What's New at the Mortgage Centre

At UNFCU, we take member’s suggestions and comments seriously and work to find programmes you especially desire or need. As a result of that valuable feedback, these two new programmes are now available for your convenience:

Introducing “InterestFirst,” Your dream house is now more affordable

Looking for your dream home but think you cannot afford it now? Or wanting to buy but think it will tie up more of your funds you would rather use for other expenses or to invest? Well, think again because InterestFirst may be the solution you have needed.

An InterestFirst Mortgage Loan allows you to make lower, interest-only payments during the early years of a fixed-rate mortgage loan, so your payments are reduced to their lowest level.

Just a few of the numerous benefits of InterestFirst:

You may qualify for a larger mortgage loan or you can direct more of your cash flows to pay other expenses or for investing. First-time home buyers, for example, have the choice to consider a higher price range or can save the money to use to furnish their new home.

Relocation or other short-term homebuyers can expand their purchasing power in areas where real estate properties are high. Or use the money they save to invest for higher returns.

For any buyer planning to own for a relatively short period of time, this plan is ideal: low mortgage loan payments and no pre-payment penalties when the home is sold and the loan paid off.

Consult a Mortgage Centre Representative to find out if InterestFirst may fit your needs.

New! Fixed-rate financing available for cooperatives

As you may know, a cooperative — or “co-op” — is a type of real estate ownership in which residents of a multi-unit property own shares of the corporation that owns the property. The ownership of these shares gives the owner the right to occupy a unit in the building. This type of property is especially popular in the New York Tri-state area.

The UNFCU Mortgage Centre is pleased to announce the addition of fixed rate co-op financing* as an alternative to our existing variable rate programme This is an ideal financing option for those who desire the security of knowing exactly what the mortgage payment amount will be each month.

If you are interested in or currently living in a co-op, contact the Mortgage Centre with any questions you may have on fixed-rate financing on a purchase or to re-finance your current ownership.

*Programme has limited availability in the Tri-state area and certain restrictions may apply. Contact the Mortgage Centre for details.

Enjoy Our Low Rates!
3 Year Adjustable Rate Mortgages as low as 5.375%

There are many advantages to Adjustable Rate Mortgages (ARM), one of which is low rates. And, we just reduced our rate even more. Now you can enjoy a 5.375% interest rate with a 5.29% APR on a 3-Year ARM.

Advantages of Adjustable Rate Mortgages

• You will most likely qualify for more money than with a Fixed Rate Mortgage allowing you to purchases a larger home.
• If rates fall there is no need to refinance. An ARM will automatically adjust to the lower rate.
• By saving money with lower payments you will have more money to save and invest.
• If you are expecting a salary increase in the first few years of owning your home, an ARM allows inexpensive financing with the option of locking in a fixed rate down the road when you can afford a higher payment.

Click here to view all rates and terms.

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Fixed Rate Mortgage Loan

Our fixed rate mortgage loan offers the security of having the same payment throughout the life of the loan. It is perfect for conservative borrowers who want the peace of mind of knowing that their interest rate will never change.

• UNFCU Fixed Rate Mortgage Loans are available for owner-occupied homes and condominiums

• Terms are available from 10 to 30 years

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Adjustable Rate Mortgage Loan

The Mortgage Centre offers a variety of Adjustable Rate Mortgage (ARM) loans, from the one-year ARM to the ARM with a fixed conversion option, also called 10/1 ARM, and much more.

The initial interest rate on an ARM is generally lower than that on a fixed rate mortgage loan. An ARM is great for individuals with the potential for increased earnings who will benefit from lower initial interest rates and monthly payments. The interest rate on an ARM is subject to change at designated intervals. These changes in the rate can raise or lower the monthly mortgage loan payment. ARMs are available for owner-occupied homes, condominiums and cooperatives (co-ops). For added security, UNFCU ARMs offer periodic and lifetime rate caps.

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A Mortgage Loan for all Your Needs

The Mortgage Centre understands its members’ need for flexibility, and this is why we offer a variety of mortgage loans to meet your unique borrowing needs.

• For first time homebuyers, the Mortgage Centre offers a special money-saving mortgage loan that has been designed just for you. Talk to a Mortgage Representative and learn how you can become eligible for a US $300 closing cost credit.

• If you are considering investing in an income producing property, the Mortgage Centre is where you will find a full array of residential investment property mortgage loans1.

• Whether you want to lower your monthly payments, need cash out of your property to finance home improvements, or you want to take advantage of our new mortgage loans, you will find it easy to refinance with the Mortgage Centre. It may even be possible to finance all of your closing costs.

• As part of UNFCU, the Mortgage Centre understands the special needs of the United Nations community and that is why we offer the same mortgage loans and terms to all our members regardless of their U.S. immigration status.

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Introducing More Choices For Greater Flexibility

The UNFCU Mortgage Centre also offers additional financing options designed specifically for you:

• Mortgage loans for both purchasing and refinancing your home

• Financing up to US $1,000,000 2 , with terms of up to 360 months

• Balloon Mortgage Loan, which is a perfect borrowing solution if you prefer a lower monthly payment to finance your second home or vacation property. The monthly payments are calculated on a 30-year amortization and remain the same for the term of the loan. At the end of the term, the balance of the balloon mortgage loan is due in a lump sum. At that time, the mortgage loan must be paid-off or refinanced.

– 5 to 15 year balloon mortgage loans

– Maximum 75% loan to value financing

• Jumbo Mortgage Loan. If you need to borrow more to finance your home, the Mortgage Centre offers a variety of jumbo mortgage loans. With a UNFCU Jumbo Mortgage Loan, you can choose to apply for a fixed rate, ARM, or balloon option.

• Mortgage loans available to finance your retirement home (future primary residence)

• Interest Rate Options. Even if you already submitted your mortgage loan application, with the Mortgage Centre interest rate options, you can still take advantage of declining rates or protect yourself from possible rate increases.

– Lock-in rate option that allows you to lock in your rate during your mortgage loan commitment period. This solution provides you with peace of mind should rates increase.

– Buy-down option that allows you to buy-down your locked-in interest rate once for a nominal fee if the rate decreases during your mortgage loan commitment period.

– Float rate option is a great feature in a declining rate environment. With this option, you choose not to lock your rate and the interest rate floats during your mortgage loan commitment period up to 5 business days prior to your closing.

• Variety of down payment options are available to allow you to buy your home with as little as 0% down for qualified applicants.

Now, Even More Reasons to Choose the UNFCU Mortgage Centre to Finance your Dream Home

As a member of a very special community —the UNFCU family — you have unique financial needs. And that is why the Mortgage Centre offers flexibility, easier access, and unique money-saving features:

• No credit reporting fee

• No pre-payment penalty

• 0% point mortgage loan options

• Quick approval process

• Low closing costs

• Limited-income documentation programmes

• Pre-qualification certificates

• Mortgage loan pre-approvals

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The UNFCU Mortgage Centre Is Ready to Assist You

Now, that you know what your choices are, there is no reason to wait. Let the Mortgage Centre help you realize your dreams today. To apply for a mortgage loan or a home equity product, simply click here.

¹ Available only for properties located within the U.S.
    Investment loans are not available for co-ops.

² Larger mortgage loan requests will be considered for qualified borrowers     and properties.

³ For qualified borrowers only. Maximum financing will vary according to     the state the property is located.

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