Mortgage

At GSCU, you'll always deal with local, experienced Mortgage professionals. We work with you to find the financing option that works best for you and your budget. 

Mortgage Education

Watch our free, financial education videos to learn more about the mortgage process! 

Mortage Loan Types

Should you buy or rent?

Worried about a Down Payment?

Keep Closing Costs in Mind

Fixed Mortgage Rates

Table data for Fixed Rate Mortgage Programs
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Term Information Points Monthly Payment Per $1,000 Alert Me
5.000% 5.118% 30 Year 0 $5.37
4.875% 5.034% 20 Year 0 $6.53
4.500% 4.624% 15 Year 0 $7.65
4.375% 4.552% 10 Year 0 $10.30
All Rates are for Owner-Occupied 1-4 Unit property only. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. Annual Percentage Rate (APR) assumes a purchase transaction and is based on a loan of $100,000 with 20% down and a minimum credit score of 740 for all borrowers. Your rate and APR may be higher. All loans are priced individually. Rates are subject to change at any time. Maximum LTV of 97% for the purchase of a single-family primary residence only. Fixed Rate Mortgage loans may also be subject to risk-based pricing adjustments called "loan-level price adjustments" as defined by the most recent Fannie Mae LLPA Chart. Minimum Loan amount is $10,000 with Maximum Loan Amount not to exceed Fannie Mae Loan Limits for property type and location. This limit is generally $453,100.00. Rates and amount financed are determined by your credit history and are based on excellent credit.

Adjustable Mortgage Rates

Table data for 1/1 Year Adjustable Rate Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
3.500% 5.388% 0 $4.49 first 12 months 5.500% $5.76
All Rates are for Owner-Occupied 1-4 Unit Property Only. Maximum Loan Term is 360 months. Caps: 2% per change/6% lifetime. Base Margin: 2.75%. Index: 1 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. *Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a minimum credit score of 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. Maximum LTV for all products is 97%, and is reserved for the purchase of a single-family primary residence only.

Table data for 3/1 Year Adjustable Rate Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
3.875% 5.359% 0 $4.70 first 36 months 5.500% $5.93
All Rates are for Owner-Occupied 1-4 Unit Property Only. Maximum Loan Term is 360 months. Caps: 2% per change/6% lifetime. Base Margin: 2.75%. Index: 1 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. *Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a minimum credit score of 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. Maximum LTV for all products is 97%, and is reserved for the purchase of a single-family primary residence only.

Table data for 5/1 Year Adjustable Rate Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
4.250% 5.252% 0 $4.92 first 60 months 5.750% $6.29
All Rates are for Owner-Occupied 1-4 Unit Property Only. Maximum Loan Term is 360 months. Caps: 2% per change/5% lifetime. Base Margin: 3.000%. Index: 1 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. *Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a minimum credit score of 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. Maximum LTV for all products is 97% unless part of first-time homebuyer program, and is reserved for the purchase of a single-family primary residence only.

Table data for 7/1 Year Adjustable Rate Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
4.375% 5.142% 0 $4.99 first 84 months 5.750% $6.54
All Rates are for Owner-Occupied 1-4 Unit Property Only. Maximum Loan Term is 360 months. Caps: 5% first change and lifetime/2% per change after first change. Base Margin: 3.00%. Index: 1 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. *Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a minimum credit score of 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. Maximum LTV for all products is 97%, and is reserved for the purchase of a single-family primary residence only.

Land Loan and Construction Loan Mortgage Rates

Table data for 10 Year Land Loan Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
6.250% 7.597% 0 $11.23 for first 12 months 7.750% $12.89
10 Year Loan Term. 1/1 Year ARM. Caps: 2% per change/6% lifetime. Base Margin: 5.00%. Index: 1 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a credit score greater than 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually. The APR on ARMs are adjusted periodically after closing, which may result in an increase. Max LTV for developed land can be up to 80%. All Land Loans require a Perk Test that is less than 3 years old and the land must be a buildable house lot. The appraisal ordered in conjunction with the application will provide us with the confirmation of this. Minimum Loan amount is $10,000 with Maximum Loan Amount not to exceed Fannie Mae Loan Limits for property type and location. This limit is generally $453,100.00. Rates and amount financed are determined by your credit history and are based on excellent credit. Rates are subject to change daily.

