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Digital Banking

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Qualify for a $500 closing cost credit. *Click to learn more

local experts. neighborly service.

Should you go with adjustable or fixed rate loan? Which term would best fit your needs? With the large number of mortgage options available today, we make the dream of owning a home simple. Let us help you find the mortgage solution that fits you as well as your new home.
Our Mortgage Loan Originators are here to help you through the mortgage application process- from understanding your options to collecting documents for loan application processing to applying online.

How can we help you?

For additional information, contact us at 1-866-661-7946, fill out the form below or visit your local branch!

Get up to $3,000* towards the purchase of your first home. Click for program details.
The Five Star Home Mortgage Experience
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1. Interview-

Meet with your Loan Originator to determine the appropriate product, lock your rate, request an Itemized Fee Worksheet and provide any required documents.

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2. Disclosure-

Registration Team will send your Loan Estimate and Application packages for eSignature. You will then indicate your intent to proceed and pay any required fees.

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3. Processing-

Your assigned Processor will call you after receiving your loan package. Your Processor will be your main point-of-contact until closing. 

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4. Underwriting-

After all remaining required documents are obtained, your Processor submits the file to an Underwriter for final decision.

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5. Post-Approval-

After Commitment Letter is issued by the Underwriter, your Processor will work with you to the the file cleared for closing.

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6. Loan Closing-

Your Closer and/or Bank Attorney will contact you to schedule the closing, provide a copy of the Closing Disclosure and obtain any required docs.

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7. Loan Servicing-

After your loan closes and funds, your account will be forwarded to our Servicing Team. You will receive your first monthly statement approximately 15 days prior to your first payment due date.


*Please note that these timeframes reflect a typical mortgage transaction. If there is an unforeseen delay, we will reach out to you.*

the basics

traditional mortgage options to help you start your journey. because the point is convenience.


With a fixed rate mortgage, your monthly principal and interest payment will remain the same over the life of the loan. We offer a number of fixed rate programs for purchase and refinance transactions with a variety of terms including Conventional Mortgages, Government Loan Programs, and Jumbo Mortgage Programs for higher balance loans.
  • Interest rate remains the same
  • Various repayment terms available
  • Wide range of products qualify, including low down payment, flexible credit and no closing cost options 


With an Adjustable Rate Mortgage (or ARM), your interest rate is established for a specific period of time and then may adjust based on changes in an index. The change in the rate will result in a change in your monthly principal and interest payment. ARMs typically have a rate that starts below fixed rate mortgages. Similar to fixed rate loans, these products are available for purchase or refinance transactions and feature a variety of term options. These are available for conventional and jumbo loan amounts.
  • Initial low interest rates
  • Various terms to choose from

speciality programs

programs that are as unique as you. because the point is meeting your needs.


This loan program is designed to provide easier access to home ownership for borrowers whose income is less than 80% of the area median income and features flexible credit requirements. This program features a low down payment and no private mortgage insurance is required.
  • A 30-year fixed rate mortgage with a down payment requirement of 3%
  • Non-traditional credit histories accepted
  • Eligible property types include 1-4 unit, owner occupied residences, warrantable condos and planned unit developments


The Neighborhood Mortgage Loan is an option for borrowers purchasing a residential, owner-occupied home in low and moderate-income geographies without any income limit restrictions. The loan program features a low down payment and no private mortgage insurance (PMI).
  • Down payment and/or closing cost assistance available for qualified applicants
  • Total down payment requirement is 3%
  • $1,000 borrower contribution required when combined with city, county or other agency-approved grant programs to meet the down payment requirement
  • No private mortgage insurance is required
  • May be combined with city, county or other agency-approved grant programs

Extended Rate Lock Program

Five Star Bank’s Extended Rate Lock Program provides qualified applicants peace of mind when building a new home. To combat current interest rate volatility, pay a 1% lock-in fee and be guaranteed today’s rate several months down the road (standard 360 day lock, but 180 and 270 locks also available). As long as your loan closes by the rate lock expiration date, the lock-in fee will be returned at closing. Eligible programs include:

  • Conforming Fixed
  • Conforming ARMs
  • Jumbo Fixed
  • Jumbo ARMs  

Jumbo Mortgage Program

If you’re moving into your dream home, a jumbo mortgage may be just what you need. Five Star Bank offers a full menu of jumbo mortgages designed with features to meet your borrowing needs.

