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Mortgages

Buying a home is a big milestone, and you shouldn’t have to navigate it alone. At Good Neighbors, you’ll work with a team that takes the time to understand your goals and guide you through every step. As a not-for-profit, member owned cooperative, our priority is helping our neighbors access fair rates, clear information, and the support they need to confidently purchase a home.

Apply for a mortgage. Talk to our team.

Our Mortgage Processes

Step 1: Start the Conversation
Connect with our team to talk about your goals, your timeline, and any questions you have about buying a home. We’re here to listen and help you understand your options.

Step 2: Get Mortgage Ready
Before you apply, we can help you understand what lenders look for and what steps can strengthen your application so you feel confident moving forward.

Step 3: Explore Your Loan Options
We’ll walk through the different mortgage types you qualify for together and help you choose the one that best fits your financial situation.

Step 4: Apply and Get Pre-Approved
When you’re ready, you can submit your application with guidance from our team and learn how much home you may be able to afford.

Step 5: Close on Your Home!

Let’s discuss your goals.

Mortgage Options Available at GNCU

Conventional Loans

  • Fixed-Rate Mortgages 
  • Cash-Out Refinance

Government-Backed Loans

  • FHA Loans 
  • VA Loans 
  • USDA Loans

Refinancing
Replace your current mortgage with a new one. Some homeowners refinance to lower their interest rate, reduce their monthly payment, or change their loan term. Others choose a cash out refinance to access some of the equity they have built in their home.

Home Equity Loans and HELOCs
Use the equity you’ve built in your home to borrow for large expenses like renovations, debt consolidation, or other major needs.
Learn more about Home Equity Loans and HELOCs

Create account & apply for a mortgage.

The rates shown here are estimates and provided for informational purposes only. Your actual interest rate, annual percentage rate (APR), and loan terms will be based on a variety of factors, including your credit profile, loan-to-value (LTV) ratio, loan amount, property type, and other underwriting criteria.

FAQ

Requirements can vary depending on the loan type, most mortgage applications require documentation that verifies your income, assets, credit history, and employment. This may include recent pay stubs, tax returns, bank statements, and identification. Our team will walk you through exactly what’s needed and help make the process as simple as possible.

Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as origination fee, points, private mortgage insurance, underwriting and processing fees (your actual fees may not include all of these items).

While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders. 

Closing costs include items like appraisal fees, title insurance fees, attorney fees, prepaid interest, and origination fees.

These costs can vary due to differences in the type of mortgage, the property location, and other factors.

Once you have applied, you will receive a Loan Estimate which provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. 

Private Mortgage Insurance (PMI) is an insurance policy that protects the lender against loss if the borrower defaults.

Private Mortgage Insurance is generally required when a borrower has less than 20% of a down payment when purchasing a home or less than 20% equity in a property being refinanced.

The amount of PMI varies depending on factors such as credit scores, property type, loan purpose, and loan to value. The cost of the mortgage insurance is included in your total monthly mortgage payment. 

An escrow account is a convenient way to manage property taxes and insurance premiums (like homeowners insurance, mortgage insurance, or flood insurance).

Instead of paying one or two large tax or insurance bills each year, you will pay in monthly installments as a part of your total monthly mortgage payment. When the bills become due, the lender will pay them out on your behalf from the funds in your escrow account. 

Mortgage services provided in partnership with OwnersChoice Funding

Good Neighbors partners with OwnersChoice Funding, Inc., a licensed mortgage servicer with the New York State Department of Financial Services, to support our mortgage program. OwnersChoice works behind the scenes so we can continue focusing on personalized service for our members throughout the homebuying process.