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.
5/1 Vacation & 7/1 Vacation payment examples are based on a 15-year amortization. The Manfactured/Mobile w/Land is based on a 20-year amortization.
– Credit Union membership is required with minimum deposit of $5.
– 1st Mortgages must be a 1-4 unit & owner occupied, except for the First Time Home Buyer Program, bare land, and vacation/second home programs.
– Vacation/Second Homes have a maximum LTV of 80%. They are amortized over 15 years.
– Manufactured/Mobile with Land loan has a maximum LTV of 80%. Purchases or limited cash-out refinances only.
– The bare land loan requires 30% down and is for purchases only.
– Jumbo mortgages are available and are 0.25% higher. Contact the Credit Union for details.
– Escrow may be required.
– Loans greater than 80% require PMI, except for the First Time Home Buyer Program.
– Proof of homeowner’s insurance required. Proof of flood insurance may be required.
– The 15/15 First Time Home Buyer Program allows for 100% financing of the purchase price/appraised value, whichever is lower. Single Family, Primary Residences Only. Other certain restrictions apply – Contact the Credit Union for more details.
– Contact the Credit Union about maximum LTVs based on unit and purpose.
– Mortgage loans are available in NYS only. Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
– 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.
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 20, 25 or 30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.
For example, the 5/1 ARM will have a constant interest rate for the first five 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.