MORTGAGE

A Residential Mortgage is a loan secured by real property through the use of a mortgage.

Property must be a 1 to 4 family dwelling
Minimum Loan Amount $25,000
Fixed Rate and Adjustable Rate Programs Available
Prequalification for purchase transactions available

COMMUNITY HOME MORTGAGE PROGRAM

Affordable financing option for home buyers meeting program criteria.

.25% rate reduction applied to any current 1st mortgage product
Owner Occupied, home purchase transaction only
Loan to value of up to 85%, NO PRIVATE MORTGAGE INSURANCE REQUIRED
Income limits apply¹

FHLBNY HOME BUYER DREAM PROGRAM

$10,000 grant program offered through community-based, member lenders
Income limits apply¹

Please visit https://www.fhlbny.com/community/housing-programs/hdp/ for more information.

RESIDENTIAL MORTGAGE RATES: Rates Effective as of 10/11/2023

Mortgage Rates

Term	APR^3,5	Interest Rate²	Monthly Payments Per $1,000⁴ ⁴ Monthly payments per $1,000 shown below includes principle and interest and does not include taxes and insurance, actual payment amount may be greater. Mortgage interest rates shown are for one to four-family owner-occupied primary residences with a loan to value of 80.00% or less.
10 Year Fixed	7.023%	7.000%	$11.61
15 Year Fixed	7.141%	7.125%	$9.06
20 Year Fixed	7.388%	7.375%	$7.98
3/1 ARM	6.134%	6.125%	$6.08
5/1 ARM	6.510%	6.500%	$6.32
7/1 ARM	6.760%	6.750%	$6.49

Explore monthly mortgage payments with our Loan Calculator.

VIEW MORTGAGE FEE SCHEDULE

¹ Income that is less than 80% of the area median income, published annually

² Rates are subject to change anytime.

³ APR is the annual percentage rate. It represents the cost of credit over the term of the loan expressed as an annual rate. The APR shown here is based on a loan amount of $120,000, stated interest rates and life of loan fees only. It does not take into account other loan specific finance charges you may be required to pay such as prepaid interest.

⁵ The 3/1 ARM is fixed for the first three years and adjusts annually thereafter, the 5/1 ARM is fixed for the first five years and adjusts annually thereafter, and the 7/1 ARM is fixed for the first seven years and adjusts annually thereafter. The rate on an ARM products will not increase or decrease by more than 2.00% annually and the rate will not increase or decrease more than 6.00% during the term of the loan.

MORTGAGE

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