HOME August 2015 www.TeachersFCU.org HOME With Rates Like These, Why Go Anywhere Else? Need Extra Cash? Consolidate Debt by Refinancing. 30-Year Fixed Rate Mortgages Rates as low as 3.875 3.94 * % RATE % No Points Rates as low as 2.875 3.06 ** % RATE % APR No Points. Other Adjustable and Fixed Terms Available. Featured TFCU Mortgage Rates Term Rate APR* Cost per $1,000 30 Year Fixed 3.875% 3.94% $4.70 15 Year Fixed 3.00% 3.12% $6.91 30 Year Fixed Jumbo 4.125% 4.16% $4.85 5/1 Adjustable 2.25% 2.97% $3.82 7/1 Adjustable 2.50% 2.97% $3.95 For more information, call one of our knowledgeable mortgage representatives at 631-698-7000, extension 6790. APR 10/1 Adjustable Rate Jumbo Mortgages If you’re looking to purchase or refinance your home, look no further than TFCU. We have some of the best rates around! 10/1 Adjustable Rate Mortgages Rates as low as 2.75% 3.01% *** RATE APR No Points. 5/1 & 7/1 ARMS Also Available! TFCU Offers Jumbo Mortgages up to $3,000,000 All rates and terms are subject to change without notice. *APR: Annual Percentage Rate. Rates & terms accurate as of 7/22/2015. Maximum loan amount is $417,000. Pay $4.70 per $1,000 borrowed for 30-year fixed rate mortgage at 3.94% APR. Taxes, insurance and other costs will result in a higher monthly payment. Primary residence only. This is not a commitment to lend. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance, or PMI. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Rate shown is for purchase or refinance, up to 80% financing. Other rates and terms available for loan to values above 80%. **APR: Annual Percentage Rate. Rates & terms accurate as of 7/22/2015. Jumbo mortgages available from $417,001 up to $3,000,000. Pay $4.15 per $1,000 borrowed for 10/1 Adjustable rate jumbo mortgage at 3.06% APR. Rates fixed for 10 years. Subsequent adjustments made annually. 2% annual cap; 5% lifetime cap. Margin 3.00%. Index: 1 year Constant Maturity Treasury (CMT).Taxes, insurance and other costs will result in a higher monthly payment. Primary residence only. This is not a commitment to lend. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance, or PMI. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Rate shown is for purchase or refinance, up to 80% financing. Other rates and terms available for loan to values above 80%. ***APR: Annual Percentage Rate. Rates and terms accurate as of 7/22/2015 . Maximum loan amount is $417,000. Pay $4.08 per $1,000 borrowed for 10/1 adjustable mortgage. Rates fixed for 10 years. Subsequent adjustments made annually. 2% annual cap; 5% lifetime cap. Margin 3.00%. Index: 1 year Constant Maturity Treasury (CMT). Taxes, insurance and other costs will result in a higher monthly payment. Primary residence only. This is not a commitment to lend. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance or PMI. APR based on $165,000 Conventional loan assuming the highest credit rating. Applicants not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Rate shown is for purchase or refinance, up to 80% financing. Other rates and terms available. Ask for details. APR: Annual Percentage Rate. Rates and Terms are accurate as of 7/22/15 and are subject to change without notice. *APR based on $165,000 Conventional loan assuming the highest credit rating. Your actual rate may vary depending on your specific terms. The maximum loan amount for conforming mortgage for a primary residence single unit home is $417,000. Mortgages above that amount are considered jumbo mortgages. Mortgages at or below that amount may be considered conforming so long as other Fannie Mae criteria are met. Rate quotes are not guaranteed. Your actual rate may vary depending on your specific terms. The maximum loan amount for conforming mortgage for a primary residence single unit home is $417,000. Mortgages above that amount are considered jumbo mortgages. Mortgages at or below that amount may be considered conforming so long as other Fannie Mae criteria are met. Rate quotes are not guaranteed. The rates displayed are subject to change without notice. Additional factors that may not have been considered may affect your final rate. This is not a commitment to make a loan, nor is it a guarantee that you