Mortgage Comparison Chart

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It’s important to educate yourself and shop wisely when financing a home. Even a small difference in points, fees, payment type, or down payment requirements, can add up to thousands of dollars, affecting your monthly payment or ability to finance.

Some lenders have different names for their fees, and might even waive one fee while adding another. Meeting with a loan officer can help you compare your options and understand your choices to ensure you select the right mortgage for your needs.

Mortgage Type Term in Years Min/Max Loan Amount 60 Day Rate Lock5 Mortgage Accelerator
Program (MAP)
Unit Size Purchase LTV
Conventional
Fixed Rate
10, 15, 20, 25, 301 Min: $20,000
Max: Based on # Units – $417,000 for single family
Yes Yes 1-4
Family
1 Unit: 95%
2-4 Units: 80%7
FHA 15, 30 Min: $20,000
Max: Based on county, call for info.
Yes Yes 1-4
Family
1-4 Units: 96.5%
VA 15, 30 Min: $20,000
Max: $417,000
Yes Yes 1-4
Family
100%
SONYMA 30, 40 Min: $20,000
Max: Based on county, call for info.
100 Day
Rate Lock
No 1-4
family
1-2 Units: 97%
3-4 Units: 90%
Jumbo Fixed Rate 10, 15, 20, 25, 302 Min: Based on # Units – $417,000 for single family
Max: Based on LTV, call for information
Yes Yes 1-4
Family
Call for Information
Reduced Closing Costs Fixed Rate 10, 15, 20, 25, 30 Min: $100,000
Max: Based on product selected
Yes Yes 1-4
Family
1 Unit: 95%
2-4 Units: 80%
Adjustable Rate Mortgages (ARMs) 10, 15, 20, 25, 30
on 1 Year ARM &
30 on all other
ARMs3
Min: $20,000
Max: Based on # Units – $417,000 for single family
Yes No 1-4
Family
1 Unit: 95%
2-4 Units: 80%7
Jumbo ARMs 10, 15, 20, 25, 30
on 1 Year ARM & 30 on all other ARMs
Min: $417,000
Max: Based on LTV, call for information
Yes No 1-4
Family
Call for information
Land Loan Up to 104 Min: $5,000
Max: $175,000
Yes No NA 75%
Construction Loan Up to 12 months Based on permanent mortgage product selected Yes6 No 1-4
Family
Up to 90% on purchase LTV

1 As an example, for a $200,000 15 Year Fixed Rate Mortgage at 3.375%, the APR is 3.381%. Your payment schedule would be 179 payments at $1,417.52 and 1 final payment of $1,417.49. For a $200,000 30 Year Fixed Rate Mortgage at 4.125%, the APR is 4.149%. Your payment schedule would be 359 payments at $969.30 and 1 final payment of $969.05.

2 As an example, for a $360,000 30 Year Fixed Rate Mortgage at 5.875%, the APR is 5.922%. Your payment schedule would be 359 payments at $2,129.54 and 1 final payment of $2,125.40.

3 The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. Please refer to the following examples of a 30 year ARM loan with a $220,000 loan amount (assuming a 20% down-payment):

  • As an example, for a 1 Year ARM at a 3.00% start rate, the APR is 2.907%, subject to change. Your payment schedule would be 12 payments of $927.53; 347 payments of $913.17; and 1 payment of $913.92.
  • As an example, for a 3 Year ARM at a 3.125% start rate, the APR is 2.952%, subject to change. Your payment schedule would be 36 payments of $942.43; 323 payments of $915.23; and 1 payment of $915.72.
  • As an example, for a 5 Year ARM at a 3.50% start rate, the APR is 3.114%, subject to change. Your payment schedule would be 60 payments of $987.90; 299 payments of $923.00 and 1 payment of $922.53.
  • As an example, for a 7 year ARM at a 3.625% start rate, the APR is 3.244%, subject to change. Your payment schedule would be 84 payments of $1,003.31; 275 payments of $930.14; and 1 payment of $930.67.
  • As an example, for a 10 Year ARM at a 4.125% start rate, the APR is 3.669%, subject to change. Your payment schedule would be 120 payments of $1,066.23; 239 payments of $954.44; and 1 payment of $954.69.
  • Additional Information about our 15-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 15 / 15 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 4.125% start rate, the APR is 4.216%, subject to change. Your payment schedule would be 180 payments of $1,066.23; 179 payments of $1,093.42; and 1 payment of $1,089.89.

4 As an example, for a 10 year, 8.875% fixed rate land loan, with 1.5 points, in the amount of $75,000, with a 25% down payment, has an APR of 9.43%, which includes a tax service fee, 30 days pre-paid interest, and will results in 119 payments of $945.00 and 1 payment of $945.38. Bi-weekly payments are not available.

5 Interest rates and points are subject to change without notice. You may sign a Rate Lock Agreement up to 3 days prior to closing, which locks in the prevailing interest rate, points, and term for 60 days. On signing, you agree to pay $600, which is refunded at closing. If a signed Rate Lock Agreement expires prior to closing, you have the option of paying additional fees to extend your interest rate for up to 30 days. If a mortgage application with a signed Rate Lock Agreement is cancelled at any time, the $600 is forfeited. In the absence of a signed Rate Lock Agreement you receive the prevailing rate three business days prior to closing. If you are applying for a Construction/ Permanent Mortgage, or have subject property that is new construction, you can sign a Rate Lock Agreement either prior to the permanent loan closing, or prior to 100% completion of the construction for the subject property. Construction must be 100% complete prior to the signed Rate Lock Agreement expiration date. Extended rate lock options, up to 120 days, are available. Please speak with a Mortgage Loan Officer for more information.

6 Home must be complete prior to expiration of rate lock.

7 Please call for refinance and / or secondary financing information.

    © 2014 Hudson Valley Federal Credit Union

    159 Barnegat Rd. Poughkeepsie, NY 12601
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363