You’re ready to become a homeowner.
We’re ready to help!
Buying a home is a major decision and an exciting milestone, but the process can be scary, especially for First-Time Homebuyers. You’re bound to have questions. At TEG Federal Credit Union, our team has the expertise to guide you every step of the way to make the complicated process easier. Come talk to us and let’s find the home loan to make your dream a reality.
First-Time Home Buyer Loan Features
Take the Next Step
Visit the Mortgage Learning Center
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.
Get a 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.
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. Our mortgage experts will discuss what to expect during the home-buying process, including:
Conventional Mortgage & Refinance Rates
| Mortgage Type | Rate | APR | Points |
|---|---|---|---|
| 30 Year Fixed | 6.500% | 6.640% | 0.875% |
| 20 Year Fixed | 6.250% | 6.447% | 1.000% |
| 15 Year Fixed | 6.250% | 6.437% | 0.625% |
APR = Annual Percentage Rate. Rates effective as of 06/28/2024. 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 6.640% 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.
Adjustable-Rate Mortgage (ARM) Rates
| Mortgage Type | Rate | APR | Points | First Cap | Subsequent Cap | Lifetime Cap |
|---|---|---|---|---|---|---|
| 5/6 SOFR ARM | 5.750% | 7.006% | 0.875% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
| 10/6 SOFR ARM | 6.000% | 6.683% | 0.875% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
APR = Annual Percentage Rate. Rates effective as of 06/28/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with 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. Rates on 5/6 ARMs are fixed for the first five years and subsequently subject to change bi-annually. Rates on 10/6 ARMS are fixed for the first ten years and subsequently subject to change bi-annually.
For example, a 5/6 ARM at a fixed initial interest APR of 7.006% would initially be $1,750.72 or a 10/6 ARM at a fixed initial interest APR of 6.683%, would initially be $1,798.65, with each loan adjusting every six months after the initial term based on an index and margin. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. After the initial fixed term, rates will adjust based on the index, Secured Overnight Financing Rate (SOFR), and a margin. Your rate may vary based on your creditworthiness, loan amount, purpose, 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). Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
DOWNLOAD OUR FREE GUIDE
Download “The Comprehensive Guide to Finding, Buying an Financing a Home”, to provide you with the knowledge you need to start on the path to homeownership. Buying a home doesn’t have to be scary.
Discover everything you need to know to help you buy a place you love – with a payment you can afford.
Meet Our Mortgage Experts
Scott McNally
Mortgage Officer
NMLS# 1841508
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
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.
First-Time Home Buyer FAQs
Have additional questions? See our full list of Mortgage FAQs here.
Homebuying Questions?
Get answers in our Mortgage Learning Center.
Find helpful articles, tools, and other great resources to help you with your homebuying journey.
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.
