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Brooklyn Federal offers a very low
introductory interest rate of 2.95%
for the first three months.
One of the following four relationships
must be met to qualify for the
introductory rate:
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Pre-Authorized Payment Deduction for
any institution.
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Have a first-mortgage relationship
with Brooklyn Federal Savings Bank.
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Have a minimum combined balances on
deposit with Brooklyn Federal of at
least $1,000.
-
Open a new deposit account with
Brooklyn Federal with at least
$1,000 for at least 3 months.
Choose
between two Closing Cost Options that
best fits your financial needs.
Option A: Borrower Pays Closing Costs
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This option allows you to obtain the
very best interest rate available
from our Bank.
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Interest rate is as low as Prime
-.65% for Life of Loan (Depending on
credit score and loan amount.)
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Loan amounts up to $500,000.
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Initial Draw up to 10 Years.
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Tax Deductible - Consult your tax
advisor.
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Close in Less Than 2 Weeks.
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$375 Application Fee, which includes
the cost of the appraisal, credit
report, etc.
Option B: Bank Pays Closing Costs
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Brooklyn Federal
will pay
all closing costs
including Mortgage Tax!
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Interest rate is as low as Prime
-.15% for Life of Loan (Depending on
credit score and loan amount.)
-
Loan
Amounts up to $500,000.
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Initial Draw up to 10 Years.
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Tax Deductible - Consult your tax
advisor.
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Close in Less Than 2 Weeks.
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$375 Good Faith Deposit, which is
refunded at closing.
Complete
our "on line information request form"
and we will mail you an application
package.
Both options are limited
to owner-occupied, 1
to 4 family primary residences. Loans
are secured by a mortgage lien on your
home.
The interest rate will be
adjusted monthly. This is based on the
prime interest rate as published in the
Wall Street Journal as of the first
business day of publication in any
calendar month. The maximum interest
rate shall not exceed 15.9%. There is a
minimum loan advance requirement
on the first day of the closing, which
depends on loan amount. There is an annual maintenance
fee of $50.
Monthly payments of interest
only during the first 10 years of the
loan term, with monthly payments of
principal and interest during the
remaining 20 years of term on a self
amortizing basis. Offer available to new
Home Equity customers only. Other
restrictions may apply. Call Bank for
details regarding minimum draw
requirements and any possible prepayment
penalties, which depends on which
closing cost option is chosen. The loan term is 30 Years.
This offer is subject to change
without notice.
Estimated Time to Process
Approximately two weeks under normal
circumstances. If a new title policy is
required, an additional two to three
weeks processing time may be necessary.
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