(Note: Prospective borrowers must be of legal age in order to apply for a loan.)
(1) APR denotes ANNUAL PERCENTAGE RATE. Rates and terms are based on loan or credit line amounts of $250,000 or less with a maximum loan-to-value ratio of 80% and are contingent upon you granting Northfield Bank an acceptable and marketable first or second Mortgage. Eligible properties include owner occupied, 1-2 family residences and condominiums in the five boroughs of New York City and Nassau, Rockland, Westchester and Orange counties. Investment properties, cooperatives and purchase money transactions are excluded. Adequate homeowner’s insurance is required and federal flood insurance is required for properties in a designated flood zone. Borrowers are responsible for mortgage recording fee ($72 - $120). Rates for fixed rate loans reflect a 0.25% reduction for BOTH automatic payment deduction from a checking account acceptable to Northfield Bank AND enrollment in E-Statements. To be eligible for the discounted rate, borrower must BOTH establish Automatic Payment no later than at the time of account opening AND enroll in E-Statements no later than 30 days after the time of account opening. In order to maintain the rate reduction, BOTH automatic payment deduction AND enrollment in E-Statements must remain for the term of the loan.
(2) APR denotes ANNUAL PERCENTAGE RATE. Rates and terms are based on loan or credit line amounts of $250,000 or less with a maximum loan-to-value ratio of 80% and are contingent upon you granting Northfield Bank an acceptable and marketable first or second Mortgage. Eligible properties include owner occupied, 1-2 family residences and condominiums in the five boroughs of New York City and Nassau, Rockland, Westchester and Orange counties. Investment properties, cooperatives and purchase money transactions are excluded. Adequate homeowner’s insurance is required and federal flood insurance is required for properties in a designated flood zone. Borrowers are responsible for mortgage recording fee ($72 - $120). The introductory rate for the home equity line of credit is fixed at 6.99% for the first 6 months. Thereafter, the rate is the Prime rate plus .125% as published in the Wall Street Journal (currently 8.00%). Rate is variable and may change monthly. After the introductory period, the minimum rate “floor rate” is 4.00% APR and the maximum rate “ceiling rate” is 16.00% APR.
Payment does not include real estate taxes and property insurance; therefore your actual obligation will be greater.
Borrower is responsible for the mortgage tax (2.05% of loan/credit line amount) on any loan/line amount over $250,000 (mortgage tax will be paid by the Bank for the first $250,000 of the loan/line amount).
There is a recapture fee equal to the amount of the mortgage tax paid by the bank at origination if the line is terminated in the first 36 months.
Loans are subject to credit approval.
There is a .25% rate reduction for the Affordable Housing Home Equity Closed End Loans. To qualify as an Affordable Housing Loan, the subject property must be in a Low-to-Moderate Income Census Tract or the Borrower must be a Low-to-Moderate Income Borrower (80% or less of the median household income for the county of the subject property within the Bank's Lending Territory).
Rates and terms are current as 9/19/24 and are subject to change at anytime without prior notice.
