Call 1-800-528-2273 to report lost or stolen ATM or Debit Cards 24 hours a day, seven days a week.
We have changed our mortgage department hours to better serve you!
Follow us on Facebook
Mortgages
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 (This fee covers the cost of the Appraisal, Credit Report, and Flood Certification. The application fee is due and payable after the Initial Disclosures are provided.) One Family $400, Two – Four Family $600. Application fee will be refunded at closing on One - Two Family Homes
- No Lock-in Fee
- No Commitment Fee
- No Prepayment Penalties
- Loans Serviced by Schuyler Savings Bank
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.
Balloon Mortgages
Balloon Mortgages are based on a 30-year payment schedule with a balloon maturity date. The balloon loan offers a conditional right to modify/renew at the bank’s discretion and extend the loan for a new term of 10 or 15 years provided you have met certain bank conditions. Those conditions are as follows:
- You must still own and occupy the subject property securing the loan.
- You must be current in your monthly payments and cannot have been more than 30 days late on any of the 12 scheduled monthly payments immediately preceding the Note Maturity Date.
- There are no liens, defects, or encumbrances against the property, or other adverse matters affecting title to the property (except for taxes and special assessment not yet due and payable) arising after the Security Instrument was recorded.
- The new loan rate cannot be more than 5 percentage points above the Note rate.
- You must make a written request to us as provided in “Exercising the Conditional Modification and Extension Option.”
For rates and disclosures please click here.
