest rate on a loan for special purchases without dipping into your hard-earned savings.

Share Certificate Secured (formerly CD Secured)
If you have a Certificate of Deposit, it can be used as collateral for this fixed rate loan. This loan's term is the same length as the term of the CD.

Line of Credit
You may be eligible for receiving a line of credit of up to $25,000. Your monthly payment is based on your outstanding balance. You can access your line of credit by simply writing a check on your Checking account as this loan provides overdraft protection to your Checking account. By having the line of credit available, you will have access to funds whenever you need them and you can take as much as you need up to your available balance. You'll feel very secure knowing that you have funds available when and if you ever need them.

Summer-Winter Fun Loans
This specialty loan is great for those looking to go on a vacation or who just need some extra cash for their holiday shopping. With a one year term, this loan is designed for members wanting to borrow for a short period of time.

Signature Loans
Signature Loans for amounts up to $25,000 are available, and feature a fixed interest rate and repayment term. Consolidate high-rate loans or credit cards with just your signature required as collateral.

VISA Credit Card
NYTEFCU offers low-interest VISA Classic and VISA Gold credit cards with benefits that are designed to save you money.
Our Classic VISA offers you these great features:

11.00% APR for purchases and cash advances
No annual fee
25-day grace period on purchases
Low monthly payments of only 3% of the outstanding balance
Up to $10,000 credit limit available
No cash advance fee
Travel Accident Insurance
Free Convenience Checks
ATM access with customized PIN
Extra cards free of charge

If you qualify, you can obtain a VISA Gold Card. At just 9.00% APR, this card offers a higher spending limit, lower interest rate, and all of the same features as our Classic card, plus:

Travel Accident Insurance with a minimum coverage of $150,000
Auto Rental Insurance
Double warranties on the original manufacturer's U.S. repair warranty for up to one year on warranties of three years or less
Travel and Emergency Assistance
Emergency card and cash replacement
Prestige of being a Gold Card holder

Loan-By-Phone
This convenient and free 24-hour service allows you to apply for loans and get current loan rates and information right over the phone. Simply dial (888) 792-LOAN (5626).

Credit Life & Disability Insurance
The Credit Union provides (at no cost to you) credit life insurance up to $30,000 for all of your non-real estate loans. In the event of your death, your loan balances will be paid by this free insurance provided by NYTEFCU. Disability Insurance can make your loan payments if you are unable to work, and is available through NYTEFCU. Contact a Member Service Representative today for more information.