125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Home loans overview

"One could not deal with better folks - you made the process 'human."
- A borrower

Alternatives Federal Credit Union's mission is to build wealth and create economic opportunity for underserved people and communities. Our focus is individual and community development. Each are accomplished through home ownership. In fact, our Credit Path® model culminates in ownership. We enhance ownership opportunity by offering a wide variety of home loans to meet the needs of our diverse membership. In addition to conventional mortgages at competitive rates and terms, we offer mortgage programs that serve people who might not otherwise be eligible for a mortgage, or who might fall into the trap of a predatory lender. Listed below is an overview of each mortgage we offer. Information can be found on our web page or by scheduling an information interview with one of our mortgage loan officers.

Apply online for your mortgage or Home Equity Line of Credit
Once you click the link above, you can research our mortgage products, calculate payments, prequalify for a mortgage and track the process of your home loan application 24/7. 

Fixed rate mortgages
The rate remains the same for the life of the loan. We offer a variety of terms, low down payments and competitive rates. This product is available for both purchase and refinance.

Ten year swing
The rate is fixed for the first ten years and adjusts every year after that. There is a 2% rate cap per adjustment and  the rate cannot increase more than 6% for the life of the loan. No closing cost option is available. This product is available for both purchase and refinance.

Seven one
The rate is fixed for the first seven years and adjusts every year after that. There is a 2% rate cap per adjustment and  the rate cannot increase more than 6% for the life of the loan. No closing cost option is available. This product is available for both purchase and refinance.

Flexible plus
The rate is fixed for the first five years and adjusts every five years after that. There is a 2% rate cap per adjustment and  the rate cannot increase more than 6% for the life of the loan. No closing cost option is available. This product is available for both purchase and refinance.

Home Equity Line of Credit
This second mortgage product offers a credit line based on the equity in your primary residence.Payments are based on the outstanding balance. The rate adjusts every year and has a 2% rate cap per adjustment, 15.90% cap for the life of the loan. 

Fixed rate home equity loan
This second mortgage product offers a credit line based on the equity in your primary residence.   

Energywise/Solar home equity loan
This fixed rate second mortgage product is for energy efficiency improvements, including solar installations.  

Our mortgage loan officers will help you plan the best course. Even if you are not ready to purchase, or you are not sure if you are eligible for a loan, we are happy to explore the possibilities with you. Schedule your information interview with one of our mortgage loan officers today.

Contact our loan originators for your free consultation.
Brian Kunk-Czaplicki: (607) 216-3409
Anna Detar: (607) 216-3431

homeloans@alternatives.org

Or apply for your Home Loan online.


"My experience matches what I heard, that dealing with Alternatives FCU would be easy, friendly, and accommodating."

- A borrower 


 

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Rachel Fives

Oh, my goodness, where do I even begin? We renovated our house (home equity loan), started a business (commercial loan) and refinanced our house over the last few years. Alternatives has been there with us every step of the way! We have learned so much, with the help of the Alternatives staff and we're not done yet! We adore our partners at Alternatives and can't thank them enough for the support, planning assistance, and encouragement they've provided. Wow - what a fabulous community resource!


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