Table data for 15 Year Land Loan Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Monthly Payment Per $1,000 Fully Indexed Rate Monthly Payment Per $1,000 (with Fully Indexed Rate) Alert Me
7.250% 8.248% 0 $9.13 for first 36 months 8.750% $11.24
15 Year Loan Term. 3/3 Year ARM. Caps: 2% per change/6% lifetime. Base Margin: 6.00%. Index: 3 yr T-Bill as published in the Wall Street Journal. Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time. Payments amounts on the above products do not include amounts for taxes and insurance premiums. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down and a credit score greater than 720 for all borrowers. Your rate, margin and APR may be higher. All loans are priced individually. The APR on ARMs are adjusted periodically after closing, which may result in an increase. Max LTV for developed land can be up to 80%. All Land Loans require a Perk Test that is less than 3 years old and the land must be a buildable house lot. The appraisal ordered in conjunction with the application will provide us with the confirmation of this. Minimum Loan amount is $10,000 with Maximum Loan Amount not to exceed Fannie Mae Loan Limits for property type and location. This limit is generally $453,100.00. Rates and amount financed are determined by your credit history and are based on excellent credit. Rates are subject to change daily.

Table data for Construction Loan Mortgage Program
 Rates effective 12-12-2018
Rates As Low As Annual Percentage Rate (APR) Points Alert Me
6.500% 11.313% 1
12 Month Loan Term. Maximum LTV of 95%. Annual Percentage Rate (APR) is based on a loan of $100,000 with 20% down at a simple rate of 6.500%. Interest only on the amount of credit outstanding will be paid monthly. One payment of the principal balance will be due at the end of the 12 month period. APR also includes fees for periodic inspections and plot plan.

Calculators                                         Loan Status                                         Compare Rates

Fixed Rate Mortgage

Featuring a set interest rate that remains the same for the life of your loan. A Fixed Rate Mortgage allows the borrower protection from sudden rate increases because the rate and payment stay consistent. 

Adjustable Rate Mortgage

An Adjustable Rate Mortgage offers an interest rate that varies over time. Usually, this mortgage has a lower initial rate and payment than a traditional Fixed Rate Mortgage and allows borrowers more buying power when looking for a new home. These are also great for borrowers who don't plan on living in one place for a very long time. 

Rates and payments of and Adjustable Rate Mortgage can rise over the life of the loan. It's important to consider how long you plan on staying in the house, how much you can afford, and if you could afford the payment if the rate increases. 

First-Time Homebuyer Programs

We offer No- and Low-Down Payments options, fixed or adjustable rate mortgages, and will work with you to help you get into your first home! 

Learn more

FHA & VA Loans

FHA loans typically require a lower down payment, allow for 100% of the closing costs to be gifted and feature more flexible underwriting standards. Find out if you are eligible for a VA Guaranteed Loan, where you can finance up to 100% of the purchase price of an eligible property.

Apply for an FHA or VA Loan

HARP (Home Affordable Refinance Program)

Harp was introduced by the Federal Housing Finance Agency (FHFA) and the Department of Treasury in early 2009 as part of the federal government's Making Home Affordable™ program. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. 

Take the HARP quiz to learn if you qualify

Smart Homeownership Starts Here

Buying a home is a big deal, whether you're doing it for the first time or getting back into the ever-changing market. When you educate yourself for smart homeownership with Framework, you'll navigate every step of the process with confidence. This course could save thousands of dollars over the life of your mortgage or earn a course refund for taking the steps to educate yourself today!* 

Get started today

Framework Homebuyer education when and where you need it lets get started

*Certain qualifications may apply. If qualifications are not met fee will be refunded only if the loan is closed with GSCU. This Credit Union is federally insured by NCUA. Equal Housing Lender. NMLS# 477276

Home Buying Tips

Saving for Your First Home

Knowing how much you need is a great way to get started. A savings plan can determine how much you’re planning to spend on a home and when you’ll be ready to start looking.

