Adjustable Rate Mortgages
| Term | Rate | Points | APR† | APR Term Rate Points APR P&I Pmt (per $1,000) |
| 5/6 SOFR - Apply Now | 6.375% | 0 | 6.875% | $6.24 |
| 5/6 SOFR | 6.125% | 1 | 6.873% | $6.08 |
| 5/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 - Apply Now | 6.750% | 0 | 6.850% | $6.49 |
| 5/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 | 6.500% | 1 | 6.846% | $6.33 |
| 7/6 SOFR - Apply Now | 6.500% | 0 | 6.882% | $6.32 |
| 7/6 SOFR | 6.375% | 1 | 6.916% |
$6.24
|
| 7/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 - Apply Now | 6.875% | 0 | 6.900% | $6.57 |
| 7/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 | 6.750% | 1 | 6.933% | $6.49 |
| 10/6 SOFR - Apply Now | 6.625% | 0 | 6.912% | $6.40 |
| 10/6 SOFR | 6.500% | 1 | 6.927% | $6.32 |
| 10/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 - Apply Now | 7.000% | 0 | 6.985% | $6.66 |
| 10/6 SOFR - Jumbo Loan Amount $766,551-$2,000,000 | 6.875% | 1 | 7.000% | $6.57 |
†APR=Annual Percentage Rate and subject to change without notice. Maximum Loan to Value (LTV) for a Purchase is 95% for a 1 family owner occupied.
Maximum LTV for no cash out refinance is 90%. All Cash Out refinancing will receive a .25% added premium to the current rate.
Maximum LTV for Cash Out Refinancing is 70% for Primary homes and 65% for Vacation/2nd homes. Maximum cash out to borrowers is $250,000.
All Loan to Values between 80.01% – 95% will require Private Mortgage Insurance approval. Maximum LTV for a 2-4 family owner occupied for a
purchase or refinance is 80% and borrower must pay 1 point. The minimum loan amount is $25,000. The maximum loan amount is $2,000,000.
Loan amounts above $2,000,000 will be considered. Please call 732-342-7600 ex 147 for rates above $2,000,000. Rates adjust after the initial fixed rate period is over.
Initial rate cap can be maximum of 2.00% for the 5/6 SOFR (Secured Overnight Financing Rate) and 5.00% for both the 7/6 SOFR and 10/6 SOFR.
Maximum adjustment is 1.00% at each 6 month interval after initial interest rate adjustment. All SOFR products have a 5.00% life cap.
All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance
and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank.
Applicants must be 18 years of age or older.
Investment Property – APR=Annual Percentage Rate and subject to change without notice. Maximum Loan to Value for purchase or refinance is 75% for a 1-4 family.
No cash out allowed for a refinance. The minimum loan amount is $25,000. The maximum loan amount is $1,000,000. Rates adjust after the initial fixed rate period is over.
Initial rate cap can be a maximum of 5.00% for the 10/6 SOFR. Maximum adjustment is 1.00% at each 6 month interval after initial rate adjustment with a 5.00% life cap.
All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance,
and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank.
Applicants must be 18 years of age or older.
All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance,
and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank.
All loans subject credit approval. Applicants must be 18 years of age or older.
