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Our Lending Area
We offer affordable, fixed and adjustable rate loans to purchase 1-4 family homes, townhomes, condos, or PUDs (planned unit developments) in New York and Connecticut.
Why Choose HVFCU for Financing?
- Low rates
- Free pre-approvals
- Flexible financing options
- Special programs for first-time homebuyers
- All Mortgage Loan Officers are CMPS certified
The pre-approval process is typically quick and easy. It usually occurs before you even start shopping for a home. You will need to provide some simple information about your income and debts to determine approximately how much house you can afford. Your past credit history, job history, household income, and the property you want to finance all influence how much you can borrow.
In today’s fast-paced home-buying market, it is often required that you present documentation of a mortgage pre-approval when submitting an offer to purchase a home.
Rate Lock Disclosure
You may lock your interest rate, discount points, and term of loan at any time as described below up to three business days prior to your closing. Changes to your interest rate, discount points, and term (including loan amount and mortgage type) will not be permitted once you have chosen a Rate Lock Option. If you do not notify HVFCU to lock your interest rate and term, you will receive the prevailing rate three business days prior to your closing pursuant to the conditions above. You understand that interest rates and discount points are subject to change without notice and it is your responsibility to monitor HVFCU’s interest rates and loan terms during the period in which you choose to float.
If you choose to lock in your interest rate, you will be required to sign a Rate Lock Agreement. On signing, you agree to pay $600, which is refunded at closing. If a mortgage application with a signed Rate Lock Agreement is canceled 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 may choose to 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 are available. Please inquire for further information.
Please be advised that the fee charged by HVFCU in connection with an appraisal of the property used to secure this transaction is NON-REFUNDABLE. Residential property values have experienced significant declines in recent years and may be subject to further decline. Any potential value discussed between you and HVFCU at or prior to the time of application for a mortgage should not be construed as a formal estimate of value for the property being financed. A formal opinion of value will be conducted by a professional appraisal firm which operates independently of HVFCU, and HVFCU employees are expressly prohibited from discussing or influencing the appraiser’s opinion of home values in any way.
Mortgage Accelerator Program (MAP)
Our Mortgage Accelerator Program is a free service for fixed rate mortgages that offers a payment structure similar to a bi-weekly payment option, but allows you to start or discontinue the program as you desire without the need or expense of refinancing your mortgage.
How MAP Works
- One half of your regularly scheduled mortgage payment would be automatically deducted every two weeks from your HVFCU checking or savings account and deposited into a specially marked savings account (your Mortgage Accelerator Program account).
- On the first of each month your payment will be “swept” from your MAP account and applied to your mortgage payment.
- After your mortgage payment is paid, additional funds and dividends will be applied to your outstanding principal balance. In essence, twice per year your principal is reduced by one half payment.
- You can also choose to increase your payments for additional interest savings on your mortgage. Deposits can be made to your MAP account at any time.
To take advantage of MAP, please complete and return our MAP AutoPay form as directed by HVFCU staff.
Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act (SCRA) gives relief to individuals who are called to active duty in any branch of the military, including reservists or members of the National Guard. Financial areas covered by SCRA protection include credit card interest rates, mortgage interest rates, and mortgage foreclosures. If you are a servicemember and have questions about how SCRA affects your loans at HVFCU, please give us a call at 845.463.3011 / 800.468.3011. Our staff will be happy to discuss any protections and programs that are afforded to you as a servicemember.
Unlocking the Door to Home Ownership
The Balance Financial Fitness Program provides an overview of how you can make home ownership a reality. It’s really nothing more than a series of practical and educational steps, from knowing how much home you can afford to getting approved for your mortgage.
If you’re in the process of purchasing a home, you’ll need homeowners insurance to obtain a mortgage. You can obtain a homeowners insurance quote online or by calling 866.397.3319.