Mortgage Rates for 09/18/2023 - 09/30/2023

Fixed Rate Mortgages

Fixed Rate Mortgages - 20 and 30 year rates change daily

Variable Rate Mortgages

Credit Union membership is required with a $1 minimum deposit.

Proof of Home Owner's Insurance is required. Proof of Flood Insurance Coverage may be required.

Jumbo mortgages available on 15 year fixed mortgages and adjustable rate mortgages except investment property, manufactured and First Time Home Buyer. The interest rate is 0.5% higher for jumbo loans.

Vacation Home mortgages available. Maximum Term 15 years. The interest rate is 0.25% higher.

¹ The number of points quoted above may vary based on credit worthiness and properties loan to value. Contact the Credit Union for details as points and rates may change daily and without notice.

² APR = Annual Percentage Rate

³ Monthly Payment Examples assume a loan amount of $100,000. Payment examples do not include amounts for taxes and insurance premiums. If applicable, the actual payment obligation will be greater.

30 Year Fixed with no points monthly payment example: The payment on a $100,000 loan would be $733.36 per month by using $7.33 per $1,000 borrowed at a non-variable interest rate of 8.00% APR with a 360 month term.

Adjustable Rate Mortgage rate and payment changes:
The rate indicated for adjustable rate mortgages is the initial rate and is subject to increase. Adjustable Rate Loans utilize a 30 year amortization schedule.

For example the 7y/6m Year ARM will have a constant interest rate for the first seven years. Adjustable rates may change every six months thereafter ("Change Date" as indicated in the Note) based on an "Index" which is the average Secured Overnight Financing Rate (SOFR) adjusted to a constant maturity as made available by the New York Federal Reserve. The most recent index available as of 45 days before each Change Date is called the "Current Index".

Before each Change Date, the Note Holder will calculate the new interest rate by adding the "Margin" to the "Current Index". The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next "Change Date".

The rate may not adjust more than the Per Adjustment Cap indicated above on each "Change Date". The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the lifetime of the loan.

The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that would be due in full on the maturity date at the new interest rate in substantially equal payments. The result of the calculation will be the new amount of monthly payment.

7y/6m Year ARM with no points monthly payment example: The payment on a $100,000 loan would be $665.30 per month by using $6.65 per $1,000 borrowed at an adjustable interest rate of 7.00% APR with a 360 month term. This payment and rate would be in effect for the first seven years with adjustments every six months thereafter according to the disclosure above.

Down Payment Purchases:
Owner occupied fixed rate mortgage, require a minimum of 5% down. First Time Home Buyer program requires 0% down.

Down Payment Refinances:
Refinancing of both fixed and variable rate owner occupied mortgages requires a minimum down payment of 10%. Income properties require a minimum down payment of 30%.

For variable rates the lifetime cap shown is the percentage that, when added to the initial rate, is the maximum interest rate.

Other terms and conditions may apply. Contact the Credit Union for details.

Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party.

Residential - Fixed Rate

Maximum Loan Amount For Purchase Money

• Single family - 95% of the sales price or the appraised value, whichever is lower. 30 year fixed requires 5% down payment.
• Two family - 85% of the sales price or the appraised value, whichever is lower.

(Private mortgage insurance is required if over 80%.)

Minimum Loan Amount

$35,000

Points

See website for current points.

Terms Available

15, 20 or 30 years

Escrow Account

May be required on 15, 20 or 30.

Prepayment Penalty

None

Assumable

No

Lending Area

New Jersey: Bergen, Essex, Hudson, Hunterdon, Monmouth, Middlesex, Morris, Passaic, Somerset, Sussex, Warren, and Union Counties

New York: Broome, Cayuga, Chemung, Chenango, Cortland, Delaware, Dutchess, Jefferson, Livingston, Madison, Monroe, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego, Otsego, Rockland, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Westchester, Wyoming, and Yates Counties

Pennsylvania: Berks, Bradford, Carbon, Chester, Cumberland, Dauphin, Lancaster, Lebanon, Lehigh, Monroe, Montgomery, Northampton, Pike, Schuylkill, Susquehanna, Tioga, Wyoming, and York Counties

Property To Be Mortgaged

One to two family primary residence; no commercial property; no mobile homes or undeveloped land. Construction mortgages available on fixed rate mortgage products 15 or 20 year term.

