Mortgage Overview
We have a designed our mortgage program
to ensure that our rates remain
competitive. When you’re ready to start
comparing mortgage rates, call your
branch office. We will be happy to fax
you a complete listing of our fixed and
variable rate mortgages.
We utilize the services of CUC Mortgage
Corporation for the processing and
servicing of our mortgage portfolio. CUC
Mortgage Corporation, located in Latham,
New York, is a subsidiary of the NYS
Credit Union League and provides expert
mortgage servicing for credit unions.
Application Process
If you’re interested in applying for a
mortgage loan through the credit union –
simply contact your branch office – in
person or via telephone. We will
complete a "Member Fact Sheet" with
pertinent preliminary data and fax that
information to CUC Mortgage Corp. A CUC
mortgage consultant will contact you
within 24 hours to arrange an
appointment (at your
convenience).
If you
already have a house in mind (or are
refinancing your current mortgage),
please have the following information
when you call:
Sale Price or Estimated Value;
Amount
you want to borrow;
Amount
of your down payment;
Your
total savings account balance(s);
Total
monthly gross income (annual divided
by 12);
Total
recurring monthly debt.
Mortgage Pre-Approval Program
Shop for your new home with confidence
by using our Mortgage Pre-Approval
Program. After evaluating the
information on your pre-approval
application, CUC Mortgage will calculate
your maximum mortgage loan and
mail you a "Notice of Pre-Approval"
within 7-10 business days. The
pre-approval application fee is
$125.00. If, however, you apply for
your actual mortgage within 60 days, the
normal "application fee" of $125.00 is
waived.
Rate Chart
For complete information on our current
rates for both variable and fixed rate
mortgages -- please
click here.
Maximum Loan Amounts
The maximum loan amount will depend on
the number of "units" in the house (up
to 4 family units) as follows:
1 unit $227,000.00
2 units $264,750.00
3 units $320,050.00
4 units $397,800.00
Eligible Properties
1-4
Family Homes;
Condominiums*
PUD’s*
Modular homes
Double Wides
Note: *Condo’s and PUD’s have
other investor requirements.
Private Mortgage
Insurance (PMI)
PMI is required on any mortgage with a
Loan-to-Value ratio over 80%.
Maximum Loan-to_Value:
Amount of loan divided by the
Value of the Property)
Units
New Purchase
Refinance Only
Refinance
(Plus Cash)
Owner Occupied
1 unit
95%
90%
75%
2 units
90%
90%
75%
3 units
80%
80%
75%
4 units
80%
80%
75%
Fixed Rate
Second Home (Vacation Home)
1 unit
80%
80%
65%
FNMA
80%
70%
N/A
Adjustable Rate
Second Home
1 unit
80%
70%
N/A
Underwriting Ratios
LTV less than 90%
LTV greater than 90%
Owner Occupied
Housing
33%
28%
Debt
38%
36%
Second Home
Housing
33%
33%
Debt
38%
38%
Your savings federally insured
to at least $100,000
And backed by the full faith and
credit of the United States
Government
