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Frequently Asked Questions

It depends on what term you are looking for. We offer several different products. We offer fixed rates of terms from 30 years down to 7 years or less. Also offered are fixed-Adjustable rate mortgages. The payment amortized over 30 years. We offer a 10-1 ARM, 7-1 ARM, and a 5-1 ARM. For example, if you apply for a 10-1 ARM  the mortgage is fixed for the first ten years. On the eleventh year the mortgage automatically converts to a 1 year adjustable and can adjust up or down 2% maximum per year for the remainder of the term. The maximum rate the mortgage can ever go up is 6.500% above the initial rate you applied for. We also offer a 1 year and 3 year straight adjustable mortgage where the rate can adjust once every year or once every 3 years. Chances are we have a program that will fit your needs. View our full listing of Mortgages Rates in Syracuse, NY here.

We do conventional mortgages only. We require at least 10% down. If you put between 10-19% down we add 1/4% to the rate instead. If you put 20% or more down we consider the going rate we are offering. 

Yes, we do. We have a program called Geddestart.

To qualify you must meet one of the following:

  1. Your gross annual income cannot exceed a certain amount. 
  2. And/or the property you are looking to purchase has to be located in a low to moderate area.

If you don't fall into one of these categories and can put 10% down - being a first time home buyer we will pay 2 of your closing costs for you.  The two items we pay are the NYS Mortgage Tax, and the bank attorney fee.

You pay an application fee up front out of pocket when you officially apply. The application fee consists of the appraisal, credit report, processing, and the flood determination fee, instant delivery fee, recording fees, NYS mortgage tax, and if you are escrowing taxes we would require an escrow deposit to be collected at closing as well. There would be an additional fee if you lock in the loan for more than 60 days, and if you are applying for a construction loan. Typically, you will pay costs of between 2 and 5 percent of the loan amount whether you are purchasing or refinancing your current home. 

Points are an option here. You can pay up to three points. For example if you pay one point (equal to 1% of the loan amount) your rate is reduced by 1/4th%. If you choose to pay two points (equal to 2% of the loan) your rate is reduced by another 1/4%.

No. Geddes Federal will not sell your mortgage loan on the secondary market. We service and hold your loan for the duration. What this means to you is if you ever have a question or issue you can call and speak to someone directly or stop in to see us. No 1-800 #s! We are local lender. All your mortgage documents are held in-house, so there is no chance of information being misplaced.

  1. Being a local lender we offer special features such as a prompt commitment letter-usually 7-10 business days. 
  2. Customer Convenience-Local Orientation. You are not a number to us. 
  3. Flexibility-Non-Secondary market underwriting
  4. No title insurance for properties located within Onondaga County that are below $100,000.00.
  5. Low Documentation
  6. Known for superior customer service
  7. We don't sell your mortgage on the secondary market. 

Yes. We offer Traditional, Roth, Educational, SEP and Variable. Read more about our Retirement Savings options here. 

Yes, up to $250,000 per person.

Yes, we do offer passbooks on regular Savings Accounts and Certificate of Deposit Accounts

Yes. We have one branch located in Limestone Commons, Seneca Turnpike in Manlius, NY

Yes, we offer online banking, Bill Pay and telephone banking for your convenience

Yes, the Manlius Branch is open on Saturdays from 9 am to 12 pm

Yes, we offer a savings account for children under the age of 18 called the Looney Tunes Account

Depending on the type of checking account: New Wave Checking-no minimum balance, NOW Checking- $250.00 minimum balance and Super NOW-$2,500 minimum balance

Yes. There is an ATM located at the Westvale Plaza office and the Manlius Office. We also have several ATM's located in the local Rite-Aid stores. And our customers have access to Rite-Aid ATMs throughout the county (fee free for our customers)

Yes, at both the Westvale and Manlius locations

  • What Our Customers Say –
    "I have both my personal and business accounts with Geddes and recommend Geddes Federal Savings to anyone looking for a great place to bank. I love that Carol smiles remembers my name when I walk in the door. Working with Karen I feel like I have a knowledgeable financial team on my side." -Yvonne …
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    Geddes Federal Savings and Loan Association does not ask for your personal, financial or account information via telephone, email or pop-up window...
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