| Fixed-Rate Mortgages |
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The most popular feature of a fixed-rate mortgage is that the homeowner can rely on predictable housing costs for the entire life of the loan. The monthly payments for interest and principal will never vary.
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| Adjustable-Rate Mortgage |
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The initial interest rate and the monthly payment on an adjustable-rate mortgage are lower than a fixed-rate mortgage. The interest rate changes annually based on the 1-year U.S. Treasury index. With convertible adjustable-rate mortgages, any time after the first year and through the fifth year of the mortgage, the homeowner can convert to a fixed-rate mortgage.
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| Convertible-Rate Mortgage |
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These adjustable rate mortgages that allow the borrower to convert to a fixed rate at certain periods of time throughout the life of the loan.
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| FHA Mortgages |
| To foster home ownership, the Federal Housing Administration (FHA) provides insured mortgage loans to home buyers. These loans enable recipients to purchase a home with a minimal down payment, generally somewhere between 1.75% and 2.25%, depending upon the home's purchase price. It can be an excellent way to increase your buying power.
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| SONYMA Mortgages |
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The State of New York, Mortgage Agency (SONYMA), is a public-benefit corporation of the State of New York. SONYMA's programs help achieve the dream of home ownership by providing low down payment mortgage financing at below market interest rates for single family home buyers.
The SONYMA Low Interest Rate Program offers below-market interest rates, fixed-rate mortgage loans to low-to-moderate income households. This program is designed for first-time homebuyers and people who are purchasing homes in special target areas.
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| Bi-Weekly Mortgages |
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The bi-weekly mortgage can save you thousands of dollars in interest costs and pays off your mortgage in a much shorter time period. Instead of making monthly mortgage payments, half the monthly amount is deducted automatically from your Partners Trust Bank checking account every two weeks. This significantly reduces mortgage principal and builds equity faster.
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| New Home Construction Mortgages |
| Partners Trust Bank offers many attractive programs for new home construction financing. Construction mortgages must be on properties constructed by bank-approved builders. For more information about which construction financing program best suits your home-building project, please call one of our mortgage officers.
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| Jumbo Mortgages |
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Conventional Mortgages have maximum loan amounts created by certain governmental agencies. Currently, the maximum conventional loan amount for a single family property within the Partners Trust Bank lending area is $417,000. Any mortgages for amounts higher than the maximum conventional loan amounts are Jumbo Loans.
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| VA Mortgages |
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The Veterans Administration (VA) offers guaranteed loans to current and past members of the United States Armed Forces. If you are (or were) in any branch of the U.S. Military, the U.S. National Guard, you may be eligible. VA Mortgages offer very low or even no down payment.
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| Pre-Approval |
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Mortgage pre-approval enables you to complete your application process and get approval for a specific mortgage amount prior to purchasing your home. That means having a lot of detail work out of the way right at the start, so you can concentrate on finding the right property. The pre-approval increases your "Buying Power".
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| Pre-Approval with Lock and Shop |
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Mortgage pre-approval that allows you to lock into an interest rate, while you shop for your home. Rate lock is 90 days.
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