Mortgage Loans
Interest rates and lending terms are as of August 25, 2010. This information is not to be considered a RESPA disclosure or a Truth In Lending statement. All loan applications are processed at the Bank's Administrative Office located at: 2221 Landmark Place, Wall Township, NJ, (732) 223-4450.
| Fixed Rate Mortgages Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Term | Interest Rate | Estimated APR | Interest Rate | Estimated APR |
| 30 Years | 4.500% | 4.500% | 4.250% | 4.334% |
| 20 Years | 4.250% | 4.250% | 4.000% | 4.114% |
| 15 Years | 4.000% | 4.000% | 3.750% | 3.895% |
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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Ask about the Interest First Options on our Adjustable loan products. Add 0.50% to the stated interest rates. Loan to value cannot exceed 65%.
| 5 Year/1 Year and 5 Year/5 Year Adjustable Rate Mortgages Term up to 30 Years Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.000% | 3.750% | ||
| Estimated APR | 3.678% | 3.508% | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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| 7 Year/1 Year Adjustable Rate Mortgages Term up to 30 Years Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.250% | 4.000% | ||
| Estimated APR | 3.988% | 3.736% | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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Adjustable Mortgage Information
- Rate: On the 5/1 rate is subject to change on the 5th anniversary and annually thereafter. On the 5/5 rate is subject to change on the 5th anniversary and every 5 years thereafter. On the 7/1 rate is subject to change on the 7th anniversary and annually thereafter.
- Indexes: Constant Maturity Treasury Securities as calculated by Federal Reserve.
- August Index Value: One Year 0.260%. One Year index is used for 5/1, 5/5, 7/1, and 10/1 adjustables.
- Margin: Mark-up over treasury is 2.75% for primary/secondary.
- Caps: 2.00% per change; life of loan: 5.00% over initial rate.
- Interest Rate Floor: 1/2% under initial rate.
| Ten Year/One Year Adjustable** Adjustable Rate Mortgages Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.375% | 4.125% | ||
| Estimated APR | 4.187% | 4.019% | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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Adjustable Mortgage Information
- Rate: Adjustable on the 10th anniversary and annually thereafter.
- Maximum Term: 30 years
- Indexes: One year treasury constant maturity +2.75%
- August Index Value: One Year 0.260%
- Margin: Mark-up over treasury is 2.75% for primary/secondary.
- Caps: 2.00% per change; life of loan: 5.00% over initial rate.
- Interest Rate Floor: 1/2% under initial rate.
| Bi-Weekly Fixed Rate 15 Year Accelerated Mortgages Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.000% | 3.750% | ||
| Estimated APR | 4.020% | 3.895% | ||
| Estimated Actual Term* | 13 years 5 months | 13 years 6 months | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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| Bi-Weekly Fixed Rate 20 Year Accelerated Mortgages Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.250% | 4.000% | ||
| Estimated APR | 4.249% | 4.114% | ||
| Estimated Actual Term* | 17 years 7 months | 17 years 8 months | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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| Bi-Weekly Fixed Rate 25 Year Accelerated Mortgages Primary/Secondary Residence |
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| No Points | 1 Point | |||
| Interest Rate | 4.500% | 4.250% | ||
| Estimated APR | 4.499% | 4.346% | ||
| Estimated Actual Term* | 21 years 6 months | 21 years 9 months | ||
| NO ORIGINATION FEE • NO BROKER FEES APPLICATION FEE INCLUDES: Credit Report & Flood Certification ***Add 0.500% to interest rate for all loans over $625,500 to $1,000,000 ***Add 0.750% to interest rate for loans over $1,000,000 to $1,500,000 ***Add 1.000% to interest rate for loans over $1,500,000 |
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* You will build equity in your home faster and save interest because you are making a half payment every 14 days, or an equivalent of 13 monthly payments a year.
To obtain these rates, Bi-weekly payments must be automatically transferred from a regular or NOW checking account at the bank.
First Time Homebuyers
Low/Moderate Income Borrowers
These programs are available on the Bank's first mortgage plans. Interest rates and loan discounts are subject to change without notice. The down payment is 10% with private mortgage insurance (PMI), or 15% without.
| First Time Homebuyer Discounts | |
| Restrictions: | Annual Income: Up to $84,240 Purchase Price: No more than $345,800 |
| Discounts: | Interest Rates: 1/8% off the loan program's normal rate. Margin (on adjustable mortgage loans): 1/8% off the loan program's normal margin. Application fee: Refundable at loan closing. |
All other lending terms and requirements remain in place. To determine eligibility applicants must submit signed copies of last three years federal and state tax returns and sign a first time home buyer statement.
| Low/Moderate Income Program Discounts | |
| Restrictions: | Annual Income: Up to $74,880 |
| Discounts: | Interest Rate - 1/8% off the loan progam's normal rate. Margin (on adjustable mortgage loans): 1/8% off the loan program's normal margin. Application fee: Refundable at loan closing. Repayment Term: Up to 30 years with a 40-year payout option. Forty-year loans will result in a balloon payment if kept to term. |
On both programs 1/2 point is collected at time of commitment and will be applied towards closing costs.
