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 | 6.625% | 6.766% | 0.875% |
| 20 Year Fixed | 6.625% | 6.826% | 1.000% |
| 15 Year Fixed | 6.000% | 6.245% | 1.000% |
APR = Annual Percentage Rate. Rates effective as of 01/22/2025. 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 6.766% has an approximate payment amount of $1,920.93. 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 75% 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.
Adjustable-Rate Mortgage (ARM) Rates
| Mortgage Type | Rate | APR | Points | First Cap | Subsequent Cap | Lifetime Cap |
|---|---|---|---|---|---|---|
| 5/6 SOFR ARM | 6.000% | 6.514% | 0.875% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
| 7/6 SOFR ARM | 6.250% | 6.569% | 0.875% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
APR = Annual Percentage Rate. Rates effective as of 01/22/2025. 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 7/6 ARMS are fixed for the first seven years and subsequently subject to change bi-annually.
For example, a 5/6 ARM at a fixed initial interest APR of 6.514 would initially be $2,201.29 or a 7/6 ARM at a fixed initial interest APR of 6.569%, would initially be $1,847.15. 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, not to exceed the initial, subsequent or lifetime change cap. 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.
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
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Scott McNally
Mortgage Officer
NMLS# 1841508
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038Mortgage 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.
Explore Our Products
First-Time Homebuyer Loans
TEGFCU can connect you with various programs to help you buy your first home.
Home Equity Loans
Take advantage of the equity you’ve built in your home to finance the opportunities in front of you.
Mortgage Learning Center
Start your homebuying journey with tools and resources to help you better understand the mortgage process.
Darren was so helpful throughout our entire home buying process. He was knowledgeable, always willing the answer any question that we had, and seamlessly guided us through the whole process. Thank you, Darren!
It was absolutely wonderful working with Jessica, she was available to assist and answer questions constantly throughout the process and helped facilitate the quickest closing possible for us!
As a realtor, I confidently refer my clients to Darren knowing they will be in good hands. He’s patient, knowledgeable and super responsive which is important to me. If you’re looking for a loan officer to work with, I HIGHLY recommend Darren DiBenedetto.
Darren is one of the most dedicated, thorough, and compassionate loan originators I have ever met. He is always accessible, takes calls/texts/emails and responds almost immediately. I have never had a transaction with Darren that has not closed. I would, and do, recommend him to my clients. And he’s a great guy 🙂 Thanks for everything Darren!
Jeff Shields was extremely helpful in helping me go forward with my mortgage for a new home. I was on a strict timeline as well as we were nearing the end of our current lease and he did all he could to expedite the process. He was always available to ask a question and f he was on the phone/in a meeting he’d get back promptly. I will call Jeff again if I have any finance needs!
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.
