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Residential Mortgages

Fixed Rate Mortgage

Unlike adjustable mortgages, fixed rate mortgages allow you to lock-in your interest rate and provide consistent monthly payments* for the life of the loan. This gives you piece of mind and protects you against inflation and rising interest rates.

  • Available for 1 to 4 family properties and condominiums only; up to $999,000.00. Contact us for rates and terms for amounts of $1,000,000.00 and above.
  • Loans over $500,000.00 and above on 1 family homes or condominiums must be owner occupied
  • Up to 75% loan to value for purchases, 70% loan to value for refinances.
  • $550.00 non-refundable application fee is required on investment properties
  • You won't be penalized for making additional principal payments or paying your loan off early
  • Since we don’t outsource our mortgage servicing you will always receive top-quality customer service in person – even after you close.

 

Effective Date: Monday, December 10, 2018

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone4.25%4.263%180 monthly payments of $7.53
30 YearsNone4.75%4.758%360 monthly payments of $5.22

* APR= Annual Percentage Rate.

Available for loan amounts up to $999,999 for 1 to 4 family properties and condominiums only. Rates for loan amounts of $1,000,000.00 and above will be determined by the Bank. Loans over $500,000.00 on 1 family homes or condominiums must be owner occupied. Up to 75% loan to value for purchases, 70% loan to value for refinances.

First Time Homebuyers Program is available for purchase of owner occupied 1 family homes or condominiums with maximum Purchase Price of $750,000,00, and 2 family with maximum Purchase Price of $999,000.00 only. You will receive .25% discount on Interest Rate. Down payment of 5% to 19% will require PMI (Private Mortgage Insurance).

$550.00 Non-refundable application fee is required on investment properties. Terms and rates are subject to change without notice. Rates are for informational purposes only and are not binding until a formal commitment has been issued. Maspeth Federal Savings is an Equal Housing & Equal Opportunity Lender.

*this does not include escrow fluctuations.

First Time Homebuyer Program

Buying your first home can be exciting and overwhelming all at the same time. That's why we have a team and program dedicated to providing you with the resources needed to make smart decisions and navigate the process with ease.

  • Available to potential borrowers who have not owned any properties in the last 3 years
  • Offered for fixed rate mortgages on owner occupied 1-2 family houses or condominiums only
  • Maximum purchase price of:
    • $750,000 for 1 family
    • $999,000 or 2 family only
  • A minimum down payment of 5%* is required
  • 0.25% interest rate discount

*with a down payment of 5% to 19%, PMI (private mortgage insurance) will be required.

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone4.25%4.263%180 monthly payments of $7.53
30 YearsNone4.75%4.758%360 monthly payments of $5.22

If you have not owned any properties in the last 3 years, you are eligible for our First Time Homebuyers Program with as little as 5% down payment. All First Time Home Buyers will be eligible for a fixed rate mortgage loan on OWNER OCCUPIED, one and two family houses or condominiums with a .25% discount on Interest Rate.

Refinancing Loan

If you're looking to lower your interest rate or monthly mortgage payment or put some extra money in your pocket, a refinancing loan is right for you. Whether you have a mortgage with us or elsewhere, you can ask us about refinancing your loan.

  • Available for 1 to 4 family properties and condominiums only; up to $999,999. Contact us for rates and terms for amounts of $1,000,000.00 and above.
  • Loans over $500,000.00 on 1 family homes or condominiums must be owner occupied
  • Up to 75% loan to value for purchases, 70% loan to value for refinances.
  • $550.00 non-refundable application fee is required on investment properties
  • You won't be penalized for making additional principal payments or paying your loan off early
  • Since we don’t outsource our mortgage servicing you will always receive top-quality customer service in person – even after you close.

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone4.25%4.263%180 monthly payments of $7.53
30 YearsNone4.75%4.758%360 monthly payments of $5.22

Home Improvement Loans

Is it time to update your kitchen? Convert your garage into livable space? We're here to make that dream a reality with funding options that will help you with your next project while adding value to your home.

There’s no application fee and loans are available for a variety of home improvement projects such as:

  • Adding a room or porch
  • Updating your kitchen or bath
  • Finishing your attic or basement
  • Building a garage or patio
  • Replacing old windows
  • Repairing or replacing a roof

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone4.25%4.263%180 monthly payments of $7.53
30 YearsNone4.75%4.758%360 monthly payments of $5.22

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Meet The Lenders

Our team of experienced lenders have over 100 years of experience combined and a long-standing reputation for integrity in the community. We're dedicated to building lasting relationships and will work to deliver tailored financing options, competitive rates and prompt decisions to help you meet your financial goals.

Headshot of Ada Morales

Ada Morales

Vice President & Mortgage Originations Manager

Email
amorales at maspethfederal dot com
Phone
718-651-7888
Headshot of William Wong

William Wong

Assistant Vice President & Digital Mortgage Manager

Email
wwong at maspethfederal dot com
Phone
718-651-7888
Headshot of Vicky Kulma

Vicky Kulma

Vice President

Email
vkulma at maspethfederal dot com
Phone
718-651-7888
Headshot of Rita Garofalo

Rita Garofalo

Vice President & Mortgage Origination Supervisor

Email
rgarofalo at maspethfederal dot com

Our primary lending area consists of the 5 NYC boroughs (Manhattan, Queens, Brooklyn, Bronx, and Staten Island), Nassau, Suffolk, and Westchester Counties. Terms and rates are subject to change without notice. Rates are for informational purposes only and are not binding until a formal commitment has been issued. Maspeth Federal Savings is an Equal Housing & Equal Opportunity Lender