NY Mortgage Rates at Ridgewood Savings Bank

Ridgewood Savings Bank is headquartered in New York and has been offering banking products and services in New York since 1921.  Among the many bank products and services offered by Ridgewood Savings Bank are a variety of consumer loans and home loans.

Ridgewood Savings Bank offers mortgage loans with fixed rates, adjustable rates and loans for mixed use properties.  Home loans come with no application fee, there are options for no point mortgage originations and applicants can lock in a mortgage rate for up to 60 days with an option to float down to a lower mortgage rate should the mortgage market improve and the opportunity to lower the rate become available.

With a fixed rate mortgage from Ridgewood Savings Bank, a home loan borrower
knows the exact amount of the monthly principal and interest payments over the life the loan.  Borrowers can choose terms ranging from 10 to 40 years.  Current mortgage rates for fixed rate loans include:

Fixed rate mortgages offered by Ridgewood Savings Bank includes:
Conventional fixed rate mortgage with a 10 year term has a rate of 4.625% with 0 points and a 4.63% APR. 
Conventional fixed rate mortgage with a 15 year term has a rate 4.625% with 0 points and a 4.63% APR. 
Conventional fixed rate mortgage with a 20 year term has a rate 5.375% with 0 points and a 5.38% APR.
Conventional fixed rate mortgage with a 25 year term has a rate 5.50% with 0 points and a 5.50% APR.
Conventional fixed rate mortgage with a 30 year term has a rate 5.50% with 0 points and a 5.50% APR.

Ridgewood Savings Bank’s adjustable rate mortgages can offer an initial lower initial interest rate.  With lower initial mortgage rate, the monthly payment will be lower in the early period of the loan.  These loans also have interest rate caps at each adjustment period that limit the potential increase in mortgage payments.  Current mortgage rates for adjustable rate mortgages include:

3/3 adjustable rate mortgage based on the LIBOR rate is 4.375% with o points and a 3.50% APR.
1/1 adjustable rate mortgage based on the one year Treasury bill is 4.875% with 0 points and a 3.27% APR.  
3/1 adjustable rate mortgage based on the one year Treasury bill is 4.375% with 0 points and a 3.41% APR.  

The annual rate cap on 1/1 through 5/1 adjustable rate mortgage products is 2%.  The annual rate cap on 3/3 adjustable rate mortgage product is 2%.  The lifetime cap on all adjustable rate mortgage products is 6% above the initial mortgage interest rate.

Ridgewood Savings Bank, rates displayed are available for owner occupied properties located in the five boroughs of New York, Nassau, Westchester, Suffolk, Putnam, Rockland and Fairfield Counties.  Rates and terms are subject to change.  Mortgage loans require bank approval and additional conditions will apply.  For current mortgage rates and loan information, a bank representative can be reached at (866)-772-4111.  Additional home loan products are available.