6-Month Rate Lock
If you’re building a home, SEFCU Mortgage Services offers you the option to lock your interest rate for up to six months! Choose this option for 5/1 ARMs, 10/1 ARMs, or 10-, 12-, or 15-year fixed-rate mortgages and feel confident your rate is locked in a rising interest rate environment. Best of all, you’ll have the security of knowing your mortgage payment early in the process!
30 Year Fixed-Rate Mortgage
The traditional 30-year fixed-rate mortgage has a fixed interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. Please note, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run because you can lock in the rate for the life of your loan.
15 Year Fixed-Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate — and you'll own your home twice as fast. The disadvantage with a 15-year loan is that you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that much.
Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember ... the longer you ask the lender to charge you a specific rate, the more expensive the loan. We design ARMs with our members in mind. Lock in a low initial interest rate for one, three, or five years; after that, your rate adjusts annually — but not more than 5% per year or 6% over the life of the loan.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS — also called 3/1, 5/1 or 7/1 — can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable-rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
FHA Mortgages are insured by the Federal Housing Administration (FHA) and carry easier qualifying criteria plus minimal down payments. Choose from terms of 15, 20, 25, or 30 years and either a fixed or adjustable rate.
Mortgage Match Program
This program is designed to help first-time homebuyers saving cash for a downpayment and closing costs. When you enroll in Mortgage Match, you'll earn $4 for every $1 you save — up to a maximum match of $7,500 — to apply to your downpayment and closing costs. You'll make regular deposits of at least $20 per month into a Mortgage Match account for a period of 10 to 24 months. You'll also need to attend free seminars on finance and homeownership to help you learn how to budget and pay bills. At the end of the saving period, you'll receive a match from the Federal Home Loan Bank (FHLB) that is equal to $4 for every $1 you saved.
Community Mortgage Program
This program is for first-time homebuyers with limited income. Our Community Mortgage Program offers lower closing costs and a lower downpayment option. With a loan term of 30 years and a fixed interest rate, you will have the added security of level principal and interest payments for the length of the loan term. Gifts from family members and loans can also be used to pay your costs.
Choose from our cash-out refinancing up to 80% loan-to-value or no-cash-out refinancing up to 95% loan-to-value and watch the savings add up!
Eligible seniors ages 62 and older who own and live in a home can receive a single cash payment, monthly income, or a line of credit without the worry of a monthly loan payment. The best part is that these funds are tax free as long as you live in your home. A Reverse Mortgage is the result of a government-sponsored program. There are limitless possibilities on what you can do with the money you receive. Make your "golden" years truly golden by putting to work the home equity you’ve created.
State of New York Mortgage Agency (SONYMA) Mortgages offer lower interest, fixed-rate loans that make home ownership possible for first-time buyers and veterans. Financing is available for one-to-four family dwellings and buyers can take advantage of a down payment assistance loan to help lower monthly payments.
United States Department of Agriculture (USDA) Mortgages offer qualified households (those making up to 115% of the HUD median income) the option to purchase a home in a rural area with no money down and enjoy fixed rates and lower monthly payments.
If you’re a veteran, consider this loan before purchasing a home. A Veteran’s Administration (VA) loan is designed for veterans only and features a 0% down payment.