Q: What is a Mortgage and how do I know how much to spend on a home?
A Mortgage is a loan obtained to purchase real estate. As a rule, your mortgage payment, property taxes and insurance should be no more than 34% of your household income.
Q: What types of loans are available and which one is right for me?
MCU offers fixed rate, adjustable rate and jumbo fixed rate mortgages. The right loan for you will depend upon your income, budget and timeline.
Q: Does MCU offer any special programs for First-Time Home Buyers?
Yes, MCU offers the following programs to eligible first-time home-buyers: Home Loan Payment Relief Program, MyCommunity Mortgage Program and the Flex Program.
Q: What is included in a monthly mortgage payment?
Your monthly mortgage payment mainly pays off principal and interest. However, some lenders also include local real estate taxes, homeowner’s insurance and mortgage insurance (if applicable).
Q: How do I find the best rates?
MCU rates are very competitive. To get our current rates log onto nymcu.org where you can use our mortgage calculator to compute your mortgage payment based on the rates MCU offers.
Q: How do I choose the right mortgage for me?
Call an MCU Mortgage Representative at 212-238-3521 or visit your local branch and we’ll help you find the right mortgage for you.
