Drop My Rate

Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.
*1st Mortgage rates may be reduced by 0.125% if the borrower opts to have a checking account with Sidney FCU and automatic payment from that 
checking account. For ARM loans, the initial rate is discounted and then follows the standard index + margin.
Monthly Payment Examples (excludes any applicable taxes & insurances):
Assumes a loan amount of $100,000. All adjustable payments (including First Time Home Buyer Mortgage) quoted assume a 30-year amortization (unless 
noted).
100% Financing Mortgage payment quoted assumes a 20-year amortization for the fixed and 30-year amortization for the 5/1 ARM.
Drop My Rate Mortgage payment quoted assumes 25-year amortization.
Vacation Home payment quoted assumes a 15-year amortization. Max term is 15-years on a vacation home product.
Manufactured/Mobile w/Land payment quoted assumes a 20-year amortization.

Purchase & Limited Cash Out Maximum Loan-To-Value (LTV):
*Mortgages with LTV over 80% require Private Mortgage Insurance except for the First Time Home Buyer Program. Maximum LTV may vary contact SFCU 
for details.
Primary Residence (Single Family) – 97% LTV
Primary Residence (2-4 Family) – 95% LTV 
•LTV 80.01% - 89.99% - Rate Add of 0.25% for 2-4 unit properties only.
•LTV 90.00% - 95.00% - Rate Add of 0.50% for 2-4 unit properties only.
Vacation Home/Second Home (Single Family) – 80% LTV - Rate Add of 0.50%
Manufactured/Mobile Home – 95% LTV ^Must meet PMI guidelines.

Cash Out Maximum Loan-To-Value (LTV):
Primary Residence (Single Family) – 80% LTV
Primary Residence (2-4 Family) – 75% LTV

Escrow Requirements:
Any mortgage with an LTV over 80% requires an escrow account be established.

Homeowners Insurance:
Proof of homeowners insurance is required on all residential loans. Proof of flood insurance may be required.

Jumbo Mortgages:
Are available and are 0.25% higher rate. Contact the Credit Union for details.

*First Time Home Buyer Program:
15/15 Adjustable-Rate Mortgage with 30-year amortization
100% financing of the purchase price/appraised value, whichever is lower
Private Mortgage Insurance (PMI) not required 

**100% Financing Mortgage:
5/1 Adjustable-Rate Mortgage with 30-year amortization or 20-year fixed rate
100% financing of the purchase price/appraised value, whichever is lower 
Single Family primary residence only
Private Mortgage Insurance (PMI) required
Escrow Required - Certain terms apply, inquire for additional details.

***Drop My Rate Mortgage
25-year fixed rate mortgage
No-refi rate drop request available after 12 months.
You must pay attorney fee document preparation fee, county recording fee and processing fee.
Maximum # rate drop requests – 2 (with at least 12 months between each request)
Required criteria to engage no-refi rate-drop option:
•Loan must be current with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30-days late or more 
within the last 12 months of your request.
•Made at least 12 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since closing or the last time you 
exercised your no-refi rate-drop option.
•You do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request.
•Loan is not in an active loss mitigation option, process, or consideration.
•Continue to own the property, notwithstanding successor-in-interest exceptions

To take advantage of the no-refi rate-drop option, you must contact SFCU. You are responsible for monitoring SFCU’s available rates and determining when 
to take advantage the no-refi rate-drop option, subject to the eligibility criteria identified above. Contact SFCU at 1-877-642-7328 to check your eligibility and 
current rates. SFCU will only reduce the interest rate all applicable criteria are satisfied at time of your request.
Engaging the no-refi rate-drop option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but 
will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and additional amounts due for escrows as 
part of your monthly payment.

Adjustable-Rate Mortgage rate and payment changes:

The rate indicated for adjustable-rate mortgages is the initial rate and is subject to increase. Adjustable-Rate Loans may be amortized over 10, 15, 20, 25 or 
30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.

Example: The 7/1 ARM will have a constant interest rate for the first seven years. Then the adjustable rate may change annually thereafter ("Change Date" 
as indicated in the Note) based on an "Index" which is the 1-Year Constant Maturity Treasury (1-Yr CMT) adjusted to a constant maturity of 1 year as made 
available by the Federal Reserve Board. The most recent index available as of 45 days before each Change Date is called the "Current Index". Before each 
Change Date, the Note Holder will calculate the new interest rate by adding the "Margin" to the "Current Index". The note holder will then round the result of 
this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next "Change Date".

The rate may not adjust more than the Per Adjustment Cap indicated above on each "Change Date". The total loan adjustment will not adjust more than the 
Lifetime Cap indicated above over the lifetime of the loan. 

The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that would be due in full on the 
maturity date at the new interest rate in substantially equal payments. The result of the calculation will be the new amount of monthly payment.
Additional Disclosure Details:
•Rates are subject to change at any time. 
•The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.
•Loan must meet credit, appraisal, and other guidelines. Title insurance is required. Contact the Credit Union for more details.
•Mortgage loans are available in New York, Pennsylvania and New Jersey only.
•Credit Union membership required.

Points: All programs are eligible for you to purchase a point, which will give you 0.25% off of the rate or initial rate. A point is equal to one percent of the 
principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. These points are usually 
collected at closing and may be paid by the borrower or the home seller or may be split between them.