The Annual Percentage Rate (“APR”) calculations are based on a loan amount of $350,000 and reflects fifteen (15) days of prepaid interest, application fee, estimated flood certification fee and points. Actual charges may vary based on the loan terms. New loans only for amounts up to $726,525 for 1st lien on owner occupied residences in New Jersey. Property insurance is required, and flood insurance may also be required. Rates are valid for one to four family, owner-occupied primary and secondary residences in New Jersey. All 1st lien residential closed end loans may not exceed 80% loan to value ratio and are subject to underwriting standards and credit approval. Additional terms and conditions may apply. Other rates and terms are available. Rates, terms, and programs are subject to change without notice. Rates are set at time of commitment and not at application.
1 Based on the rates shown above, your estimated monthly payment of principal and interest would be $1,620.90 for the 30-year fixed rate and $2,480.66 for the 15-year fixed rate. These payments do not include real estate taxes or insurance premiums. The actual payment obligation will be greater.
2 Adjustable Rate Mortgage (“ARM”) loans are based on the Treasury Note Rate Constant Maturity weekly average. The 10/1 ARM is based on the 10 Year weekly average. Rates are variable and may increase after loan consummation. Based on the rate shown above, your estimated monthly payment of principal and interest would be $1,596.18 for the initial ten-year period. Your interest rate can change in the 11th year and every year thereafter. These payments do not include real estate taxes or insurance premiums. The actual payment obligation will be greater.
3 APR is variable and based on the U.S. Prime Rate as published in the Wall Street Journal plus .50% for the life of the loan. APR will never be more than 18% nor less than 3.75% for the remaining life of the loan. All 1st lien loans may not exceed 75% loan to value ratio (“LTV”) and are subject to underwriting standards and credit approval. Additional terms and conditions may apply. Maximum loan amount of $1,000,000 for 1st lien ($500,000 for 2nd lien at 70% LTV) on one to four family, owner occupied residences in New Jersey. Product has a ten-year period of draw and repayment, followed by a 20-year repayment only period. There is an $100 application fee paid up front and a recording fee of up to $200 to be collected at closing. For loan amounts exceeding $250,000, an appraisal fee ranging from $350 – $850 will be collected at closing. There is an $500 Early Termination Fee if loan is paid in full and closed within the first 36 months.
4 CO-OP loans are limited to Mariner’s Bank pre-approved CO-OP complexes. Contact us for more information.
Contact Mariner’s Bank at (201) 224-9110 or marinersbank.com/contact for more information. NMLS #740688 Member FDIC, Equal Housing Lender.