Refinances

The rates and points set forth above are for a loan to home value ratio (LTV) of 90% or less. A loan origination fee may be charged depending on the loan's loan to value and borrowers credit history.

Loan Approval

The granting of a mortgage requires the borrower and the property to meet various requirements. The borrower must have adequate income to meet his housing requirements and other obligations, as well as being credit worthy. The property must have the proper value to be adequate security for loan, as well as meeting other requirements. Additional considerations are listed below.

Closing

Total normal process time is approximately 30 days without unusual circumstances.

Fees

You will be responsible for the payment of all fees associated with the processing and closing of a mortgage loan. You will be given an estimate of these fees within 3 business days after receiving your mortgage application.

The following security requirements must meet Credit Union standards, and are examples of some costs that are to be paid by the borrower(s):

Borrower's Protection Insurance is not offered.

Additional fees may apply to 30 year fixed rate mortgages.

The Credit Union reserves the right to change any condition of this program, or to withdraw it without prior notice.

First Mortgage Program: (Residential - Variable Rate)

Minimum Loan Amount

$25,000

Loan Rate

Variable - Contact Credit Union for current rates.

Points

Contact any loan officer at the Credit Union for current points.

Frequency of Interest Rate and Payment Changes

Interest rate change may vary depending upon program selected. Contact Credit Union for current programs.

Minimum Rate Change Per Interval

1/8 of 1% (if change is necessary).

Maximum Rate Change Per Interval

2% (increase or decrease).

Terms Available

15, 20, 25 or 30 years

Escrow Account

May be required.

Prepayment Penalty

None

Assumable

No

Lending Area

New Jersey: Bergen, Essex, Hudson, Hunterdon, Monmouth, Middlesex, Morris, Passaic, Somerset, Sussex, Warren, and Union Counties

New York: Broome, Cayuga, Chemung, Chenango, Cortland, Delaware, Dutchess, Jefferson, Livingston, Madison, Monroe, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego, Otsego, Rockland, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Westchester, Wyoming, and Yates Counties

Pennsylvania: Berks, Bradford, Carbon, Chester, Cumberland, Dauphin, Lancaster, Lebanon, Lehigh, Monroe, Montgomery, Northampton, Pike, Schuylkill, Susquehanna, Tioga, Wyoming, and York Counties

Property To Be Mortgaged

One to four family primary residence; no commercial property, no mobile homes or undeveloped land. Must have frontage on public highway or road. Construction loans available on variable rate loan products 7y/6m ARM and 10y/6m ARM.

Income Property: One to two family residential non-owner occupied purchase money or refinances. Income Property Max Loan to Value: 70% of sale price or appraised value (whichever is lower). Cash-out is at 50% loan-to-value ratio.

Income Property Terms: 15 Year.

Refinances

The rates and points set forth above are for a loan to home value ratio (LTV) of 90% or less. A loan origination fee may be charged depending on the loan's loan to value and borrower's credit history.

Loan Approval

The granting of a mortgage requires the borrower and the property to meet various requirements. The borrower must have adequate income to meet his housing requirements and other obligations as well as being credit worthy. The property must have the proper value to be adequate security for loan as well as meeting other requirements. Additional considerations are listed below.

Closing

Total normal processing time is approximately 30 days, without unusual circumstances.

Fees

You will be responsible for the payment of all fees associated with the processing and closing of a mortgage loan.

The following security requirements must meet Credit Union standards, and are examples of costs that are to be paid by the borrower(s):

The Credit Union reserves the right to change any conditions of this program, or to withdraw it without prior notice.