First-Time Home Buyer
Securing your first home is an exciting opportunity to start something wonderful. Maximize the good with a mortgage loan TEG FCU for your first home.
First-time home buyer loans provide a way of obtaining homeownership that gives everyone an equal start towards fulfilling dreams. By leveraging low-interest rates and flexible term lengths your new home is within reach!
- Low Rates
As your credit union, TEG is ready to offer the competitive rates that you need to make your new home affordable.
- Flexible Terms
Talk to us about your needs, and let’s find you the loan with the best fit for your situation.
- Low Closing Costs
Making a mortgage affordable means not surprising you with extra closing costs. Compare our closing cost to other lenders and Just Say No to Junk Fees. You won’t find them at TEG.
- Helpful Programs
Are you a first-time homebuyer? We can connect you with a variety of programs to help you buy a home.
Buying a home is a major decision. Anyone (especially a first-time homebuyer!) is sure to have questions.
- What mortgages are available?
- Which mortgage is best for me?
- How much home can I afford?
- What are my out-of-pocket costs?
Our team has the expertise to walk you through these questions and more. We’ll start by getting to know you, then help you get you preapproved for the right loan so you know how much house you can afford. Our experienced staff will help you through the complicated mortgage process step by step. Get started by selecting a mortgage officer.
Get Started With Our Mortgage Loan Officers
We are here to help you secure the loan approval you need! With an extensive background in mortgage lending, we are committed to helping you find the best possible financial solution. APPLY TODAY with one of our Mortgage Officers.
Mortgage Loan Officer
Financing a home doesn’t need to be stressful. I’m here to help you find the right home loan to fit your needs. Whether this is your first home purchase, an investment property or a refinance, I will ensure your loan process runs efficiently and smoothly.
From the moment you set a down payment to the instant you walk through your new front door, your first home should be as welcoming, fun, and carefree as possible. Low first-time home buyer rates with TEG FCU help you maximize your savings with each monthly payment. See for yourself below!
Mortgage Purchase Rates*
|30 Year Fixed||3.250%||3.297%||0.000%|
|20 Year Fixed||3.000%||3.065%||0.000%|
|15 Year Fixed||2.500%||2.581%||0.000%|
First-Time Home Buyer FAQ
Q: How much does my credit score matter as a first-time home buyer?
A: If you want to pursue a first-time home buyer loan such as an FHA loan, your credit doesn’t need to be flawless to get approved. Simply complete the application form and wait a few business days for a quick reply.
Q: As a first-time home buyer, do I need to make a down payment?
A: While some forms of financing do not require a down payment, supplying a small amount of money upfront can be an excellent way to lower interest rates and remove PMI. Experts suggest putting at least 20% down, if possible.
Q: What do I need to look out for as a first-time home buyer?
A: Ensure that the mortgage lender you are working with has your best interests in mind. Beware of terms that seem too good to be true, or high-interest rates in return for ‘quick’ money. Do your due diligence in researching options to protect your bottom line.
Have more questions? See our full list of mortgage FAQs here.
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.
First-time Homebuyer Dream Program
TEG Federal Credit Union is excited to participate in the 2021 Homebuyer Dream Program which offers eligible first time home buyers up to $10,000 ($9,500 for down payment and/or closing costs and $500 towards the defrayment of homeownership counseling costs) for the purchase of their first home.
This grant program is through the Federal Home Loan Bank of New York and will become available on May 3rd, 2021 with a limited number of grants available. Funds are available on first-come, first-served basis. Income restrictions apply.