Mortgage Loan in Syracuse, NY

As of 10/28/2024

Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.

Monthly Payment Examples (excludes any applicable taxes & insurances):

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 0.25%
• LTV 90.00% - 95.00% - Rate Add 0.50%
• Vacation Home/Second Home (Single Family) – 80% LTV
• Manufactured/Mobile Home – 80% LTV

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.

100% Financing Mortgage:

• 5/1 Adjustable-Rate Mortgage with 20-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
• Escrow account setup, prepaids and closing costs cannot be financed and are to be paid by the borrower.

Drop My Rate Mortgage:

• 25-year fixed rate mortgage
• No-refi rate drop request available until 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.

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.
• Mortgage loans are available in NY, NJ and PA only.