Loans

  • Calculators
  • maximum Loan: $20,000
  • Basic Loan Range (based on credit score):
    • A+ = up to $20,000
    • A = up to $15,000
    • B = up to $10,000
    • C = up to $7,500
    • D = up to $5,000
    • E = up to your Gross Monthly Income
  • Maximum Repayment Term: 60 months
  • Application Turn-Around Time: usually same-day — no later than the next business day
  • Current Loan Rates
  • Minimum Approval Requirements:
    • Debt Ratio should be below 55% (monthly debt/ gross monthly income)
    • FICO Score should be above 550
    • No more than two (2) Collection Accounts on your credit report.
  • Calculators
  • Maximum Financing: 108%
  • Model Year Categories:
    • New: 2015-2018 – up to 72 month financing
    • Used: 2011-2014 – up to 60 month financing
    • Used: 2007-2010 – up to 48 month financing
  • Application Turn-Around Time: usually same-day — no later than the next business day
  • Curent Loan Rates
  • Minimum Approval Requirements
    • Debt Ratio should be below 55% (monthly debt/ gross monthly income)
    • FICO Score should be above 550
    • No more than one (2) open Collection Accounts on your credit report
  • Calculators:
  • Category Includes: Boat, RV, Camper, Snowmobile, ATV, etc.
  • Maximum Financing: 108%
  • Model Year Categories:
    • New 2015-2018
    • 2007-2014 up to 84 months financing
  • Application Turn-Around Time: usually same-day — no later than the next business day
  • Current Loan Rates
  • Minimum Approval Requirements:
    • Debt Ratio should be below 55% (monthly debt/ gross monthly income)
    • FICO Score should be above 550
    • No more than two (2) Collection Accounts on your credit report.

Calculators

Fixed Rate HELOC

  • 10 year term: 2 year draw/8 year payback
  • Fixed rate based on Mortgage Position (1st or 2nd) and Loan-to-Value (LTV) as follows:
    • 4.00% = 1st position with LTV below 50%.
    • 4.50% = 1st position with 50%-75% LTV.
    • 4.75% = 2nd position with LTV below 50%.
    • 5.25% = 2nd position with 50%-75% LTV .
    • Note: Your final rate may be adjusted slightly to reflect your “FICO risk category”

Variable Rate HELOC

  • 20 year term: with a 5 year draw (renewable for a 2nd 5 year draw) and 15 year payback
  • Rate: Prime + 0% for the life of the loan
  • Floor Rate (lowest rate): 4%
  • Ceiling Rate (highest rate): 14.9%
  • Annual Rate Review: Anniversary date of loan
  • Maximum Change per year (if any): 2%
  • Maximum Repayment – based on mortgage amount:
    • 10 years: up to $15,000
    • 15 years: $15,000.01 – $25,000
    • 20 years: over $25,000

NMLS Information:

  • Credit Union: 735563
  • Mortgage Loan Officers
  • Jennifer Putnam: 808424
  • David R. Miller: 762224

Our mortgage program is administered by “OwnersChoice Funding”, which is a local CUSO (Credit Union Service Organization) for credit unions in New York State. Through this partnership, we keep your mortgage on our books — but OwnersChoice Funding provides all the mortgage processing. They also ensure full compliance with all state and federal regulatory requirements.

Borrow up to your savings balance at competitive rates for up to 60 months

  • Maximum Loan: 100% of Your Regular Savings Balance
  • Maximum Repayment Period: 60 months
  • Collateral: Regular Shares – up to loan balance. Pledged amount declines with loan balance.
  • Credit Requirements: None
  • Beneficially Loan for Members with:
    • Little or no credit history
    • Past credit problems
    • Non-U.S. citizen status
    • Long term credit union deposits that would remain in the account for duration of the loan (whether they take a loan against it or not)