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Mortgage Center

>Mortgage Center
Mortgage Center2019-09-09T16:46:45+00:00

Buying a New Home or Looking to Refinance?
Purchasing a new home or refinancing your current home is exciting and a little scary.

Roselle Bank will help you choose the mortgage product that best suits your needs and walk you through process from application to closing. Choosing a lender is an important decision, so choose a bank with more than 125 years of experience. We have specialized programs for first time home buyers, and low income and moderate income borrowers. For current rates and more information or to begin the application process, visit our online Mortgage Center. If you prefer, you can call or visit our main office during banking hours and our lending department would be happy to answer questions you may have about our lending process.

Visit the Mortgage Center to Learn More

Contact a lending specialist today to learn more.

Call: 908-245-1885
NMLS #401250

Mortgage Rates & Terms

Type of Loan (3)RateAPRPointsMonthly Payment Per $1,000 Borrowed (3)
Loans $750,000 or Less LTV <90%
30 Year Fixed Rate3.7503.785% (1)0.000%360 payments of $4.64 per $1,000 borrowed at an interest rate of 3.750%
20 Year Fixed Rate3.500%3.548% (1)0.000%360 payments of $5.80 per $1,000 borrowed at an interest rate of 3.500%
15 Year Fixed Rate3.250%3.312% (1)0.000%180 payments of $7.03 per $1,000 borrowed at an interest rate of 3.250%
10 Year Fixed Rate3.000%3.089% (1)0.000% 120 payments of $9.66 per $1,000 borrowed at an interest rate of 3.000%
5/1 30 Year Adjustable Rate (4)3.250%4.082% (1)0.000%See below (4)
7/1 30 Year Adjustable Rate (4)3.375%4.000% (1)0.000%See below (4)
10/1 30 Year Adjustable Rate (4)3.500%3.916% (1)0.000% See Below (4)
Loans $750,001 to $1,000,000 LTV 80%
30 Year Fixed Rate4.875%4.888% (2)0.000% 360 payments of $5.30 per $1,000 borrowed at an interest rate of 4.875%
15 Year Fixed Rate4.125%4.147% (2)0.000% 180 payments of $7.46 per $1,000 borrowed at an interest rate of 4.125%
10 Year Fixed Rate3.875%3.906% (2)0.000%120 payments of $10.07 per $1,000 borrowed at an interest rate of 3.875%
Home Equity Loans and Lines of Credit $250,000 or less (Maximum CLTV 75%) (5)
20 Year Fixed Home Equity 4.250%4.250%0.000%240 monthly payments of $6.19 per $1,000 borrowed at an interest rate of 4.250%
15 Year Fixed Home Equity4.125%4.125%0.000%180 monthly payments of $7.46 per $1,000 borrowed at an interest rate of 4.125%
10 Year Fixed Home Equity 4.000%4.000%0.000% 120 monthly payments of $10.12 per $1,000 borrowed at an interest rate of 4.000%
Home Equity Line of Credit (HELOC) (6)4.250%4.250%
First Time Home Buyer - $449,500 or Less LTV <90%
30 Year Fixed Rate3.375%3.409% (1)0.000% 360 payments of $4.43 per $1,000 borrowed at an interest rate of 3.375%

Mortgage products are available for properties located in select counties of New Jersey only. Visit our Mortgage Center for more information about our mortgage products.

1 The APR (Annual Percentage Rate) is based on a mortgage amount of $250,000.

2 The APR (Annual Percentage Rate) is based on a mortgage amount of $800,000.

3 For All Loans:

  • APR=Annual Percentage Rate
  • LTV=Loan-to-Value
  • MONTHLY PAYMENT AMOUNTS STATED ABOVE CONSIST OF PRINCIPAL & INTEREST AMOUNTS ONLY AND DO NOT INCLUDE PROPERTY TAXES, HAZARD INSURANCE, AND/OR FLOOD INSURANCE PREMIUMS (IF APPLICABLE). YOUR ACTUAL PAYMENT OBLIGATION WILL BE GREATER.
  • To see what your monthly principal and interest payment would be, divide your mortgage amount by $1,000; then multiply the monthly payment by that amount. (For example, the monthly payment for a 30 Year Fixed Rate mortgage amount of $250,000 would be: $250,000 ÷ $1,000 = 250; 250 x $4.92 = $1,230.00 principal and interest payment per month.)
  • Available to individuals residing in the New Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union and Warren.

4 For Adjustable Rate Loans:

  • THE INTEREST RATE AND APR MAY BE INCREASED AFTER CONSUMMATION.
  • On a 5/1 30 Year Adjustable Rate, the interest rate will not change for the first 60 months of the loan. After the first 60 months, the interest rate can change yearly.
    • 60 payments of $4.35 per $1,000 borrowed at an interest rate of 3.250%
    • 300 payments of $4.96 per $1,000 borrowed at an interest rate of 4.500%
  • On a 7/1 30 Year Adjustable Rate, the interest rate will not change for the first 84 months of the loan. After the first 84 months, the interest rate can change yearly.
    • 84 payments of $4.42 per $1,000 borrowed at an interest rate of 3.375%
    • 276 payments of $4.94 per $1,000 borrowed at an interest rate of 4.500%
  • On a 10/1 30 Year Adjustable Rate, the interest rate will not change for the first 120 months of the loan. After the first 120 months, the interest rate can change yearly.
    • 120 payments of $4.49 per $1,000 borrowed at an interest rate of 3.500%
    • 240 payments of $4.90 per $1,000 borrowed at an interest rate of 4.500%
  • The interest rate cannot increase or decrease more than 2 percentage points per year.
  • The initial interest rate cannot increase or decrease more than 6 percentage points over the term of the loan.
  • The interest rate cannot be less than 3 percent over the term of the loan.

5 For Home Equity Loans
$150 nonrefundable application fee. Maximum combined loan-to-value 75%.

    • 10-Year Fixed-Rate Home Equity Loan has a 4.000% APR with 120 monthly payments of $10.12 per thousand. 
    • 15-Year Fixed-Rate Home Equity Loan has a 4.125% APR with 180 monthly payments of $7.46 per thousand.
    • 20-Year Fixed-Rate Home Equity Loan has a 4.250% APR with 240 monthly payments of $6.19 per thousand. 

Payments do not include taxes, homeowners insurance, or flood insurance premiums, if applicable, and the actual payment obligations will be greater. APR (Annual Percentage Rate) effective as of 10/30/2019. Rates, terms, and fees are subject to change without notice. All loans are subject to credit approval.

6 For Home Equity Line of Credit (HELOC)
The APR (Annual Percentage Rate) may vary. Non-refundable application fee $150. Rate is Prime Rate minus 0.500%. As of 10/30/2019 the Prime Rate was 4.750% resulting in a rate of 4.250%. There is a Maximum Rate of 16.000% and a Floor Rate of 4.000%. Property Insurance is required. Flood Insurance may be required. Rates, terms, and fees are subject to change without notice. All loans are subject to credit approval.

7 First Time Home Buyer
The program is limited to the purchase of properties located in Roselle Bank’s designated Community Reinvestment Act (CRA) Assessment Areas which include certain local communities in Union, Somerset, Morris and Hunterdon Counties. A list of the qualifying communities is available upon request.