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Our Contact Center and all branch locations will closed Monday January 20th in honor of Martin Luther King Jr. Day.

Regular hours will resume on Tuesday January 21st. 

For your convenience you can access your accounts via our ATM network, Digital Banking and the NYMCU mobile app.

MCU JUMBO MORTGAGES

Elevate Your Homebuying Power with an MCU Jumbo Loan

Go above and beyond typical loan limitations, with increased limits of up to $1 million for qualified borrowers.

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Dream Big with MCU Jumbo Mortgages

When your dream home needs a larger loan, MCU is here to help.

Our Jumbo Mortgages offer competitive rates, flexible terms, and personalized guidance to make financing your luxury property simple and stress-free.

Take advantage of expert support and resources to streamline every step of the process.

MY MCU HOMEBUYER BENEFITS:

BUY A HOME WITH AS LITTLE AS 3% DOWN
Start your journey today with a minimal upfront investment.

QUALIFY FOR A 0.25%* DISCOUNT
Members who have not owned a property in the last 3 years are eligible for a discount of 0.25%* off mortgage rates.

RECEIVE UP TO $20,000 IN FINANCIAL ASSISTANCE
Experts help you apply for grants from the Homebuyer Dream Program® that you can use for a down payment, closing costs, and more.

PAY NO APPLICATION FEES
Save up to $900 in application fees for a limited time!

LOCK IN  GREAT RATES
Secure affordable rates that maximize your buying power and peace of mind.

EARN REAL REWARDS WITH REAL RESULTS
Connect with a network agent to find your home, gain access to current MLS listings, and earn HomeAdvantage® Cash Rewards!

CHOOSE FLEXIBLE LOAN TERMS
With 10, 15, 20, and 30 year term options, you can pick a plan that aligns with your goals and lifestyle.

COUNT ON TOP-TIER MEMBER SUPPORT
Make an appointment today and partner with an expert who will guide you through every step of your homebuying process.

MANAGE YOUR ACCOUNT WITH A TOP-RATED APP
Easily access and manage your mortgage anytime, anywhere.

ACCESS A VARIETY OF FLEXIBLE MORTGAGE OPTIONS
Explore Conventional,  Jumbo, High-Balance, Adjustable Rate, Investment and Multi-Family Unit Mortgages

 

Today's Rates

hero-icon-let-the-value-of-your-home-Jun-19-2024-06-55-34-6899-AM

15 year term

as low as

6.500 %

APR*
hero-icon-let-the-value-of-your-home-Jun-19-2024-06-55-34-6899-AM

20-Year Term

as low as

6.625 %

APR*
hero-icon-let-the-value-of-your-home-Jun-19-2024-06-55-34-6899-AM

30-Year Term

as low as

7.000 %

APR*

Mortgage Calculator

Get Expert Support, When You Need It.

Connect with one of our team members for personalized support.
Sean Remy
Sean Remy

Lending Sales Assistant

Gabrielle Naughton
Gabrielle Naughton

Lending Sales Assistant

Justyn Chery
Justyn Chery

Lending Sales Assistant

Raquel Bhola
Raquel Bhola

Lending Sales Assistant

FAQs

Get Answers to Our 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
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