Credit Unions are different animals than commercial banks or retail mortgage companies. Membership is usually defined by the institution and can be in terms of employment, geographic location, or any other standard the membership agrees to define as a condition for membership. The credit union is owned by the members and run by an elected board. They function as a financial institution very similarly to a regular bank, so the New York Municipal Credit Union offers a broad range of loan options to its members. Conventional – Fixed 10 to 30 year terms, Jumbos – borrow up to one million dollars, High-Balance – higher loan amounts based on high-cost area limits, Fixed home equity loans- Financing for 1 to 4 Family homes, Co-op and Condo loans available, Equity Lines of Credit, Investment Property Loans,
Some Unique Benefits of NYM Credit Union Loans
Some of the special characteristics of the NYMCU is that they charge no pre-payment penalties on our Conventional Loan product, meaning that if the borrower wants to make extra payments on the principle of the loan above and beyond their monthly payment they are not penalized. This allows the borrower to pay down on the principle and decrease the total amount of interest they will pay over the rest of the loan’s life.
The Support Services Available to Members
If you are a New York City employee, contractor with the city or family member of one you are eligible for membership. As a member you would have access to all the services and the very well organized digital application process as well as a Dedicated Mortgage Team to work with you throughout the process. Closings can be scheduled and held at most branch locations. The numerous benefits of credit union membership are too numerous to list, but the mortgages seem to be an excellent deal.