Rates
Residential Mortgage
Residential Mortgage Loans are available to owner-occupied, principal residences in New Jersey or Bucks County, Pennsylvania.
Please call 1-877-NJM-BANK (1-877-656-2265) Extension 4572 for information about loans in other areas of Eastern Pennsylvania.
Download a Mortgage Loan Application Package.
Fixed Rate Mortgages
Amount: $0 to $425,000
Minimum Down Payment: 20%
| Term | Points | Rate | APR1 |
|---|---|---|---|
| 10 Year | 0 Points | 5.750% | 5.750% |
| 1 Point | 5.500% | 5.721% | |
| 15 Year | 0 Points | 6.000% | 6.000% |
| 1 Point | 5.750% | 5.906% | |
| 20 Year | 0 Points | 6.250% | 6.250% |
| 1 Point | 6.000% | 6.125% | |
| 30 Year | 0 Points | 6.625% | 6.625% |
| 1 Point | 6.375% | 6.471% |
Fixed Rate Jumbo Mortgages
Amount: $425,001 to $750,000
Minimum Down Payment: 20% up to $500,000
25% from $500,001 to $750,000
| Term | Points | Rate | APR1 |
|---|---|---|---|
| 10 Year | 0 Points | 6.000% | 6.000% |
| 1 Point | 5.750% | 5.972% | |
| 15 Year | 0 Points | 6.250% | 6.250% |
| 1 Point | 6.000% | 6.157% | |
| 20 Year | 0 Points | 6.500% | 6.500% |
| 1 Point | 6.250% | 6.376% | |
| 30 Year | 0 Points | 6.875% | 6.875% |
| 1 Point | 6.625% | 6.723% |
Adjustable Rate Mortgages2
Amount: $0 to $750,000
Minimum Down Payment: 20% up to $500,000
25% from $500,001 to $750,000
| Term | Points | Rate | APR1 |
|---|---|---|---|
| 3/1 Year | 0 Points | 5.500% | 5.025% |
| 1 Point | 5.250% | 5.054% | |
| 5/1 Year | 0 Points | 5.625% | 5.158% |
| 1 Point | 5.375% | 5.152% | |
| 7/1 Year | 0 Points | 5.750% | 5.310% |
| 1 Point | 5.500% | 5.275% | |
| 10/1 Year | 0 Points | 5.875% | 5.523% |
| 1 Point | 5.625% | 5.451% | |
| 15/1 Year | 0 Points | 6.125% | 5.910% |
| 1 Point | 5.875% | 5.794% |
Application Fees
- Single Family: $375
- Two-Four Family: $625
- Additional $50 for each borrower other than spouse
Attorney Fees
|
New Jersey: |
OR |
|
Pennsylvania:
$250 Attorney Fee
Point Options
Pay 0 points or up to 3 points. One point equals 1% of the loan amount. For each point paid the rate is reduced by 1/4% (0.25%).
Qualifying Ratios
Maximum Loan-to-Value Ratio: 80%
Maximum Debt-to-Income Ratio:
Front-End - should not exceed 28% of the gross monthly income to cover total monthly housing costs, which includes the mortgage principal and interest payment, 1/12th of annual real estate taxes, 1/12th of annual homeowners and other hazard insurance coverage, and any applicable association dues.
Back End - should not exceed 36% of the gross monthly income to cover total monthly housing costs plus all other consumer debt with maturities greater than 10 months.
Insurance & Taxes
No escrow accounts are required.
Borrowers pay their own real estate taxes, homeowners insurance and flood insurance (where required).
1 The interest rates and corresponding Annual Percentage Rates (APRs) shown are effective as of September 3, 2008 and are subject to change without notice due to market fluctuations. Payment examples: For the 5/1 ARM at an initial rate of 5.625%, your monthly payment would be $5.76 for every $1,000 borrowed. For the 20-year fixed rate mortgage at a rate of 6.250%, your payment would be $7.31 for every $1,000 borrowed. Offer applies to owner-occupied, principal residences in NJM Bank's lending area. Loans are subject to underwriting eligibility.
2 The interest rates indicated on Adjustable Rate Mortgage (ARM) loans are fixed for the initial period and thereafter will adjust on an annual basis to the weekly average yield on U.S. Treasury Securities, adjusted to a constant maturity of 1 year, plus 275 basis points (2.75%) rounded to the nearest 1/8 of 1%. All ARM loans have a 2% yearly cap and a 6% lifetime cap. Loan payments on ARM loans are based on a 30-year amortization.
Use our financial calculators to help you determine the financing and payment options that are best for you.
| Loan Calculator | Mortgage Calculator |
