Mortgage Products

mortgage loans at Gouverneur Savings & Loan AssociationGouverneur Savings & Loan takes pride in our dedicated, experienced, and friendly loan staff that will explain our loan products and help you decide which product best serves your needs. They will guide you from the first time you speak with them through the loan closing and beyond, answering your questions and offering assurance along the way.

Our loan staff can help you determine how much your budget will allow you to borrow comfortably before you start looking for your new home. We offer a Pre-Qualification Form which you can complete online or with one of our loan staff in person. Most realtors require a Pre-Qualification Letter before they schedule home showings with you.

Loan decisions are made locally.

Mortgage Application Form

MPF Program-Competitive Fixed Rate Mortgage Program

  • Fixed rate
  • Up to 30-year term
  • Primary and secondary homes
  • Purchase and refinance
  • You will be able to contact your loan officer for questions or concerns as the loan is serviced locally by Gouverneur Savings and Loan.

Fixed Rate Mortgages

  • Interest rate is based on loan terms of 10 years to 25 years
  • Maximum loan amount is based on 80% of the appraised value or purchase price whichever is less
  • Equal monthly payments
  • Purchase, refinance, and construction loan products
  • Primary residence, second homes, investment properties
  • Mortgage Insurance available
  • No closing cost option for primary residences only

Adjustable Rate Mortgages

  • Rates based on loan terms of 10 years to 30 years
  • Maximum loan amount is based on 80% of the appraised value or purchase price whichever is less
  • Interest rate is fixed for 1, 5 or 10 years, adjusting annually thereafter with a yearly cap of 2% and a lifetime cap of 6% over initial rate
  • Purchase, refinance, and construction loan products
  • Primary residence, second homes, investment properties
  • Mortgage Insurance available
  • No closing cost option for primary residences only

Home Equity Line of Credit

  • Prime + 0 interest rate, floor is initial rate and lifetime cap of 8% over initial rate
  • Maximum loan amount is based on 80% of the appraised value less current mortgage if applicable.
  • Monthly payments for draw phase are based on 1/240 of the outstanding balance or a minimum of $100 plus interest, 1/120 for payback phase.
  • 10 year draw/10 year payback
  • Primary and second homes
  • No closing cost option for loan amounts $25,000 and over on primary residence only. Low closing costs for loan amounts under $25,000

Second Mortgages

  • Interest rate based on loan terms of 5 years to 15 years
  • Maximum loan amount is based on 80% of the appraised value less current mortgage if applicable
  • Fixed monthly payment
  • Low closing costs

Construction Loans

  • Fixed or adjustable rates
  • 10-30 year term
  • Maximum loan amount is based on 80% of the appraised value
  • Mortgage Insurance available
  • No closing cost option available
  • 12 month construction period
  • One loan closing
  • Advances for work completed based on appraiser’s inspection

Mortgage Application Form