American dream in progress.
With the large number of mortgage options available today, we make the dream of owning a home simple. Should you go with adjustable or fixed rate? Which term would best fit your needs? Let us help you find the mortgage solution that fits you as well as your new home.
Fixed Rate Mortgages
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.
Adjustable Rate Mortgages
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.
Home For You Mortgage
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. This program features a low down payment, no private mortgage insurance, and down payment and/or closing cost assistance for qualified applicants.
Neighborhood Mortgage Loan
The Neighborhood Mortgage Loan is an option for borrowers purchasing a home in low to moderate income geographies without any income limit restrictions. The loan program features a small down payment and no private mortgage insurance (PMI).
Government Sponsored Programs
- 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.
- 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.
- United States Department of Agriculture (USDA) Mortgage- The USDA mortgages offer borrowers that meet geographic and income requirements up to 100% financing.
- Veterans Administration (VA) Mortgage- A loan product specifically for Veterans, VA mortgages offer up to 100% financing.
Other Featured Products
New Construction Mortgage
If your tomorrow includes building, financing is available for new construction. We offer a single close new construction loan with plenty of time to complete your home - up to nine months.
Vacant Land Mortgage
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.
ALL LOANS ARE SUBJECT TO CREDIT APPROVAL
Home Equity Products
*All loans are subject to credit approval and program guidelines. The introductory rate is fixed for the first six billing cycles and is subject to change on the first day of the seventh billing cycle after closing ("Introductory Period"). After the Introductory Period the Annual Percentage Rate (APR) will be subject to change each billing cycle, however, it will never exceed 16% or fall below 3.25%. The monthly APR changes will be based on the Prime Rate as published in the Money Rates section of The Wall Street Journal plus a margin. The Prime Rate as of 4/6/21 was 3.25% and the rate shown of 3.25% is based on a $100,000 line of credit and a 85% Combined Loan to Value (CLTV). Other terms and rates are available and actual APR may vary based on amount of line and CLTV. The maximum CLTV cannot exceed 90%. Five Star Bank will pay the associated third-party fees at the time of closing. These fees generally total between $750 and $1,500. If the loan is terminated within 36 months of closing, you will be required to reimburse Five Star Bank for these fees. Hazard, flood, and title insurance, if applicable, are required. Property must be in New York State.
Additional happiness in progress
You’ve put a lot of love into your home. It’s time to let it give a little back to you. We can help you borrow against the equity in your home for things like building an addition, updating the kitchen or bath, paying for your child’s college tuition or purchasing a car.
With a Home Equity Line of Credit you enjoy a six month introductory rate so you can reduce your interest payments on your next big project. Being able to make several draws on your line of credit also helps in emergencies or unexpected events. It does have an adjustable rate, but you only pay after using the line. What that means is during the draw period, you only pay interest on the balance you use and those payments may change over time. The Five Star Bank Home Equity Loan is a great option if you have a planned project with a fixed cost. Unlike the Home Equity Line of Credit, The Home Equity Loan features a fixed rate with steady payments for the term that works best for you.
Get in touch with one of our residential lending experts today to find the product that best fits your today and tomorrow.
Schedule of Retail Mortgage & Home Equity Loan Servicing Fees
Click here to view fees(Opens in a new Window) that may be associated with the servicing of your retail mortgage or home equity loan.
All loans subject to credit approval.
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