will receive these rates or points if you are approved for the loan. Loans above 80% LTV may require private mortgage insurance. Rates and points can be locked in only after your completed loan application is received. VISIT OUR BOOTH AT THE LONG ISLAND SPRING HOME SHOW September 18, 19 & 20, 2015 Suffolk County Community College Exhibition Complex LIHomeShows.com FREE ADMISSION Repayment Options for Your Home Equity Loan Several factors can come into play when trying to select the right home equity loan. Make sure you choose a loan with a repayment schedule that works for your situation. Home Equity Line of Credit Up to $500,000 Fixed Rate for 24 Months 1.99 Repaying a Home Equity Loan If you decide to select a home equity loan, be prepared to receive a lump sum of money upfront from TFCU. It is a lot like financing an auto loan where interest is charged on top of your monthly principal payments and amortized until your debt is repaid in full. The interest rate is fixed (generally up to 240 months or 20 years) and secured by collateral, in this case the equity in your home instead of your car. % * APR Then Prime Rate for Life! NO CLOSING COSTS! Repaying a Home Equity Line of Credit (HELOC) A home equity line of credit acts a lot like a credit card. Instead of fixed payments over a specified period of time, you are given a maximum credit line that you can borrow against in increments as needed and pay back in monthly installments. You can access your credit line as needed - for a specified period of time or draw period - up to your credit limit either by check or by an access card linked to the HELOC. “ADJUSTABLE” Rate Mini – Home Equity Loan Up to $500,000 2.929 % ** APR Up to 240-Month Term NO CLOSING COSTS! 10-Year “FIXED” Rate Mini – Home Equity Loan Up to $500,000 3.74 If you’re interested in borrowing against the equity in your home reach out to one of our knowledgeable representatives for help with all your questions and concerns. % ** APR NO CLOSING COSTS! Other Rates/Terms Available Call us today at 631-698-7000, extension 6790. Source: BestCashCow.com All rates and terms are subject to change without notice. *APR: Annual Percentage Rate. Rates and terms accurate as of 7/22/2015. Term: 180 Months. Daily Peridoic Rate is 0.0055%. HELOC max $500,000 (up to 75% of home value, rate shown for 75% max. LTV). Lines up to $100,000 require $10,000 min. advance & must maintain a balance for 36 months to avoid repayment of closing costs. Lines $100,001 - $250,000: $60,000 advance & maintain a balance for 36 mos. to avoid repayment of closing costs. Lines $250,001 - $500,000: $100,000 advance & maintain a balance for 36 mos. to avoid repayment of closing costs. Variable rate equal to the Wall Street Journal Prime Rate (3.25% as of 7/15/2015) as published 30 days prior to interest rate adjustment date, applied at loan origination. After 24 month period, a 1% maximum rate adjustment is allowed per quarter. Rate will not exceed 18% over the life of the loan. **APR: Annual Percentage Rate. All rates and terms are subject to change without notice. Rates/terms accurate as of 7/22/2015. Rates will be based on credit history. Rate shown is the lowest available. Applicants not approved at these rates or terms may be offered credit at a higher rate or term. Mini Adjustable Equity Loan: 2% annual adjustment CAP. Rate can go up or down 2% each year. Index = 1 year CMT Plus. Margin = 3.50. Rounded to the nearest 1/8th. Lifetime adjustment CAP = 6%. Appraisal will be required. Primary residence – New York only. Ask for details. TFCU’s Mortgage Products Fixed Rate Mortgage Jumbo Mortgage Second Home Financing My Community Mortgage Co- op Mortgage Condominium Mortgage No Closing Cost Mortgage 5/1 Adjustable 7/1 Adjustable 10/1 Adjustable Home Equity Line of Credit Mini Fixed Equity Loan Mini Adjustable Equity Loan We’re here for all your mortgage needs! Apply today at: www.teachersfcu.mortgagewebcenter.com 631-698-7000, ext. 6790 While consistent effort is made to ensure the integrity of information contained in this publication, material should not be considered legal, financial or professional advice. Terms and conditions apply. Please speak to a representative for details.