Mortgage Rates
Whether you’re purchasing your very first home or upgrading to your dream home, we understand buying a house is a big step. TEG FCU helps you get into the home buying process quickly, easily, and hassle-free.
Today's Featured Conventional Mortgage & Refinance Rates*
| Term | Rate | APR | Points |
|---|---|---|---|
| 30 Year Fixed | 6.125% | 6.177% | 0.000% |
| 20 Year Fixed | 6.000% | 6.069% | 0.000% |
| 15 Year Fixed | 6.000% | 6.087% | 0.000% |
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 | 4.625% | 6.460% | 0.000% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
| 10/6 ARM | 5.125% | 6.046% | 0.000% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
NO Extra Fees!
Compare our closing costs to other lenders. You won't find any hidden fees at TEG!
- No Application Fee
- No Other Added Junk Fees
Mortgage Rates FAQ
Q: How often will my mortgage rate change?
A: Fixed-rate mortgages never fluctuate. In contrast, adjustable-rate mortgages will adjust their interest rate once per year.
Q: What will my mortgage payments look like?
A: Calculate your preliminary monthly mortgage payment by relying on our mortgage rate calculator. Note that these numbers are only predictions, and may not necessarily reflect your final monthly costs.
Q: Can I lock in my mortgage interest rate?
A: Yes! And we encourage it. Contact your loan officer as soon as possible to lock in your desired interest rate.
Factors Affecting Home Loan Rates
Several unique factors influence the overall interest rate of your mortgage loan. A few of these are listed below.
Your Credit Score: Borrowers with high credit scores qualify for the lowest interest rates. Conversely, if you have a low FICO score (credit score), your mortgage rate could be higher and your loan options might be limited.
The Total Loan Amount: The total amount of your mortgage can influence your rate as well.
Your Expected Down Payment: As a general rule, if you can put a 20% down payment on a home, you will usually qualify for a lower mortgage rate.
The Term Length: The term of your mortgage also influences how much you pay. The shorter your term length, the less interest you will pay over the life of the loan. However, keep in mind that shower lengths boost your principal payments.
Fixed- Rate vs. ARM: Fixed-rate mortgages offer a set rate for the entirety of the mortgage. The rate on an Adjustable Rate Mortgages (ARM) may go up or down based on the current prime rate.
You may not be able to control all aspects of your mortgage rate, but you can lower the rate considerably by maintaining a high credit score, monitoring your debt to income ratio, and making a sizable down payment on your home.
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. I’m here to answer your questions, find the right loan for your situation, and make the process as anxiety-free as possible.
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.
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.
See What Our Members Have To Say
“TEG has always provided professional service and commitment to me as one of their clients. I have been a member for 30 years and have always been made welcomed. I have had various loans, and always received complete information on each. TEG is a great community institution.” — Peter H.
“Our experience was extraordinary. Jessica and the TEG team were incredible. They helped us from the moment we walked into the bank to after the closing was done. They were always available either via email or call. They made the process of buying our first home very pleasant. We are truly happy with the outcome and we love our home” — Member from Highland, NY