 Fixed 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.
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 Hudson, Bergen, Essex, Passaic, or Morris County, New Jersey
Low and Moderate Income Program
Schuyler Savings Bank offers this program to assist modest income borrowers meeting certain household income eligibility requirements obtain a mortgage loan and realize their dream of homeownership. Our lending staff is here to walk you through the entire process to ensure a smooth and rewarding experience.
Program Features:
- Discounted loan rates
- 5% down payment with no PMI (private mortgage insurance) (1-2 family dwellings)
- 10% down payment with no PMI (private mortgage insurance) (condo/townhomes)
- Maximum Debt to Income ratio of 43%
- Application Fee Waived
Eligibility Requirements:
- Household income cannot exceed $79,440
- Owner-occupied 1-2 family homes
- Collateral properties located in Hudson County or Bergen County, New Jersey
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.
Program Features:
- Discounted loan rates
- No application fee
Eligibility Requirements:
- Employed in Hudson County or Bergen County, New Jersey
- Applicant must meet employment guidelines
- Owner-occupied 1-2 family homes and single-family vacation homes
Please call for additional details.
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