Purchasing your dream home or refinancing your existing home has never been easier at TEGFCU!
Why Choose TEGFCU for Financing?
- Great Competitive Rates
- Low Closing Costs with No Junk Fees!
- Local, In-House Processing & Underwriting
- FREE Pre-Approvals
At TEGFCU we strive to give you the best home financing experience possible. With a variety of loan options and an established track record of great service, we will find the home loan that best suits your needs at a very competitive rate.
Whether you are looking for a traditional mortgage or need something a little outside the box, our lending experts will go the extra mile to find the financing that is right for you.
In order to apply, you must either be a current member or become a member prior to closing. TEG FCU Membership is open to all who live, work or worship in Dutchess, Orange or Ulster county in NY and their immediate family. In addition, if you are purchasing a primary residence in one of these counties you are eligible for membership.
2nd Look Program
Let Us Take a Second Look and Get $50
If you are pre-approved by another lender, TEGFCU would like the opportunity to provide you with our own pre-approval decision, so that you can compare and to thank you for taking a second look we will give you $50.
Single Close Construction Loan
TEG’s Construction to Perm Mortgage enables your contractor to build your new home, either on a lot you purchase or already own. During construction (up to 12 months) you pay interest only on the amount disbursed, and upon completion your loan will automatically convert to a permanent mortgage. Your rate is locked upfront so there is no need to worry about market changes or re-qualifying at completion. Low $500 construction draw management fee.
Rehab loans enable you to combine a residential purchase or refinance with a renovation, with qualification based on the “as completed” value of the home. It’s a great option for “fixer uppers.” Low $500 construction draw management fee.
Home Equity Loans
Take advantage of your home’s value without having to sell it!
With our Fixed Rate Home Equity Line or Variable Rate Home Equity Line of Credit (HELOC), you can use the equity in your home to finance home improvements, consolidate debt, or perhaps take a much needed vacation.
Mobile Home Loans
If you need financing for a mobile home, you’ve come to the right place. TEG has partnered with First Credit Corporation to offer Mobile Home Financing:
- Fast credit decisions (within 24 hours)
- Long-term financing with low monthly payments
- Low down payment
- No prepayment penalty
- Homeowner’s insurance packages
This financing is available for homes in mobile home parks only (no private or rented land).
To apply, visit any of our branch locations or call First Credit Corporation at (800) 562-6036 and let them know that you are a member of TEG.
We build in peace of mind with our Extended Rate Lock program for as long as 9 months, so that you can focus on your home during new construction, and not worry about rates changing during the process. A long-term rate lock is a way for you to add a degree of certainty to your fixed rate conventional mortgage. Knowing that you can lock now, with a free one-time -float down option within 60 days of closing, will help minimize the stress of building your home.
Moving On Loans
Do you need to get out from underneath a home that’s worth less than what you owe on it? TEG can help with a Moving On Loan!
Moving On Loans are designed for members who:
- Are upside down on their current mortgage
- Want to move to a home that better suits their current needs
- Have some money to put towards a down payment/closing costs on a new home but not enough to pay off a deficiency balance on the current home too
- Don’t want to become a landlord
How It Works
Moving On Loans combine a mortgage for the new home you want to purchase with an unsecured loan so you can pay off the negative equity balance that may remain from the sale of your current home.
- Terms up to 60 months
- Amount depends on credit history and ability to pay
We’ll provide you a clear picture of what you’ll need to sell your home for, how much of an unsecured loan we can provide to pay the deficiency balance, and how much you’ll be able to borrow for the new home.
To get pre-approved, call one our Mortgage Loan Officers at (845) 452-7323 or visit any of our branch locations.
NMLS Registry List
NMLS (Nationwide Mortgage Licensing System & Registry) is the system of record for all federal registrations required of federally regulated mortgage loan originators. All TEG personnel who originate mortgage or home equity loans are required to be registered in the NMLS system and have been issued an NMLS number. Consumers can go to NMLS Consumer Access to obtain information on financial institutions and individual mortgage loan officers.
NMLS (Nationwide Mortgage Licensing System & Registry) is the system of record for all federal registrations required of federally regulated mortgage loan originators. All TEG personnel who originate mortgage or home equity loans are required to be registered in the NMLS system and have been issued an NMLS number. Consumers can go to http://www.nmlsconsumeraccess.org/ to obtain information on financial institutions and individual mortgage loan officers.
* Borrower is responsible for prepaid items including interest, taxes and insurance if applicable. If loan is paid in full within 36 months, borrower will be responsible to pay $750 in closing cost recapture. An upfront appraisal fee may be required which will be refunded at closing.