Mortgage Loans

mortgage loans


 

Want more info on mortgage options?

Eric Morgan Mortgage Lender Seneca Savings

Call Eric Morgan (NMLS #38323)
at 315-427-1883

EMorgan@SenecaSavings.com

tyler wyman mortgages seneca savings

or Tyler Wyman (NMLS #2152709)
at 315-864-5628
TWyman@SenecaSavings.com

 

Buying a new home should be a pleasant experience. We’d like to help make it that way by taking the worry out of applying for a mortgage for your new Liverpool, Baldwinsville, North Syracuse or Bridgeport home. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

  • Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
  • Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.

Once you know approximately how much of a mortgage you can afford, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes and insurance are also not included on the chart, but may be added to your monthly payments.

If you are starting to look for a home, you can complete our convenient digital mortgage pre-qualification form in ten minutes from the comfort of your home computer. A Seneca Savings representative will follow up to assist you further.

Monthly Mortgage Payment Guide

Mortgage Amount4% APR5% APR6% APR7% APR8% APR
$60,000 $286$322$360$399$440
$80,000 $382$429$480$532$587
$100,000 $477$537$600$665$734
$120,000 $573$644$719$798$881
$140,000 $668$751$839$931$1,028
$160,000 $764$859$959$1,064 $1,174
$180,000 $859$966$1,079 $1,198 $1,321
$200,000 $955$1,074 $1,199 $1,331 $1,468
The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.

Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. For more details, call Eric Morgan (NMLS #38323) at 315-427-1883 OR Tyler Wyman (NMLS #2152709) at (315) 864-5628.

Mortgage RatesIcon For: Mortgage Rates

30 yr. Conventional Fixed
Rate
2.75
APR
2.826
15 yr. Conventional Fixed
Rate
2.375
APR
2.513
HELOC
Rate
3.250%
APR
prime + 0
Learn More

Rate Effective June 23, 2021. All Rates, Terms, and Conditions are Subject to Change or Withdrawal Without Notice. On a 30 year mortgage, with 0 points, for $100,000 with an interest rate of 2.875% (2.932% APR) and a minimum down payment of 20%, the principal and interest payment would be $408.24 per month. *Payments do not include amounts for taxes and insurance premiums (if applicable) and actual payment obligation will be greater. Minimum loan amount $30,000. Maximum conforming loan amount $548,250. All loans subject to secondary market underwriting requirements. All Rates and terms are quoted for 1-2 unit owner occupied residences. Annual Percentage Rates (APR) is based on $100,000 loan amount, at the term and interest rate noted above.