JOIN US FOR A FREE
HOMEBUYER WEBINAR
Join us virtually on Wednesday, 5/8/24 at 5:30 pm
Our Mortgage experts will discuss what to expect during the home-buying process.
- Factors that will affect buying a home
- What lenders look for in a borrower
- Choosing the mortgage best for you
- The Homebuyer Dream Program
- Step-by-step tips
- And more
First-Time Home Buyer
Securing your first home is an exciting opportunity to start something wonderful. Maximize the good with a mortgage loan from TEG 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
TEG offers 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
Compare our closing cost to other lenders. You won’t find extra, hidden junk fees at TEG.
- Helpful Programs
We can connect you with a variety of programs to help you buy your first home.
Talk to us about your needs, and let’s find you the loan with the best fit for your situation.
Meet 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.
NMLS# 22486
JESSICA SCHOEN
Senior Mortgage Officer
I have many years of experience working with first-time home borrowers, so you can be confident I'll help you find the mortgage loan best suited to your individual needs.
NMLS# 404022
MATTHEW BANNAN
Senior Mortgage Officer
Home financing is one of the biggest decisions you will make. Let me answer your questions, help you find the right loan for your situation, and make the process as anxiety-free as possible.
NMLS# 404038
DARREN DiBENEDETTO
Senior Mortgage Officer
With a relentless focus on customer service, Darren has consistently delivered results that have earned acclaim and acknowledgment.
NMLS# 1841508
SCOTT MCNALLY
Mortgage Loan Officer
Financing a home doesn’t need to be stressful. I’m here to help you find the right loan. Whether this is your first home purchase, an investment property or a refinance, I will ensure your mortgage process runs efficiently and smoothly.
NMLS# 1466211
JEFFREY SHIELDS
Mortgage Loan Officer
Known for outstanding service, you can count on me to look out for your interests and keep you informed throughout the mortgage process. I strive to make borrowers feel at ease and get to their goal of homeownership.
NMLS# 2514289
KEVIN ARDUINO
Mortgage Loan Officer
My leadership experience is valuable in my role as a Mortgage Officer. I'm passionate about providing the best solution with incredible service and will strive to exceed your expectations.
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!
Today's Featured Conventional Mortgage & Refinance Rates*
| Mortgage Type | Rate | APR | Points |
|---|---|---|---|
| 30 Year Fixed | 7.000% | 7.132% | 0.750% |
| 20 Year Fixed | 6.750% | 6.920% | 0.750% |
| 15 Year Fixed | 6.625% | 6.877% | 1.000% |
Today's Featured Adjustable-Rate Mortgage (ARM) Rates*
| Mortgage Type | Rate as low as | APR as low as | Points | First Cap | Subsequent Cap | Lifetime Cap |
|---|---|---|---|---|---|---|
| 5/6 ARM | 6.250% | 7.195% | 0.750% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
| 10/6 ARM | 6.500% | 7.000% | 0.750% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
Download our free guide
Download “The Comprehensive Guide to Finding, Buying an Financing a Home”, to provide you with the knowledge you need to start on the path to homeownership. Buying a home doesn’t have to be scary. Discover everything you need to know to help you buy a place you love – with a payment you can afford.
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 $100
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 $100.
First-time Homebuyer Dream Grant
TEG Federal Credit Union is excited to participate in the Homebuyer Dream Program, which offers eligible first-time home buyers assistance to purchase their first home.
This grant program is through the Federal Home Loan Bank of New York. Funds are available on a first-come, first-served basis. Income restrictions apply. The program starts on January 8, 2024.