Fill out the form below and we will reach out to you, or contact one of our loan officers directly at 716.662.1311 option 6 or email us at loans@greateriefcu.com
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FAQs
WHAT ARE TODAY’S MORTGAGE RATES?
Rates can change daily and depend on several factors like your credit score, down payment, and loan amount. Once we review your full application, we’ll run your information through our pricing engine and provide personalized rate options tailored to you.
DO I NEED A PRE-APPROVAL BEFORE I START LOOKING AT HOMES?
Yes! Most real estate agents require a pre-approval letter before showing homes. It proves you’re a serious buyer and gives you a clear price range to work within—so you don’t fall in love with a home that’s out of reach.
HOW MUCH HOME CAN I AFFORD?
It depends on your income, credit, existing debt, and down payment. To get started, we’ll review your W-2 from the past year and your most recent paystubs to calculate a realistic budget and monthly payment you’ll be comfortable with.
WHAT CREDIT SCORE DO I NEED?
Generally, you’ll want a score of 640 or higher to qualify for most loan programs, including conventional and FHA. If your score is lower, don’t worry—we can guide you on steps to improve it and explore options that may still be available.
HOW MUCH DO I NEED FOR A DOWN PAYMENT?
For first-time homebuyers, down payments typically start at 3% of the home’s purchase price. Some programs may require more or less depending on your loan type, credit profile, and eligibility for down payment assistance.
CAN I QUALIFY FOR AN FHA (Federal Housing Administration) LOAN?
Possibly! FHA loans are government-backed mortgages designed to help first-time or moderate-income buyers with more flexible credit and lower down payment requirements. They can be a great option if you meet the criteria—our team will help you determine if FHA is right for you.
WHAT’S THE DIFFERENCE BETWEEN FHA AND CONVENTIONAL LOANS?
FHA loans are backed by the government and are generally easier to qualify for but come with upfront and monthly mortgage insurance (MI). Conventional loans are not government-backed and may have stricter credit and income requirements, but potentially lower long-term costs if you meet the qualifications.
HOW LONG DOES THE MORTGAGE PROCESS TAKE?
On average, 30 to 60 days from accepted offer to closing. The exact timing can vary based on your loan type, how quickly you provide documentation, and how long the title search and appraisal take. We’ll guide you every step of the way to keep things moving smoothly.
What drives Great Erie? Helping people.
For over 74+ years, Great Erie FCU has remained committed to one guiding principle: making life better for every one of our members. Our Homebuying 101 Workshop gives you the knowledge and confidence to take the next step toward homeownership — with trusted guidance, competitive rates, and exceptional member service.
What our members are saying
“I am very thankful for the professionalism, kindness and trust I received from Suzanne and the Great Erie Mortgage department. It was greatly appreciated and helped me create my dream.”
— Barb M.
“I just closed my third car loan with Great Erie. They always beat dealer rates, super easy and fast online application and funding. They made it effortless. Highly recommend.”
— Michelle S.B.
“Love it! Never had such a great experience with a bank or credit union. I have multiple loans and accounts with Great Erie FCU and they give amazing rates.”
— Scott B.
“I’ve been a member of Great Erie for a few years now and I highly recommend them. A+ for their customer service and quick wait time.”
— Kelsey E.
“We have been members for over twenty years. Great Erie continues to meet us with the excellent customer service we deserve.”
— Lisa T.
“This is a credit union where customer service still means something. Whatever my needs, they always have compassionate people available to assist.”
