How To Apply For Investors Bank Personal Mortgage

   Are you looking to refinance or purchase a new home? If yes, then the Investor Bank is offering you different mortgage plans to choose from. The Investor Bank has 150+ branches across New York and New Jersey and it is a full-service, publicly traded bank. Before you opt for any mortgage option, it is important to take a look at the highlights of all available options. This is the only way you can make an informed decision. You can also talk to the bank’s loan experts for their assistance, but all important information is also accessible on their website. For your convenience, here are the available mortgage options that you can get from the bank.

Investors Bank Personal Mortgage Types

There are over a dozen types of personal mortgage loans that you can apply for at the Investors Bank. Here are the available mortgage options that you can get from the bank for your new home purchase or refinancing needs:

1. Fixed Rate Mortgages

This mortgage option is a good option for people who are looking for the consistent budgeting every single month. The available year terms are 10, 15, 20, and 30. During the mortgage term, the interest rate will never change. The 30-year term is the most popular option as it offers you the lowermost monthly payment choice.

2. Adjustable Rate Mortgages

This mortgage option offers you the Jumbo and conforming ARMs. The initial rates are lower than the conventional fixed-rate mortgages. Because of this, you have better chances of qualifying for the higher amount of loan. This option has the lock-in a rate for 10, 7, 5, or 3 years. This is an ideal choice for those who want a mortgage for upsizing or moving in the few years.

3. First Home Club

If you are going to buy your first home, then this is the option that you may select. You can qualify for as much as $7,500 help with the down payment and closing costs. When the closing cost disconnects, the application fee will be credited back. It matches up to $4 for every single dollar that you hold in your savings account at the Investors Bank.

4. Bi-Weekly Mortgages

This mortgage option is best to build equity in your home faster. Apply for this mortgage to save money and build your equity quicker. You can also enjoy discounted rates and the amount of the interest that you may also be reduced. You also get the option to add 1 extra mortgage payment/year. It is available on all Fixed Rate Mortgage of the Investors Bank.

5. Jumbo Mortgages

If you want to buy a higher value property, then the Jumbo Mortgages offer you the greater borrowing power. The discounted rates for the jumbo loans are over $453,100, while the other lenders normally offer discounts for the rates that are over $625,500. If your reserve funds are strong, then you might also get an additional discount. The Super Jumbo is available for as much as $3 million.

6. Fannie Mae Mortgages

FNMA: Direct lender for the Fannie Mae that is the enterprise sponsored by the government. You can get up to a $636,150 loan in a few areas on the primary residences, investment properties, and the second homes. You can refinance with the HARP (Home-Affordable-Refinance-Program). The available loan types are adjustable and fixed loans.

7. FHA Mortgages

The down payments for the FHA mortgages are as little as 3.5%. The credit requirements are really flexible, which makes it a good mortgage option. Gift funds and co-signers from the family members are also allowed. In some areas, the loan amount to borrow can be as much as $636,150.

8. Dream Builder Construction/Renovation Mortgage

This loan is available for refinancing or purchase. You can apply for the dream builder construction/renovation mortgage to renovate an existing home or one-close construction mortgage. In the areas with a high balance, the loan amounts can be $453,100 or even more. During the construction period, you will have to pay only interest-only payments.

9. H.O.M.E. Affordable Mortgages

If you are someone with a moderate or low income, then you can consider this loan option. The minimum down payment is as little as 3% and you can use this loan for purchases, cash-out refinances, and rate & term finances. This loan applies to the 1 to 4 family owner-occupied homes, Co-Ops and condos in a few counties of the New Jersey and New York.

10. Decision First Program

This program helps you determine what sort of loan you are capable to afford. Before you find the home of your dreams, you can fully get approved with their assistance. This option is to give strength to your purchase offer and also to assist you to know what loan you can afford.

11. Extended Lock Program

You can utilize this loan when you are building your new home. There are lock-in rate for the eighteen months and it also has the re-lock option in case if the rates drop before the closing of the loan. This option has flexibility as you can change the mortgage program before it closes.

12. Co-Op Mortgages

This mortgage program is as low as 10% down. The current Co-Op mortgage can be refinanced with the 90% LTV (loan-to-value) ration on the rate & term and the cash-out programs. You can apply for the loans as much as $3 million.

13. Reverse Mortgages

This loan is offered to the people who are 62 of age or older than that. There is no monthly payment requirement of principle or interest. You will receive lump-sum payments, credit line, monthly payments, or even the combination of all three.

14. LLC Mortgage

This loan is to protect your personal assets. You have adjustable and 15-year fixed rates in this program. You can get this loan for second or primary homes. However, this loan isn’t available outside of New Jersey and New York.

Instructions To Apply For Investors Bank Personal Mortgage

After deciding which mortgage loan you should apply, here is how you can apply for one online:

1. To start the process, you should visit the official Investors Bank website.
2. Now, take a look at the menu on their website. There, you need to move the cursor to the first option “Personal”. After that, a list of Personal products will slide down. Now, click “Mortgages” option under the “Lending” category.

The complete list of the available personal mortgage options will appear on your computer screen. Click “Get Started” button on the mortgage type that you want to apply for. An application form will appear on your screen. Fill up this form and click the “Submit” button to submit your request. After submitting your application, an Investors Bank representative will soon get in touch with you. If you have any query, then you can dial their customer service number that is 855-446-997.