Teachers Federal Credit Union Mortgage Rates and Review(s)

If you happen to be in the market for a home loan or are looking to refinance an existing loan you may want to stop by your local Teachers Federal Credit Union. They are currently boasting some of the lowest interest rates (and APR’s) on both fixed rate mortgages and adjustable rate mortgages in their area. Unfortunately for many people however, membership to Teachers Federal Credit Union (TFCU) is a tad exclusive and available only to residents of Long Island, NY as well as their extended family members.

A message from TFCU:

“TFCU is a not-for-profit, member-owned financial institution which exists to serve our members. This means unlike other financial institutions, we have fewer fees and more favorable rates, adding up to a great financial deal. At TFCU, the people we do business with are not customers, they are members. When you open an account at TFCU, you actually own a share of the credit union, so in essence, it is your credit union.”

Mortgage Rates available at Teachers Federal Credit Union:

(APR’s accurate as of June 2011.)

Fixed Rate Mortgages

- 10 year fixed rate mortgage on home loans valued at $417,000 or lower featuring an APR of 3.18%.

- 15 year fixed rate mortgage on home loans valued at $417,000 or lower featuring an APR of 3.50%.

Jumbo Mortgages

- 15 year fixed rate mortgages on home loans above $417,000 featuring an APR of 3.69%.

- 20 year fixed rate mortgages on home loans above $417,000 featuring an APR of 4.31%.

- 30 year fixed rate mortgages on home loans above $417,000 featuring an APR of 4.54%.

Terms and Conditions:

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.
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. Maximum Loan to Value for this program is 75%. Rates can be locked in only after your completed loan application is received.

Sovereign Bank Mortgage Rates and Review(s)

Sovereign Bank, based out of Pennsylvania, is currently offering mortgage rates and home loan refinance rates with APR’s below the national average. They have a wide range of home loan products – offering fixed rate mortgages, adjustable rate mortgages, FHA/VA mortgages, construction loans and reverse mortgages (to name a few). Their 30 year and 15 year fixed rate home loans both come with APR’s below 5.0%.

Sovereign Bank is one of the largest banks in the United States. They have nearly $50 million in deposits and just under 750 offices throughout the country.

Sovereign Bank’s Recent History:

Sovereign expanded into New England in 2000, and the New York area in 2006. The expansion into New England included approximately $12 billion in deposits, $8.1 billion in loans, 281 branches, and 550 ATMs from FleetBoston Financial, which was the largest branch acquisition in banking history. Today, Sovereign offers more than 750 branches and 2,300 ATMs from Maine to Maryland.

Mortgage Rates offered through Sovereign Bank:

(rates accurate as of 8/25/2010, visit their mortgage page for updated rates)

- 30 year fixed rate mortgage with interest rates ranging from 3.75% to 4.375% on home loans less than or equal to $417,000 and depending on point structure.

- 15 year fixed rate mortgage with interest rates ranging from 3.25% to 3.875% on home loans less than or equal to $417,000 and depending on point structure.

Sovereign Bank Mortgage Benefits and Features:

• Online mortgage tools and planning
• Low down payment loans
• Reverse Mortgages
• Loans for as little as $15,000
• FHA/VA mortgages
• Pre-qualifications
• Fast approvals
• Zero points
• Construction loans
• Flexible terms available

Terms and Conditions:

Rates are subject to the borrower meeting minimum credit score and loan-to-value requirements.Sovereign Bank offers a diverse menu of conventional, jumbo, FHA/VA, fixed and adjustable rate mortgage products. The above rates are limited to properties located in Pennsylvania, New Jersey, New York, Delaware, Massachusetts, Connecticut, New Hampshire, and Rhode Island.

APRs are calculated assuming a property located in Massachusetts with a 30% down payment. It is also assumed that the loan is closing on the last day of the month. Based on a $100,000 mortgage loan of 30 or 15 years with a corresponding APR of 8.00% or 7.50%, you would make either 360 or 180 monthly payments of $733.76 or $927.01, respectively.

Recent Mortgage Reviews:

Vision Bank mortgage rates and reviews – featuring APR’s under 5% as of 8/2010

Fifth Third Bank mortgage rates and reviews – featuring APR’s below the national average

Bethpage Federal Credit Union Mortgage Rates and Review

Bethpage Federal Credit Union, out of Long Island, New York, is one of the larger credit unions in the country. They manage roughly $3.2 billion in assets and have 165,000 members. Their members consist of a diverse cross-section of the Long Island economy, including employees of many of the largest firms in the high tech, manufacturing, pharmaceutical, legal and service industries. Although they primarily operate on Long Island, New York, they can still offer their mortgage and home loan products to consumers throughout the country (except for Texas).

Currently BFCU is offering some decent home loan products with rates significantly under the national average. Like all bank rates, these are time sensitive in nature so please refer to the date of this article for accuracy.

Mortgage Rates offered through Bethpage Federal Credit Union:

- Fixed rate 10 year conforming mortgage with APR of 3.804% (with no points).

- Fixed rate 15 year conforming mortgage with APR of 4.00% (with no points).

- Fixed rate 20 year conforming mortgage with APR of 4.349% (with no points).

- Fixed rate 30 year conforming mortgage with APR of 4.572% (with no points).

- No Closing ARM with APR of 2.92% (with no points).

- 3/1 ARM conforming mortgage with APR of 3.027%

- 3/3 ARM conforming mortgage with APR of 3.576%

- 5/1 ARM conforming mortgage with APR of 3.293%

- 7/1 ARM conforming mortgage with APR of 3.737%

- 10/1 ARM conforming mortgage with APR of 4.094%