Mortgages

Whether you’re buying a new home or refinancing an existing one, a mortgage is one of the biggest financial commitments a person can make. At Schuyler Savings Bank, our goal is to help you achieve homeownership and financial stability with a variety of mortgage products to suit your individual needs. As a community bank, we keep the entire process local and provide the personal service that many banks no longer offer! Our lending officers will walk you through the entire process. Buying a home can be stressful, but financing one doesn’t have to be!

Home Loan Toolkit

Couple holding keys in front of houseFixed Rate Mortgage Loans

Fixed Rate Mortgages provide peace of mind and stability. Your principal and interest payments will remain constant over the lifetime of your loan. You can choose a long-term loan with lower monthly payments or a shorter-term loan – saving you thousands of dollars in interest because your loan will be paid off faster. You also have the option of choosing a bi-weekly mortgage. Rather than one monthly payment, you will make loan payments every two weeks. This allows you to build up equity quickly, save thousands of dollars in interest and accelerate the maturity of your loan.

Adjustable Rate Mortgage Loans (ARM)

While many home buyers prefer the security of a fixed rate, an Adjustable Rate Mortgage can be a good choice - especially if you know you'll be moving within the next few years. ARMs usually start out with a lower interest rate than Fixed Rate Mortgages and with lower principal and interest payments for a predetermined initial period. After that initial period, the interest rate and monthly principal and interest payment is periodically adjusted. It can go up or down according to the index, margin and adjustment period/lifetime caps stated until your loan is repaid.

ARM Handbook ARM Disclosure

Special Programs

First-Time Homebuyer Program

Schuyler Savings Bank can help turn your dream of homeownership into a reality. Being a first-time homeowner is exciting, but it can also be overwhelming. Our friendly lending staff will gladly walk you through the entire process to ensure a smooth and rewarding experience.

Program Features:

  • Discounted loan rates
  • 11% down payment with no PMI (private mortgage insurance)
  • Relaxed qualifying standards

Eligibility Requirements:

  • Borrower must NOT have owned a home in the past 3 years
  • Minimum credit score of 725 or higher required
  • Owner-occupied 1-2 family homes and single-family vacation homes
  • Collateral properties located in towns of Kearny, Harrison, East Newark, Lyndhurst, Rutherford, East Rutherford, Carlstadt, Wallington, Wood Ridge, or Secaucus

Well Qualified Borrower Program

Get rewarded for maintaining an excellent credit rating!

Program Features:

  • 11% down payment with no PMI (private mortgage insurance)
  • Relaxed qualifying standards

Eligibility Requirements:

  • Minimum credit score of 750 or higher required
  • Owner-occupied 1-2 family homes and single-family vacation homes

Community Appreciation Program

Our Community Appreciation Program is designed to make home purchases and refinancing more affordable for the local heroes who give back to our communities every day. This program is available to our teachers, local Board of Education members, Borough employees and municipal workers, police and fire department members and first aid squads within certain communities serviced by Schuyler Savings Bank (see list below).

Program Features:

  • Discounted loan rates
  • No application fee

Eligibility Requirements:

  • Employed in towns of Kearny, Harrison, East Newark, Lyndhurst, Rutherford, East Rutherford, Carlstadt, Wallington, Wood Ridge, or Secaucus
  • Applicant must meet employment guidelines
  • Owner-occupied 1-2 family homes and single-family vacation homes

Please call for additional details. 

Get Started

View Rates Get Pre-Qualified Mortgage Application Mortgage Demographic Addendum

 

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