Your credit union is committed to providing real estate loans at competitive rates with local decision making and common sense underwriting.

MHVFCU offers:

• Conventional Mortgages - Fixed and Adjustable Rate
• SONYMA Mortgages
• Up to 103% Financing on Select Programs
• Building Lot Loans
• Construction Loans
• Home Equity Products

Contact a Mortgage Counselor for more information or to schedule an appointment. Our Mortgage Counselors are available after hours and weekends to meet with you to discuss your home financing needs. Our Mortgage Center is located in Credit Union Center, 1099 Morton Boulevard, Kingston, New York, but arrangements can be made to meet at any of our convenient branch locations. You may also contact our Mortgage Center at 845-336-4444 or e-mail MortgageCenter@MHVFCU.com.

Fixed Rate Mortgages

• Borrow at a fixed rate for up to 30 years. The interest rate can be locked in for 60 days at the time of application.
• The fixed rate applies for the entire term of the mortgage so your monthly principal and interest payment remains the same for the life of the loan.
• Borrow up to 100% (with PMI insurance) of the purchase price or appraised value, whichever is less.

Adjustable Rate Mortgage (ARM)

• An ARM is a mortgage that has an interest rate that is fixed for a certain period (1, 3, 5, 7 or 10 years) after which the rate adjusts yearly for the remainder of the term, based on a recognized index.

Qualified members can apply through the credit union for mortgages offered by SONYMA (State of New York Mortgage Agency) to purchase owner-occupied one to four-family properties in New York State. These mortgages offer several benefits:

• Below market interest rates
• Minimum down payments as low as 3% of purchase price for qualified home buyers and homes
• Terms of 20, 25 or 30 years

To qualify for a SONYMA mortgage, members must meet certain criteria:

• You must be a first-time homebuyer, defined as not having ownership interest in a primary residence at any time during the three years prior to the SONYMA mortgage and not currently owning a vacation or investment home. (This requirement may be waived for a home in a "target area." Call for details.)
• SONYMA's purchase price limits
• SONYMA's household income limits

For more information about the SONYMA program and purchase price and household income limits, please contact our mortgage center at 845-336-4444, ext. 3475. You can also visit the SONYMA web site for additional information.

Up to 103% Financing on Select Programs

There are programs available which are based on good credit.

Building Lot Loans

We offer building lot loans in amounts up to $150,000. Up to 80% of the purchase price may be financed.

Construction Loans/Rehabilitation Loans

One-step and two-step closings available customized to your building needs.

Home Equity Products

Equity is the difference between your home’s market value and your current mortgage balance. If, for instance, the market value of your home is $150,000 and your mortgage balance is $100,000, your equity is $50,000. You can put this equity to work to secure a low-cost credit union loan. We offer three options for equity borrowers so you can select the program that best meets your needs — Home Equity Loan, Home Equity Line of Credit and Equity Edge Loan. The first two allow you to borrow up to 90% of your home’s current appraised value, less your first mortgage balance. The third does not require that you have any equity in your home, just good credit.