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Mortgages

Home Mortgage

As a Friendly Community Bank since 1924 we offer you a variety of loan products with the personal service that many banks no longer have. Our goal is to meet your personal financial needs. Whether you're buying a home, looking to refinance, seeking a Home Equity Line of Credit or Home Equity Loan, our bank offers all of these loan products. Our loans are kept in-house. This allows you easy payment arrangements by mail, in person, or by automatic transfer from your Schuyler checking or savings account.

  • One to Four Family Homes and Condominiums/Townhouses Located in New Jersey
  • Various Loan Terms
  • Application Fee One Family $150.00, Two - Four Family $300.00
  • Appraisal Fee: $475.00 - one family; $700.00 - two-four family *
  • Credit Report Fee: $17.40 per borrower
  • Flood Certification Fee: $20.00
  • Attorney Review Fee: $250.00
  • No Lock-in Fee
  • No Commitment Fee
  • No Prepayment Penalties
  • Loans Serviced by Schuyler Savings Bank

* If property securing the loan is in excess of 2,800 square feet, appraisal fee may be higher.

Fixed Rate Mortgages

Fixed Rate Mortgages tend to be the most popular loan product in today's market. The applicant feels secure knowing that the principal and interest payment will not change over the loan term and that the loan will be paid in full at maturity. It allows you to budget your monthly housing expenses more efficiently. You also have the option of choosing a Bi-Weekly loan. Rather than one monthly payment, you will make loan payments every two weeks. This allows the borrower to pay off the loan much faster than a loan with a monthly amortization. The result is accelerated buildup of your equity and lower interest payments over the life of the loan. Whether you are purchasing or refinancing, we have the loan product to meet your specific needs.

For rates and disclosures please click here.

Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) is a mortgage where the interest rate is not fixed. ARM's are variable and may increase or decrease during the life of the loan with the movements of an index rate. The ARM’s have an index and margin, which determine how and when the rate and payment amount change. The renewal rate on the ARM is based on the weekly average yield on US Treasury Securities adjusted to a constant maturity of either one, three, or five year index plus a margin of 2.75%. The ARM product has a 2.00% cap limit on how much the interest rate can change at each adjustment; 6.00% lifetime cap.

For rates and disclosures please click here.

Also Offered

Mortgage Loans on Non-owner Occupied Properties, Commercial Mortgages on Multi-family and Commercial Mixed-Use Properties; and Construction Loans. Please call for details.