Magyar Bank Mortgages and Mortgage Rates

Magyar Bank is a community bank headquartered in New Brunswick, New Jersey.  Magyar Bank has been in business in Central New Jersey since 1922.  The bank offers a complete line of financial products and services.  The bank operates five bank branch locations in New Brunswick, North Brunswick, South Brunswick, and Branchburg.

With mortgage rates at historically low levels, the mortgage rates offered by Magyar Bank should be considered for buying a new home, or refinance an existing mortgage with a fixed rate mortgage from.  The bank offers fixed-rate mortgages, adjustable-rate mortgages, bi-weekly mortgages, reverse mortgages, first-time homebuyer, affordable housing programs, interest only loans and construction permanent loans.

Residential mortgage loans are originated in amounts up to 80% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio in excess of 80%.

The Bank offers adjustable-rate residential mortgage loans with interest rates based on the weekly average yield on United States Treasuries adjusted to a constant maturity of one year, which adjusts either annually from the outset of the loan, or which adjusts annually after a one, three, five, seven, and ten-year initial fixed-rate period.  The bank’s adjustable-rate mortgage loans provide for maximum rate adjustments of 2% per adjustment, with a lifetime maximum adjustment up to 5%, regardless of the initial rate.  The bank also offers adjustable-rate mortgage loans with an interest rate based on the prime rate as published in The Wall Street Journal or the Federal Home Loan Bank of New York advance rates.

The bank also originates construction loans for the development of one-to four-family homes, townhomes, condominiums, apartment buildings and commercial properties.  Construction loans are offered to experienced local developers operating in its market area and to individuals for the construction of their personal residences.

Fixed rate mortgage rates currently offered by the bank include:

10 year fixed rate mortgage has a rate of 4.750% with no points and an APR of 4.873%.  The mortgage payment calculator results for this rate and term would be $1,572.00 for a $150,000 home loan.
15 year fixed rate mortgage has a rate of 4.500% with no points and an APR of 4.703%.  The mortgage payment calculator results for this rate and term would be $1,147.50 for a $150,000 home loan.
20 year fixed rate mortgage has a rate of 4.875% with no points and an APR of 5.038%.  The mortgage payment calculator results for this rate and term would be $979.50 for a $150,000 home loan.
30 year fixed rate mortgage has a rate of 4.875% with no points and an APR of 4.995%.  The mortgage payment calculator results for this rate and term would be $793.50 for a $150,000 home loan.
40 year fixed rate mortgage has a rate of 6.375% with no points and an APR of 6.492%.  The mortgage payment calculator results for this rate and term would be $865.50 for a $150,000 home loan ( ouch )

Adjustable rate mortgage rates currently offered by the bank include:

The 3/1 year ARM has a rate of 4.875% with no points and an APR of 4.837%. 
The adjustable rate mortgage calculator results for this loan would be $793.50 for a $150,000 home loan.
5/1 year ARM has a rate of 5.000% with no points and an APR of 4.964%. 
The adjustable rate mortgage calculator results for this loan would be $805.50 for a $150,000 home loan.
5/1 year ARM (40) has a rate of 5.250% with no points and an APR of 5.009% 
The adjustable rate mortgage calculator results for this loan would be $748.50 for a $150,000 home loan.
7/1 year ARM has a rate of 5.375% with no points and an APR of 5.117% 
The adjustable rate mortgage calculator results for this loan would be $840.00 for a $150,000 home loan.
10/1 year ARM has a rate of 5.875% with no points and an APR of 5.540% 
The adjustable rate mortgage calculator results for this loan would be $888.00 for a $150,000 home loan.

All mortgage loans subject to credit approval and additional conditions will apply.  Mortgage rates subject to change.  For more information on mortgage rates and home loan products, call the bank at 888-990-2265.  The bank website provides current mortgage rates and additional loan information.  The bank website is located at www.magbank.com.

Tags: adjustable rate mortgage calculator, mortgage, mortgage calculator, mortgage loans, mortgage payment, mortgage payment calculator, mortgage rates, payment calculator

This entry was posted on Monday, April 6th, 2009 at 8:50 am and is filed under Mortgage Ads and Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.