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%.
- 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.