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Home Loans

Because Every Hero Deserves a Place to Call Home.

Buying a home requires years of careful financial planning, but the security of homeownership is worth it. MCU’s Lending Sales Specialists are ready to uncomplicate the mortgage process with competitive rates and expert financial guidance every step of the way.

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Find the Mortgage That’s Right for You.

Ready to make your dream home a reality? Our helpful Lending Sales Specialists are here to help you get the mortgage you need, at a rate you feel great about.


Conventional Mortgages

In the market for a new place to call home? MCU is ready to help, with competitive interest rates and terms that work for you.

See Conventional Mortgages

Jumbo Mortgages

Have your eye on a higher-priced home? Our Jumbo Loan options exceed the limit of a conventional loan and allow you to buy up to $1 million in residential property.

See Jumbo Mortgages

High-Balance Mortgages

For members buying in a particularly high-cost area, MCU offers high-balance loan options that allow for an increased loan limit—opening doors to home purchases in higher-income areas.

See High-Balance Mortgages

Multi-Family Homes, Co-Ops, and Condos

No matter what your ideal home type is, you deserve to rest comfortably after a long day. MCU offers the mortgage products you need to purchase non-traditional homes not covered by a conventional mortgage.

See Multi-Family Homes, Co-Ops, and Condos

Fixed Home Equity Loans

Let the value of your home work for you. Borrow up to 80% of your home’s available equity in a single lump sum with fixed and stable payment plans made over your preferred loan period.

See Home Equity Loans

Investment Property Loan

Whether you’re looking to build from scratch, or rehab an existing property to sell or rent out, our Investment Property Loan is a great option for your future real estate investments.

See Investment Property Loans

Banking That’s Always by Your Side

Access the information you need, when you need it with our easy-to-navigate digital banking platform. Discover helpful tools and settings that make banking smarter, not harder.

NYMCU Digital Banking

Looking for More Lending Options?

Whether you’re looking to consolidate bills, lower existing loan payments, buy your first car, or cover an unexpected expense, choose one of our competitive lending options to meet your needs.

Explore Loans

No Matter Where You Are in Life, We’re Right There with You.

At MCU, we believe that a credit union should be a lifelong source of financial education and support—from planning for college, to financing a home, to saving for retirement.

That’s why we have specialized recommendations for products and services designed to help you meet your goals (both short-term and down the road), based on your changing needs and priorities.

Show Me Products For My Life Right Now
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Make the Most of Your MCU Membership.

Membership in our community is about more than just banking. As an MCU member, you can access valuable information and resources to help you plan and reach your financial goals.

All about Private Mortgage Insurance (PMI)

Have you heard of PMI? PMI, short for Private Mortgage Insurance, is an insurance policy that helps protect the lender if the borrower can't pay their mortgage. ...

What to Consider Financially As A First-Time Homebuyer

So, you’re ready to buy your first home. Congratulations! For many people, taking this step is one of the biggest financial moves they will make in their entire lives. Because of ...

Mortgages 101: Getting Started on The Path to Homeownership

When you embark on the search for a new home, you may think you know the steps to take: Read the listings, visit some open houses, sign on with a Realtor, make an offer. In fact, ...

Get Answers to Our Most Frequently Asked Questions.

Do I need to get pre-approved before buying a home?

While mortgage pre-approval is not required to make an offer on a house, getting pre-approved is highly recommended if you are planning to buy.

Pre-approval gives you a better idea of the loan amount you can get, the fees associated with it, and allows you to better budget for your future home.

In addition, sellers and realtors will be much more likely to accept an offer from someone with pre-approval.

Am I able to refinance my mortgage in the future?

Usually, yes.

However, there are criteria you must meet to refinance your home, depending on the type of mortgage you have and the type of refinance you want.

For most types of mortgages, you’ll need to have:

  • Owned and occupied the house for at least 7 months
  • Had a mortgage on the house for at least 7 months
  • No late mortgage payments in the last 6 months
  • 1 or fewer late mortgage payments in the past 12 months

For conventional mortgages, often you can refinances as soon as you’d like as long as you use a different lender

If you need specific advice on refinancing your own mortgage, talk to one of our MCU Lending Sales Specialists.

What’s the difference between a conforming and nonconforming loan?

A conforming loan is determined by guidelines set by agencies like Fannie Mae and Freddie Mac, which are backed by the federal government.

Conforming loans tend to have lower interest rates because there is a larger secondary market for them, which means you'll have lower monthly payments and spend less total over the life of the loan.

Conforming loans are highly standardized, since they must meet federal requirements. While it's always good to take time to consider any financial decision, federal requirements limit the likelihood that you'll be subject to unusual lender conditions.

Conforming loans are more likely to have protections backed by the federal government built in for when you face setbacks, such as an economic recession.

Conforming loans are more difficult to obtain for borrowers with low incomes, no or low credit scores, and higher debt-to-income (DTI) ratios.

A nonconforming loan is literally any mortgage loan that doesn't meet the requirements for a conforming loan - should've known! This doesn't mean they're less advantageous; for example, commercial properties are often financed with nonconforming loans.

Nonconforming loans tend to have more variety, which means you might get more flexibility since you may not be held to the stringent requirements of conforming loans. For instance, you might be able to afford to buy in a more expensive area or buy a type of home that isn't eligible for a conforming loan.

Nonconforming loans are inherently available to more borrowers, and some lenders even offer nonconforming loans specifically as solutions for a borrower with no or low credit, low household income, or even a past bankruptcy.

Since these loans are more accessible, they are also more expensive. Any lender will tend to charge more for borrowers that pose a higher risk, so you'll pay a higher down payment, higher interest rates, and potentially higher fees.

Though a conforming loan is often the first choice, nonconforming loans can offer flexibility and increase the likelihood of your loan application being accepted.

How can I get a better mortgage rate?

There are a lot of factors that go into determining mortgage rates. Most of these factors are outside of your control—for example, overall economic growth and the interest rates set by the Federal Reserve.

However, there are things you can do to ensure you’re getting the best rate you can on your mortgage:

  • Focus on your credit score
  • The higher your credit score, the more likely you’ll qualify for a lower mortgage rate.
  • Save up for your down payment
  • More money down will shrink your loan-to-value ratio, meaning you’ll likely qualify for better rates on a smaller mortgage.
  • Find the type of mortgage that’s right for you
  • Our MCU Lending Sales Specialists are always here to help.
  • If you are a first-time home buyer, there may be programs to help make your mortgage more affordable. MCU can help with those too!.

How do I set up my monthly mortgage payment?

There are a few ways to set up your mortgage payments:

  1. Set up automatic payments through the MCU website or app
  2. Make a payment by visiting your MCU branch
  3. Send a check by mail each month

Are You Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, savings products, and educational resources you need to secure an exceptional financial future, and the residential property you deserve.

Join Now
Why Join?

Notices of Errors and Information Requests pertaining to your MCU Mortgage or Home Equity accounts
must be put in writing and sent to the following address:

Municipal Credit Union
P.O. Box 1002
Church Street Station
New York, NY 10008 – 1002

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