Home Sweet Loan.
Found a great house? Get a great mortgage.
There’s no place like home. And there’s no place like TEG Federal Credit Union when you are looking for a mortgage. At TEGFCU, it’s all about helping you achieve your most important financial milestones and seeing your family grow.
Why Trust TEGFCU with your Mortgage Financing?
We’re proud to be local, member-owned, and not-for-profit. We take our responsibility to our members seriously and strive to give you the best home financing experience possible.
Whether you are looking for a traditional mortgage or need something a little outside the box, our lending experts will go the extra mile to find the financing that is right for you.
Types of Mortgage Loans
With this most common type of mortgage, the monthly principal and interest payment stays the same throughout the life of the loan. You can get a 10, 15, 20, or 30-year fixed mortgage rate for primary residences, second/vacation homes, and rental properties.
Today’s Featured Conventional Mortgage & Refinance Rates
| Mortgage Type | Rate | APR* | Points |
|---|---|---|---|
| 30 Year Fixed | 6.500% | 6.640% | 0.875% |
| 20 Year Fixed | 6.250% | 6.431% | 0.875% |
| 15 Year Fixed | 6.250% | 6.417% | .500% |
APR = Annual Percentage Rate. Rates effective as of 06/26/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less, and no cash-out.
For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.627% has an approximate payment amount of $1,896.20. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.
All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
When homebuyers don’t meet conventional mortgage criteria, a portfolio loan can be the answer to getting approved for a mortgage. By originating and retaining the loan at TEGFCU, we are not bound by the standard guidelines that are required for loans that can be sold on the secondary market. This gives us more flexibility regarding the qualification criteria to consider unique borrower situations.
Is your footprint growing? If you’re buying a larger home or moving to an area where housing costs are higher, you may need a bigger loan. TEG may be able to help with a jumbo loan, which lets you borrow higher loan amounts for more expensive homes.
Fannie Mae or Freddie Mac, two government agencies that guarantee loans, have conforming limits that vary based on property type and county. In high-balance counties in NY (Westchester, Putnam & Rockland for our charter area) the high-balance conforming limit is $1,149,825 for a single family. $766,550 is the standard conventional single-family limit.
Since federal agencies don’t back jumbo loans, their credit requirements tend to be stricter. Borrowers typically need to have better credit, larger down payments, and greater post-closing reserves.
Federal Housing Authority (FHA), Veterans Administration (VA), and U.S. Department of Agriculture (USDA) loans are government-backed mortgage programs offering no or low-down payment options and more flexible qualification guidelines. Ask us if one of these programs is appropriate for your situation.
First Credit Corporation and TEG have partnered to offer financing for mobile home ownership within a mobile home park (no private or rented land).
- Long-term financing with low monthly payments
- Low down payment
- No prepayment penalty
- Homeowner’s insurance packages
To apply for a mobile home loan, contact us or call First Credit Corporation at (800) 562-6036 and let them know you are a TEGFCU member.
Take the Next Step
Visit the Mortgage Learning Center links
Explore blog articles, guides, and tools. Start your homebuying journey with tools and resources to help you better understand the mortgage process.
Talk to Us
Not sure where to start? Our Mortgage Loan Officers are here to help. They can advise you on how to maximize your funds to make your dream of homeownership a reality.
Free Mortgage Pre-Approval
Select a mortgage officer and submit your application. We will estimate how much you can borrow, your interest rate, and the monthly payment that you should qualify for.
Free Mortgage Pre-Approval
Know exactly what you qualify for!
Start searching for your new home, knowing the loan amount, interest rate, and monthly payment you could qualify for. Not only will you know what you can afford, but you’ll get a competitive edge since you’ll be able to make a solid offer when you find the right house.
Join us for a FREE Homebuyer Webinar
Save $500 on closing costs just by attending!
Our mortgage specialists will help make getting a mortgage feel less difficult by discussing what to expect during the homebuying process.
First-time Homebuyer Dream Grant
TEG Federal Credit Union is here to help you purchase your first home with the Homebuyer Dream and Homebuyer Dream Plus Programs! Qualifying first-time homebuyers in New York can receive a generous grant to put towards down payment and closing costs. This grant program is through the Federal Home Loan Bank of New York. Funds are available on a first-come, first-served basis. Income restrictions apply.
Get Started on Your Homeownership Journey Today!
Meet Our Mortgage Experts
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Kevin Arduino
Mortgage Officer
NMLS# 2514289
Scott McNally
Mortgage Officer
NMLS# 1841508
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486Mortgage Loan Calculator
Estimate your monthly mortgage payment and total loan cost. Enter your desired home price, down payment amount, and loan term to see how much you can expect to pay each month and the total cost of the mortgage over time.
2nd Look Program
Let Us Take a Second Look and Get $100
If you are pre-approved by another lender, TEG would like the opportunity to provide you with our own pre-approval decision, so that you can compare, and to thank you for taking a second look we will give you $100.
JJ made our HELOC loan process run smoothly. From start to finish he kept us informed of the progress of the loan and answered all the questions we had during the process. He even followed up after the closing to check how it went. I would not hesitate to recommend TEG.
Jessica and the TEG team were extremely helpful in finding a home loan that would suit our needs. Not only was she knowledgeable, she also went above and beyond answering questions and emails after hours. We ended up doing a construction to perm loan. This being the first time my husband and I were building, we had so many questions. It was comforting to know that Jessica was able to answer our questions at any time. I would definitely recommend Jessica to anyone searching for a home loan!
Mathew Bannan was the best I couldn’t have asked for more completely upfront with us and walked us through every step of the process made it simple and easy for us to understand and our loan was completed.
Easy to deal with. Scott and the team at TEG were a pleasure to work with. They made my re-fi experience so easy and were extremely accommodating to our needs to especially when it came to the closing. I would highly recommend Scott and TEG for anyone needing a mortgage or looking to re-fi as I did.
Jeff was extremely knowledgeable about every aspect of our interaction. Whenever we had concerns, he was easily able to put our minds at ease. We recommend him to anyone looking for the best in the business. He truly was awesome.
Apply for a TEGFCU Mortgage
To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.
When we come together, everyone grows.
The Homebuyer Dream Program® (HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). The grant is a Federal Home Loan Bank of NY program and funding is subject to their approval. See credit union for additional program details.
We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.
Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
