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.
FHA (Federal Housing Administration) 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)
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.
Home For You Mortgage
This loan program is designed to provide easier access to home ownership for borrowers that are less than 80% of the area median family income. This program features a discounted fixed interest rate, reduced closing costs, a low down payment, no private mortgage insurance (PMI), and up to a $3,000 grant 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).
The First Home Club Program
Five Star Bank participates in the First Home Club which is a savings program sponsored by the Federal Home Loan Bank. For homebuyers below 80% of the area’s HUD median income, this program grants $4 in matching funds for each $1 saved up to $7,500 for qualified applicants, which can be used toward the down payment or closing costs of the home.
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. Variable rate ARM mortgages are available with various terms.
ALL LOANS ARE SUBJECT TO CREDIT APPROVAL
Home Equity Lines/Home Equity Loans
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.
Home Equity Loans
With a Five Star Bank Home Equity loan, you can use the equity you have established in your home to take out a loan of up to $300,000. This product offers a variety of terms to choose from to fit your needs.
Home Equity Line of Credit
A HELOC is another option for using the equity you have established in your home. You can borrow up to $300,000 with a variable interest rate and a 30-year term. You can withdraw funds from the line as you need them during the first 15 years, while making interest only payments. After the 15-year draw period, the line can no longer be drawn on and there will be a 15-year repayment period of both principal and interest.
Schedule of Retail Mortgage & Home Equity Loan Servicing Fees
Click here to view fees 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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