Closing the Deal: When Timing is Everything


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.

When Timing is Everything

When Jean Graf was shopping for her new home, she went with her Realtor, Lynn Angelo from Prudential Serls Prime Properties, to Overlook Pointe, a new community in Wappingers Falls. During her visit, Jean noticed that Hudson Valley Federal Credit Union was one of the builder’s preferred lenders. Pleased by this news, she contacted Mortgage Loan Officer Nancy Hamilton and together they began the application process.

After contracts were signed, Nancy began working on the loan and recognized Jean was buying a condo that did not meet traditional guidelines. Not a problem! Details of the loan were sent to HVFCU’s management team and the decision was made to keep the mortgage in HVFCU’s own loan portfolio – something not many other lenders do.

As Jean’s new home was being built interest rates began to rise and Jean made the decision to lock in her interest rate. As the home neared completion, the expiration date on the rate lock also drew closer. It became increasingly evident that timing was everything with this home purchase. Once construction on the new home was finished, Nancy and her colleagues went into action to get the final inspection done. After the inspection, Nancy received the certificate of occupancy from the town, finalized the loan and worked to schedule a closing date. Thanks to Nancy’s hard work, Jean was able to save hundreds of dollars in fees by meeting the rate lock deadline.

Share Your Story

Do you have a story to share about how HVFCU helped you buy your home? If so, send us a note at [email protected]. We’d love to hear from you.

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