Loan Assumptions and Disclosures

Interest rates and annual percentage rates (APRs) are based on our current pricing, are for informational purposes only, are subject to change without notice, and may be subject to pricing add-ons related to property type, occupancy type, loan amount, loan to value ratio, credit score, loan purpose and other variables. For a customized rate quote, contact a loan officer today. 

Advertised loans require an escrow account (monthly collection of subject property taxes and any applicable homeowner’s insurance with your monthly principal and interest payment). Mortgage insurance is required if your loan to value exceeds 80%. APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as points), and loan origination fees. One point is 1% of the mortgage amount (for example, $1,000 on a $100,000 loan) based on the interest rate on your note layer, not on APR. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. 

The HomeSweetHome mortgage is only available for purchases of a primary residence for up to a 30-year fixed rate term. Eligible properties include 1 to 2 Units, Condominiums or Double-Wide Manufactured Homes. One or more borrowers must be a first-time homebuyer which is defined as a borrower that has not owned a home in the last 3 years. Combined borrower income is not to exceed the Area Median Income. A homeownership education course is required for all borrowers. More details regarding this course can be found by clicking here. 

The $300 Closing Cost Credit is valid on primary residence purchases only when automatic (ACH) payments are authorized. Borrowers must execute an automatic payment (ACH) authorization form prior to their closing date. The $300 Closing Cost Credit will be applied as a lender credit at closing. This is not a credit decision or a commitment to lend. 

Loan Details

The following example illustrates the purchase of an owner-occupied home in New York State, with an estimated purchase price of $200,000 and an estimated down payment of $40,000. This example does not include escrow for taxes and insurance and assumes a borrower credit score of 720. 

Amortization Schedule