Down Payment - this can be small – such as 3% of the purchase price; or it can be larger – such as 20% of the purchase price. If the loan-to-value ratio of your mortgage loan is greater than 80% (which means your down payment was less than 20%) then you’ll need to account for private mortgage insurance as an additional cost.

Breakdown: for a $200,000 home with a 20% down payment: $40,000

Closing Costs - these cover a variety of fees like commissions, appraisals, surveying, inspections, tax and title services, government record changes, and more. The average amount is 2-4% of the price of the home so it is wise to have at least 2% of the total cost of the house in savings beforehand.

Breakdown: for a $200,000 home: $4,000

Buffer - this covers unexpected twists and turns in the homebuying process which might be moving expenses, new furniture, repairs, or anything else that comes up. A savings goal for this is six months of the mortgage payments.

Breakdown: for a $140,000 mortgage at 4% fixed-rate for 30-year term: $4,600

There are other mortgage plans such as FHA or low down payment options and you can negotiate with the home’s seller for closing costs. If you’re ready to start planning be sure to speak to one of our local mortgage professionals who will help you through every step of the process.

Buying Your First Home

  1. Check your credit report and score on annualcreditreport.com. Scores range from around 300-850 and the higher score the better your credit. That means you’ll qualify for a better interest rate.
  2. Determine how much you can afford by using an online mortgage calculator. Also, factor in down payment, closing costs, fees, remodeling, furniture, and other moving expenses.
  3. Find the right real estate professionals. That means finding the right mortgage lender as well as the right real estate agent. Ask your family and friends for recommendations and check the Better Business Bureau findings.
  4. Get pre-approved before you start looking. Then you know how much you qualify for and don’t end up seeing homes you can’t afford.
  5. Start looking for the home that’s right for you. Make a list of the must-have’s such as number of bedrooms, bathrooms, square footage. Also, consider the neighborhood, the commute to your job, local shopping, school districts, and more.
  6. Make an offer. The suggested first offer value is 5% less than the asking price. You can also ask your real estate agent for a list of comparable homes in the area to see what those have sold for and use that as a starting point for your offer.
  7. Get the right mortgage. Adjustable rate mortgages (ARM) are short-term mortgages that offer a fixed interest rate for that period of time and then the rate may adjust ever year depending on the federal prime rate. A fixed-rate mortgage is a more traditional option and offers a fixed interest rate for the life of the loan.
  8. Get insurance – just like you would on a car. You will be required to have insurance on your home.
  9. Get a home inspection, set a closing date, and be prepared to pay the closing costs.
  10. Close on your home - then move in and enjoy!

Mortgage FAQs

  • How much are closing costs?

    Closing costs vary based on the type of loan transaction, such as a mortgage refinance versus the purchase of a new home. Once you have applied, a mortgage processor will be able to give you a rough estimate of your expected closing costs.

    In general closing costs typically range from around $3,500 – $4,000 dollars. This figure would include the appraisal fee, credit report fee, attorney’s fees, title insurance, and flood determination fee.

    In addition to the closing costs, most mortgage loans require an escrow account for property taxes and homeowners insurance. The amount needed to fund this escrow account varies based on the annual cost of these bills.

    A purchase has other costs that are added to the above, such as state transfer taxes, which are calculated at $15.00 per thousand of the purchase price. Typically this cost is split between the buyer and the seller.

  • How long is the mortgage process?

    The mortgage process typically takes 45 days from date of application to closing.

  • How do I know which mortgage option is the best fit for me?

    Knowing what option is best for you, depends upon what you want to accomplish.

    If you are purchasing a new home, a fixed rate option offers you a principal and interest payment that won’t change, while an adjustable rate offers a lower starting rate but will fluctuate with the market.

    If you are refinancing, things to keep in mind include:

    • Are you looking to lower your monthly payment or reduce your mortgage term?
    • How many years do you have left on your existing mortgage?
    • How much interest will you save over the life of the loan by refinancing? 
    • Are you looking to roll in closing costs or pay them out of pocket?

