Make your homebuying or refinancing journey simpler with a mortgage team by your side
Rates are subject to change at any time. We are not responsible for typographical errors.
Need help or more details?
Contact Member Services at (973) 471-0700 ext. 117
APR = Annual percentage rate
APY = Annual percentage yield
Mortgage Loans
How do I apply for a mortgage?
You can start your mortgage application by:
- Visiting our branch and speaking with a mortgage specialist
- Calling our mortgage department to schedule an appointment: (973) 471-0700 ext. 117
Our team will guide you through the application process, documentation, and approval steps.
What documents will I need to apply?
You can either contact us directly or download the checklist to see the required documents.
How do I make my mortgage payments?
Mortgage payments can be made via:
- Automatic payments from your Nova UA FCU account
- Online or mobile banking
- In person at the branch
- By mail
- External payment
Do you offer FHA loans?
No, Nova UA FCU does not currently offer FHA loans. If you are interested in other mortgage options or down payment assistance programs, please contact us to learn about the alternatives we provide.
Who qualifies for a mortgage at Nova UA FCU?
Mortgage loans are available only for properties located in New Jersey or New York State. If your property is outside these areas, unfortunately, we are unable to finance it at this time.
What is the difference between fixed and variable mortgages?
Fixed Rate Mortgage
The interest rate remains the same throughout the loan term, ensuring consistent monthly payments. This option is ideal for borrowers seeking long-term financial security and those who prefer the certainty of a fixed payment schedule, unaffected by market fluctuations.
Variable Rate Mortgage
A variable rate mortgage typically begins with a lower interest rate than a fixed-rate mortgage, offering potential cost savings in the early years. As market conditions change, your interest rate may adjust periodically. In periods of lower or stable interest rates, borrowers can benefit from reduced payments, making it a flexible and cost-effective choice for those comfortable with some variability in their loan terms.
Choosing the Right Mortgage
While fixed rate mortgages offer unwavering consistency, variable rate mortgages provide the opportunity for savings and adaptability, especially when interest rates are favorable. Depending on your financial goals, market conditions, and comfort with changes in your payment schedule, a variable rate mortgage may be a beneficial option to consider.
What kind of down payment do you require?
We typically require either:
- 20% of the sale price as a down payment to avoid private mortgage insurance (PMI), or
- 10% down payment plus PMI (Private Mortgage Insurance), which protects the lender and allows for a lower down payment.
Our mortgage specialists can help you determine the best option based on your financial situation.
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