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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 loan amounts 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 & condominiums must be owner-occupied. 
  • Co-op loans must be owner-occupied regardless of loan amount. (available up to $999,999)
  • 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: Saturday, August 15, 2020

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone3.00%3.013% 1-4 Family Homes, Condominiums & Coops180 monthly payments of $6.91
30 YearsNone3.50%3.507%Primary 1 & 2 Homes, Condominiums & Coops360 monthly payments of $4.50
30 YearsNone3.75%3.757%Non-Owner Occupied 1-4 Family Homes & Condominiums 360 monthly payments of $4.64

*APR= Annual Percentage Rate.

Available for loan amounts up to $999,999.00. 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 & 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, condominiums & co-ops 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.

Co-Ops must be Owner Occupied and are available for loans up to $999,999. 

Apply for a pre-approval by clicking here.

When you click above you will need to log in or create an account before proceeding to the application

*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, condominiums & co-ops only
  • Maximum purchase price of:
    • $750,000 for 1 family homes, condominiums & co-ops
    • $999,000 for 2 family only
  • Maximum loan amount of:
    • $700,000.00 for 2 family
  • 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, subject to Insurance Carrier approval.

Conventional Fixed Rate

TermPointsRateAPR*Monthly Payment Per $1,000.00 Borrowed
15 YearsNone3.00%3.013% 1-4 Family Homes, Condominiums & Coops180 monthly payments of $6.91
30 YearsNone3.50%3.507%Primary 1 & 2 Homes, Condominiums & Coops360 monthly payments of $4.50
30 YearsNone3.75%3.757%Non-Owner Occupied 1-4 Family Homes & Condominiums 360 monthly payments of $4.64

*APR= Annual Percentage Rate.

Available for loan amounts up to $999,999.00. 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 & 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, condominiums & co-ops 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.

Co-Ops must be Owner Occupied and are available for loans up to $999,999. 

Apply for a pre-approval by clicking here.

When you click above you will need to log in or create an account before proceeding to the application.

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, condominiums & co-ops 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 and above on 1 family homes & condominiums must be owner-occupied.
  • Co-op loans must be owner-occupied regardless of loan amount. (available up to $999,999.00
  • 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 YearsNone3.00%3.013% 1-4 Family Homes, Condominiums & Coops180 monthly payments of $6.91
30 YearsNone3.50%3.507%Primary 1 & 2 Homes, Condominiums & Coops360 monthly payments of $4.50
30 YearsNone3.75%3.757%Non-Owner Occupied 1-4 Family Homes & Condominiums 360 monthly payments of $4.64

*APR= Annual Percentage Rate.

Available for loan amounts up to $999,999.00. 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 & 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, condominiums & co-ops 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.

Co-Ops must be Owner Occupied and are available for loans up to $999,999. 

Home Equity Line of Credit

With a Home Equity Line of Credit (HELOC) from Maspeth Federal Savings Bank, you can put your home to work for you. A home equity line of credit is a revolving line of credit based on the equity in your home. Borrow from it as needed for funding home improvements, paying school tuition, or just paying for life’s unexpected events.

  • Borrow up to 70% of your home’s Combined Loan-to-Value (CLTV)
  • Easy access to funds when you need them
  • Varied monthly payments based on the amount you draw
  • Interest only during the draw period
  • Closing costs subject to reimbursement if loan closed or paid off within 3 years

Home Equity Line of Credit

Home Equity Line of Credit

Prime Rate*Maximum TermMinimum Loan Amount
Prime + 0.25%10 year draw period
20 year payout
$25,000

Subject to Loan-to-Value (LTV) ratio and Debt/Income (DTI) ratio.

Available to properties located in the state of NY (Manhattan, Queens, Brooklyn, Bronx, Staten Island, Nassau, Suffolk & Westchester). Applicant must have an existing mortgage with Maspeth Federal Savings for at least 2 years or own the property free & clear. Property must be owner occupied 1-4 family home, condominium or coop. Closing costs subject to reimbursement if HELOC is satisfied within 3 years. Loan products & services subject to approval. Rates, terms and conditions are subject to change without notice. No minimum draw amount; subject to 24-month activity review.

*Rate is based on the Wall Street Journal’s Prime Rate plus 0.25%. The maximum APR is 15.00% and the minimum APR is 3.00%. The maximum allowable line amount; combined DTI cannot exceed 43%. Property insurance is required, and flood insurance may be required. You should consult with a tax advisor about the deductibility of interest paid on your Home Equity Line of Credit.

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 William Wong

William Wong

Assistant Vice President & Digital Mortgage Manager NMLS#1209056

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

Vicky Kulma

Vice President NMLS#641258

Email
vkulma at maspethfederal dot com
Phone
718-651-7888

Available to properties located in the state of NY (Manhattan, Queens, Brooklyn, Bronx, Staten Island, Nassau, Suffolk & Westchester). 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