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 and condominiums.
- Loan Amounts are available as follows:
- 1 family - $726,200; 2-family - $929,850
- 3-family - $1,123,900; 4-family - $1,396,800
- Jumbo rates - Call for details
- 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.
- 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.
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 or 10 years.
- ARMs are available with an initial fixed rate period of 5 or 10 years. The rate will adjust annually after the initial fixed rate period.
- 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, NYTEFCU's attorney, and flood certification fee.
- Member is responsible for homeowner's insurance, private mortgage insurance, real estate escrow, pre-paid interest, and mortgage tax.
- Adjustable Rate Mortgage with an initial fixed rate period of one year. The rate will then adjust annually.
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.