    If you need assistance choosing your best option or mortgage product please contact our Mortgage Department at 1-800-645-4728 and we would be happy to assist you.

  • How do I start the mortgage process?

    Starting the process is easier today than ever before. You can apply online or you can apply at one of our branches by sitting with a Member Service Representative. The application process can take from 30 minutes up to an hour to complete.

    Whether you are looking to purchase your first home or refinance an existing home, we look forward to helping you through the process, every step of the way.

Refer-A-Loan

When you refer your friends and family you both benefit! 

Refer a NH resident or business owner to GSCU and you both will receive:

  • $25 for Consumer Loans*
  • $50 for Mortgage and Home Equity Loans*

Complete the form and ask the individual you are referring to submit it to GSCU with their application. 

*Offer is available to existing and new members. Loans must be new to GSCU. Minimum Consumer loan balance of $5,000 or more. Applies for all secured and unsecured loans except for those for business purposes. Minimum Mortgage balance of $100,000 and minimum $40,000 Equity loan balance. Excludes Equity lines-of-credit and Overdraft lines-of-credit. Does not apply to commercial or investment properties. Once it is determined that all criteria has been met, the appropriate incentive will be paid to the referrer and referee’s GSCU saving account within 30 days of loan closing. Member responsible for paying all taxes associated with the reward. This credit union federally insured by NCUA. Equal Housing Lender. NMLS#477276

110% Loan-to-Value Financing

Have you been told that you're unable to refinance your mortgage because of the value of your home? If you owe more than your current home value and want to take advantage of a lower mortgage rate, we may have a program for you! We can refinance your mortgage up to 110% of your home's value. 

Home must be a single-family primary residence and meet Fannie Mae appraisal guidelines. Borrowers must be employed at current company and own their home for at least two years. Loan amount cannot exceed $424,100. Maximum Loan-to-Value is 110%. Term restrictions apply. Interest on the portion of credit that exceeds the fair market value of the dwelling is not tax deductible, for Federal income tax purposes; consult with a tax advisor for further information regarding the deductibility of interest and charges. Minimum credit score for all borrowers is 660 and is necessary to qualify. Borrower cannot have a debit-to-income ratio higher than 45%, using traditional methods of underwriting mortgages. Loan amount cannot exceed the balance of the current first mortgage plus normal closing costs. A second mortgage that can be identified as a "purchase money second" or has been opened for at least two years, with no draws in the past 24 months can also be considered in the refinance. All other second or subordinate loans/lines must be subordinated to the new first mortgage. Members cannot have any mortgage payments over 30 days late. Call 1-800-645-4728 or visit gscu.org for current rates. Hazard insurance is required. Offer subject to change at any time. If you apply for a loan that is more than 110% of your home's value it may be hard for you to refinance this loan in the future. If you sell your home, you might owe more money on the loan than you get from the sale. Equal housing lender. NMLS# 477276

Mortgage Life Insurance

Peace of mind is the perfect addition to any home. Mortgage Life Insurance, underwritten by Minnesota Life Insurance Company, pays off or reduces your mortgage balance in the event of your death* - helping your family keep the home they love. 

In the event of your untimely death, Mortgage Life Insurance benefits are sent directly to your lending institution to pay off or reduce your mortgage debt, relieving your family or co-homeowner of a major, long-term debt. All homeowners under the age of 70 are eligible to apply. Benefits include:

  • 12 Months Return of Premium - After you have paid 12 consecutive premiums, you are eligible to have an amount equal to 12 months of premium payments returned to you.
  • Living Insurance Benefit** - If you're diagnosed with a terminal condition that leaves you with a life expectancy of 12 months or less, you have the option of accelerating payment of the death benefit while you are still alive.

* Plan does not cover suicide during the first two years of coverage.
**If two borrowers are insured for joint Mortgage Life Insurance, only one living insurance benefit will be payable under the policy.
Mortgage Life Insurance offered under Minnesota Life policy form series MHC-88-15323T, MHC-99-15730V, and any state variation thereof.

Email our Mortgage Department for more information.

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