Teacher's Federal Credit Union offers HLPR loan

Teacher's Federal Credit Union is offering Home Loan Payment Relief, a loan product backed by the Credit Union National Association.

The program makes below-market-rate mortgage loans available to borrowers with household incomes at or below the median in their markets. The Suffolk County median household income limit for the loan is $88,850.

One big benefit to the product: borrowers can take up to 97 percent of the home's cost without getting hit with private mortgage insurance. PMI can cost $100 to $150 per month.

Bethpage Federal Credit Union announced last week that it was also offering the loan.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.