  • Loan amounts up to $2,000,000
  • Fixed and Adjustable Rate options available
  • Purchase, Cash Out, and Rate/Term Refinance Programs available
  • Low down payment options
  • Owner-Occupied and Second Home Properties are eligible
  • Seller Concessions are allowed

Construction to permanent mortgage program

The Five Star Bank Construction to Permanent Mortgage Program offers short-term construction financing to build a new home or complete a major home renovation. Make interest-only payments on funds advanced during the construction period. And when the project is completed on time,1 your construction loan automatically converts to a traditional mortgage for the convenience of recurring payment.

  • 1-Close program: one closing event and one set of closing costs
  • Rate protection
  • Convenient access to funds to keep projects on schedule
  • Flexible draw schedules
  • Auto-conversion from construction to permanent loan (if completed in a timely manner)
  • Fixed and Adjustable rates available
1 If project is not completed on time, the construction period needs to be extended and a modification needs to be performed.

Information for Builder Partners


If you are looking to purchase vacant land, we have the financing for you. Fixed rate mortgages and adjustable rate mortgages (ARM) are available with various terms.

government sponsored programs

affordable housing programs to make homeownership more attainable. because the point is reaching your goals.

Homebuyer Dream ProgramTM

Invest in the American Dream. We'll help yours come true. Five Star Bank participates in the Federal Home Loan Bank of New York's (FHLBNY) Grant programs.2 Receive up to $19,500 to fund your down payment and/or closing costs and get up to $500 towards a homeownership counseling program. To qualify:

  • Individual must be a first-time homebuyer as defined by the U.S. Department of Housing and Urban Development
  • Total household income must be at or below 80% of the Area Median Income for the county where purchase takes place
  • Have an executed purchase and sales contract prior to the funding reservation request
  • Have a minimum of $1,000 equity contribution toward the purchase of the home
  • Homebuyer must complete a homeownership counseling program prior to the funding reservation request
  • Homebuyer must commit to 5-year retention period

2FHLBNY determines the qualifications for this program. Mortgage loan is subject to additional underwriting guidelines and credit approval.

USDA Rural Development Mortgage

The United States Department of Agriculture (USDA) Rural Development mortgage offer borrowers that meet geographic and income requirements up to 100% financing for loans as high as $500,000.
  • No down payment required
  • Modest upfront (1%) and monthly (0.35%) premiums required for mortgage guaranty
  • 15, 20, and 30-year fixed rate options available
  • Credit scores as low as 640 are acceptable
  • All loans are assumable
Loan eligibility determined by USDA’s Income and Property Eligibility tool found at

Veterans Administration (VA) Mortgage

A loan product specifically for Veterans that provides qualified Veteran applicants easy access to financing options when purchasing or refinancing a home. VA mortgages offer up to 100% financing for loans as high as $500,000 and no monthly payment required for mortgage insurance. Fixed rate options for 15, 20, and 30-year terms. Eligibility requirements:
  • Active Duty
  • Honorably Discharged
  • Reservists
  • National Guardsmen
  • Non re-married surviving spouses

Non-Resident Canadian Mortgage Program3

Five Star Bank's Non-Resident Canadian Mortgage Program is designed specifically for Canadians looking to buy property in Western New York, including Ellicottville, the Finger Lakes region, or your favorite destination. Canadians who do not reside-in, work-in or are citizens of the United States are eligible.

  • Loan amounts as high as $2,000,000
  • Down payments as low as 20%
  • Fixed and Adjustable- Rate Programs
  • Second Homes and Investment Properties
  • Construction financing and long-term rate also available for Second Home

3Five Star Bank’s Non-Resident Canadian Mortgage Program subject to change without notice.

FHA Mortgages
Federal Housing Administration (FHA) Mortgage- FHA fixed rate mortgages are available with various terms. FHA products feature lower down payment options and flexible credit guidelines.

SONYMA Mortgages

State of NY Mortgage Association (SONYMA) Mortgages- The SONYMA mortgage program provides first time homebuyers with an alternative to conventional loan programs. SONYMA features low down payments, flexible credit guidelines, and down payment assistance for qualified applicants.

Click here to view fees that may be associated with the servicing of your retail mortgage or home equity loan.
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