1 - 4 Family Investment Properties (for business use only)
Blue Foundry Bank offers the following unique mortgage loan options for 1-4 family investment properties held in the name of an individual. These low cost loan products provide a great vehicle to help you achieve all of your investment property goals.
Adjustable Rate Mortgages
Rates as of Wednesday, February 15, 2023 | ||||
| Product Description | Interest Rate | Points | Monthly Payment per $1,000 | Monthly Payments |
| 10/1/30 Year ARM | ||||
| 10/1/30 Year ARM | 6.500% | 0.000 | $6.32 | Show Payments |
| 7/1/30 Year ARM | ||||
| 7/1/30 Year ARM | 6.250% | 0.000 | $6.16 | Show Payments |
| 5/1/30 Year ARM | ||||
| 5/1/30 Year ARM | 6.000% | 0.000 | $6.00 | Show Payments |
Above rates, and terms apply to 1-4 family, purchases and refinances in amounts up to $1,500,000 on properties located in Northern New Jersey. Rates may vary subject to loan amount, loan-to-value ratio, purpose of loan, credit rating, etc. Rates are subject to change without notice. Payments shown do not include applicable taxes and insurance. Actual payment obligation will be greater. Property Insurance required. Flood Insurance may be required. LTV maximum of 75% for 1-4 family properties and 70% LTV maximum for a condominium. Minimum Loan Amount $150,000 on cash out refinance loans.
For Adjustable Rate Mortgage (ARM) loans, your rate will adjust annually after the initial term of 5, 7 or 10 years. Adjustments will be based on an index plus margin. The index used is the weekly average of U.S. Treasury Securities adjusted to a constant maturity of one year, plus a margin of 2.75%. At each adjustment period the rate cannot increase more than 2% nor can it increase more than 6% above the initial interest rate over the life of the loan.
Fixed Rate Mortgages
Rates as of Wednesday, February 15, 2023 | ||||
| Product Description | Interest Rate | Points | Monthly Payment per $1,000 | Monthly Payments |
| Fixed Rate Mortgages | ||||
| 15 Year | 6.875% | 0.000 | $8.92 | Show Payments |
Above rates, and terms apply to 1-4 family, purchases and refinances in amounts up to $1,500,000 on properties located in Northern New Jersey. Rates may vary subject to loan amount, loan-to-value ratio, purpose of loan, credit rating, etc. Rates are subject to change without notice. Payments shown do not include applicable taxes and insurance. Actual payment obligation will be greater. Property Insurance required. Flood Insurance may be required. LTV maximum of 75% for 1-4 family properties and 70% LTV maximum for a condominium. Minimum Loan Amount $150,000 on cash out refinance loans.
