Mortgages

Our Mortgage Officers are experienced, local experts who will help you to get the home financing that’s right for you, under terms that are best suited to your needs and budget. Call 866-80-LOANS to speak with someone today, or apply online anytime! We’ll sit down with you to “crunch the numbers” to make sure you know in advance how much home you can afford. We’ll also get you pre-approved at no cost and no obligation!

Rates

Mortgage Rates

  •  
Rate
APR
Points
30 Year Fixed Rate 4.125% 4.160% 0.000%
5/5 Non-Conforming ARM Primary Residence 2.990% 3.975% 0.000%
7/1 Non-Conforming ARM Primary Residence 3.990% 3.610% 0.000%

All Mortgage Rates & Terms | Calculators | Rate Watch | Closing Cost Estimator

Online Rate Lock

Benefits of a NEFCU Mortgage:

  • #1 Mortgage provider in Chittenden, Franklin and Grand Isle Counties
  • Consistently high levels of member satisfaction
  • Low interest rates
  • Local underwriting and service
  • Experienced loan officers
  • Free home buying seminars
  • Free pre-approval
  • Special discounts on Homeowners Insurance

Pat Weaver #202636, Jeanne Boucher #204277, Annie McGurn #202082, Twyla Magnan #202192, Pete Nolasco #208270, Tim Donlan #826297, Cindy Reichard #627893, Sara Wright #982411

Institutional ID # 446767

Rate Lock

NEFCU allows you to lock your rate (following the instructions below) if you:

  • have a loan in process OR
  • have a scheduled appointment with one of our mortgage officers OR
  • have submitted a mortgage application online

Please note, you cannot lock a purchase pre-approval. You must wait until you have a signed Purchase and Sales Contract to submit a rate lock.

* Excludes VHFA loan programs.


Choose one of these options to lock a rate now:

The interest rate you lock, will be your rate regardless of whether rates go up or down before your closing provided that your loan disburses within the rate lock period. If your loan does not disburse within your rate lock period, your rate lock will expire. If your rate lock expires, NEFCU has the sole right to adjust the rate based upon market conditions. Your rate may be the same or higher in these instances. You can check current interest rates and the current rate lock time period here.

To lock your interest rate, we will require the following information:

  • full name of the borrower or borrowers
  • property address
  • contact phone number
  • loan amount, within $10,000
  • term you are requesting
  • number of points, if any, you intend to pay
  • whether the transaction is a Purchase or Refinance
  • whether you are locking in a Fixed Rate or an Adjustable Rate
  • if the home is your Primary Residence, Second Home or an Investment Property
  • the interest rate you are locking into (from the current rate sheet)

What to Expect

We realize that getting a mortgage loan is a very big step. At NEFCU, we will make every effort to ensure that the process proceeds as smoothly and efficiently as possible. Below is an outline of what you can expect:

Phase I: Application

  • Complete and submit the online mortgage application or complete the printable application.
  • Print the General Consent Form, sign, date and return to our Online Mortgage Group. You may fax it using our Fax Cover Sheet or mail it to: NEFCU Attn: Online Mortgage Group, P.O. Box 527, Williston, VT 05495.
  • Collect applicable items from the Mortgage Checklist for your situation.
  • You may wish to review Description of Loan Disclosures.
  • A Mortgage Loan Officer from our Online Mortgage Group will contact you to discuss your application and to ensure that the loan program you selected is suited to your goals.

Phase 2: Processing

  • Mortgage Assistant will order the appraisal and legal work.
  • Mortgage Processor will mail a Commitment Letter to the borrowers outlining the conditions of obtaining the loan.

Phase 3: Underwriting/Approval

  • Borrowers return to NEFCU requested conditions from the Commitment Letter.
  • Mortgage Processor receives the appraisal and contacts the borrowers with the results. A copy of it will be provided to the borrowers 3 days prior to closing.
  • When all of the conditions of the loan have been met, Mortgage Processor will schedule the closing at a convenient time for the borrowers.
  • Attorney performs a 40 year title search on the property and obtains title insurance.

Phase 4: Closing

  • Borrowers to provide NEFCU with a homeowner's insurance binder naming NEFCU ISAOA ATIMA as the first mortgagee (and second if applicable) prior to closing.
  • Borrowers to call the attorney approximately 24 hours prior to closing to confirm the final closing figures.
  • Borrowers to obtain an in-state official check made payable to the closing attorney if they are required to bring funds to closing.
  • Attend the closing at the attorney's office.


We would be happy to answer any questions for you or schedule an appointment with one of our Mortgage Loan Officers. Contact us at 866-80-LOANS.

Thank you for considering New England Federal Credit Union for your financing needs.

Property Types

Primary Residence

A primay residence is a 1-4 family residential property that is accessible and occupied year round by the owner/borrower and is the legal residence of the owner/borrower and which at the time of making the loan is used or intended to be used as a primary residence by the borrower within 60 days of closing.

Seasonal Properties

Seasonal properties are single family residential properties occupied by the owner, accessible and usable only during a portion of the year, serviced by normal utilities and waste disposal systems and are not the legal residence of the owner/borrower. Rental income cannot be used for qualifying.

Investment or Non-Owner Occupied

An investment or non-owner occupied property is a 1-4 family residential property owned and maintained as rental or investment property.

Land

Loans are available for property that will become a primary residence in Vermont. There is a maximum loan-to-value of 80% of purchase price or appraised value, whichever is less, and an acceptable perk test is required. The loan is a 10 year balloon/variable amortization up to 20 years.

Mobile Home

A mobile home on owned land is eligible for our residential programs. The mobile home must be dated 1976 or newer.