15 Year Fixed Rate
30 Year Fixed Rate
5 Year Adjustable Rate
10 Year Adjustable Rate
CHOOSE THE RIGHT MORTGAGE
Fixed Rate Mortgage
A Fixed Rate (Conventional) Mortgage has monthly principal and interest payments that remain the same throughout the life of the loan (unless property taxes, insurance premiums or homeowners/condo association fees change). It is recommended for those that do not want their loan to fluctuate with market rates.
Adjustable Rate Mortgage (ARM)
An ARM has an interest rate that can change at designated intervals throughout the life of the loan. These rate changes are based on a financial index, and when these changes occur your monthly payment may increase or decrease. Most ARMs will have a lower interest rate than a Fixed Rate Mortgage. An ARM is recommended for those who want to take advantage of lower initial payments, those that expect to move before any rate increases, or for those who expect their income to rise.
State of New York Mortgage Agency
SONYMA provides low interest mortgages to low- and moderate-income home buyers throughout New York State. This Mortgage offers several benefits including low interest rates, low down payment requirements, flexible underwriting guidelines, and down payment assistance. This Mortgage is recommended for first time home buyers.
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Frequently Asked Questions
Rates, terms and conditions subject to change without notice. All loans subject to credit approval.
*APR=Annual Percentage Rate. All loans subject to approval. Rates, terms, and conditions are subject to change.