Mortgage & Home Equity Rates

¹ Monthly Payment Examples assume a loan amount of $100,000. Taxes and insurance premiums are not calculated into the example which could result in a higher monthly payment.

- All ARM products are based on a 30 year amortization

-  1st Mortgage, Owner occupied

- 80% of Purchase Price or Appraised Value whichever is less

- Greater than 80% LTV requires PMI Insurance

- Vacation Homes/2nd homes are .25% higher and require 20% down payment

- Manufactured Loans minimum down payment 20%, New Home only for ARM's; new and used available for fixed rates

- Escrow may be required

- One to four family primary residence; no commercial property

Adjustable Rate Mortgage rate and payment changes:
The rate indicated for adjustable rate mortgages is the initial rate and is subject to increase
For example; the 5/1 Year ARM will have a constant interest rate for the first five years. Adjustable rates may change annually based on an "Index".
Before each Change Date, we will calculate the new interest rate by adding the "Margin" to the "Current Index". The result will then be rounded to the nearest one-eighth of one percentage point (0.125%) which will be the new rate.
The rate may not adjust more than the "Max Rate change per Period" indicated above on each "Change Date". The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the "Life time Change" of the loan.

NMLS# 609016

¹ Monthly Payment Examples assume a loan amount of $100,000. Taxes and insurance premiums are not calculated into the example which could result in a higher monthly payment.

- All ARM products are based on a 30 year amortization

- 1st Mortgage, Owner occupied

- 80% of Purchase Price or Appraised Value whichever is less

- Greater than 80% LTV requires PMI Insurance

- 70% of Purchase Price or Appraised Value whichever is less (Bare land loan)

- Vacation Homes/2nd homes are .25% higher and require 20% down payment

- Manufactured Loans minimum down payment 20%, New Home only for ARM's; new and used available for fixed rates

- Escrow may be required

- One to four family primary residence; no commercial property

Adjustable Rate Mortgage rate and payment changes:
The rate indicated for adjustable rate mortgages is the initial rate and is subject to increase
For example; the 5/1 Year ARM will have a constant interest rate for the first five years. Adjustable rates may change annually based on an "Index".

Before each Change Date, we will calculate the new interest rate by adding the "Margin" to the "Current Index".
The result will then be rounded to the nearest one-eighth of one percentage point (0.125%) which will be the new rate.

The rate may not adjust more than the "Max Rate change per Period" indicated above on each "Change Date".
The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the "Life time Change" of the loan.

NMLS# 609016

- 90% of appraisal minus balance owing on the 1st lien

- Loans with LTV 81% to 90% at .50% higher

- Member Rewards apply to Fixed Home Equity only.

- When doing an"SFCU pays closing cost" loan, the rates above increase by .50%

- Manufactured Home Loans 80% LTV or under 

          - 10-year term- older than 20 years 

          - 15-year term- up to 20 years

¹  Monthly Payment Examples assume a loan amount of $50,000. Taxes and insurance premiums are not calculated into the example which could result in a higher monthly payment.

NMLS# 609016

APR = Annual Percentage Rate
* The APR indicated for HELOCs is the Introductory APR and is subject to increase. The HELOC will have a constant APR for one year and then can change quarterly based on the Index(Prime) plus the Margin. Variable APR based on Prime, credit worthiness, and LTV (Loan-To-Value). Margins range from 0.00 - 1.75%.
 
Title insurance may be required and is paid by the borrower. For Home Equity Fixed Loans, escrow may be required, and initial deposit at closing is paid by the borrower.  Closing costs paid by SFCU, on behalf of the borrower, will be added to the payoff amount of the loan if the home equity is paid and closed within three years of loan closing. The most common amounts for closing costs are estimated between $300 - $4,000 but depending on location and other factors it could be higher or lower. Product is available for members whose owner-occupied primary residence located in New York State. For the Variable-Rate Home Equity Line of Credit, the minimum requested line of credit amount is $10,000. 

No Floor APR and the maximum APR = 15%. HELOC's are based on a 10 year amortization. Payments are principal and interest with a minimum of $100 monthly. HELOC loans NOT applicable for Mobile Homes. Check with your tax advisor regarding deductibility. 

NMLS# 609016

- Junior lien, can be occupied or non owner occupied

- Minimum loan amount $2,500 - Maximum Loan Amount $15,000

¹ Monthly Payment Examples assume a loan amount of $10,000 at a 5 year loan term.

NMLS# 609016