Gouverneur Saving- Products

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GS&L is committed to helping you find the right mortgage product for your needs, offering a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices. 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, 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