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Magyar Bank
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Magyar Bank Google Play App Icon

Magyar Bank
Free in Google Play

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Magyar Bank
Free in the App Store

Download

Magyar Bank Apple Store App Icon

Magyar Bank
Free in the App Store

Download

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Simply Magnificent Mortgages!

The perfect home. Don’t dream it. Live it. Our mortgages offer a variety of plans, with attractive terms and rates. And whether you're buying your dream home, your first home, or refinancing your existing home, the process is simple and easier than you think.

  • Simple and convenient online application process
  • Experienced loan experts who will be with you every step of the way
  • Choose from a variety of terms that work for you

Check out our current rates and apply today!

With a complete line of Fixed Rate and Adjustable Rate Mortgages to choose from, Magyar Bank has the mortgage that's right for you. Our Application process is fast and easy, and you'll get an answer back fast.

Current Rates - As of

Fixed Rate Mortgages
TermRatePointsAPR*Term Rate Points APR P&I Pmt
(per $1,000)

30 Yr - Apply Now

5.375%

0

5.533%

$5.60

20 Yr - Apply Now

5.125%

0

5.336%

$6.67

15 Yr - Apply Now

4.625%

0

4.888%

$7.71

10 Yr - Apply Now

4.250%

0

4.624%

$10.24

*APR=Annual Percentage Rate and subject to change without notice. Maximum Loan to Value (LTV) for a Purchase is 95% for a 1 family owner occupied. Maximum LTV for no cash out refinance is 90%. All Cash Out refinancing will receive a .25% added premium to the current rate. Maximum LTV for Cash Out refinancing is 70% for Primary homes and 65% for Vacation/2nd homes. Maximum cash out to borrowers is $250,000. All Loan to Values between 80.01% – 95% will require Private Mortgage Insurance approval. Maximum LTV for a 2-4 family owner occupied for a purchase or refinance is 80% and borrower must pay 1 point. The minimum loan amount $25,000. Loan amounts $647,201 - $2,000,000 are considered Jumbo Loans. Loan amounts above $2,000,000 will be considered. Please call 732-342-7600 for portfolio and Jumbo rates above $2,000,000. All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank. Applicants must be 18 years of age or older.

 

Adjustable Rate Mortgages
TermRatePointsAPRTerm Rate Points APR P&I Pmt
(per $1,000)

5/6 SOFR - Apply Now

4.750%

0

4.019%

$5.22

7/6 SOFR - Apply Now

5.000%

0

4.309%

$5.37

10/6 SOFR - Apply Now

5.250%

0

4.723%

$5.52

†APR=Annual Percentage Rate and subject to change without notice. Maximum Loan to Value (LTV) for a Purchase is 95% for a 1 family owner occupied. Maximum LTV for no cash out refinance is 90%. All Cash Out refinancing will receive a .25% added premium to the current rate. Maximum LTV for Cash Out Refinancing is 70% for Primary homes and 65% for Vacation/2nd homes. Maximum cash out to borrowers is $250,000. All Loan to Values between 80.01% - 95% will require Private Mortgage Insurance approval. Maximum LTV for a 2-4 family owner occupied for a purchase or refinance is 80% and borrower must pay 1 point. The minimum loan amount is $25,000. The maximum loan amount is $1,000,000. Loan amounts above $1,000,000 will be considered. Please call 732-342-7600 for rates above $1,000.000. Rates adjust after the initial fixed rate period is over. Initial rate cap can be maximum of 2.00% for the 5/6 SOFR (Secured Overnight Financing Rate) and 5.00% for both the 7/6 SOFR and 10/6 SOFR. Maximum adjustment is 1.00% at each 6 month interval after initial interest rate adjustment. All SOFR products have a 5.00% life cap. All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank. Applicants must be 18 years of age or older.

Investment Property - APR=Annual Percentage Rate and subject to change without notice. Maximum Loan to Value for purchase or refinance is 75% for a 1-4 family. No cash out allowed for a refinance. The minimum loan amount is $25,000. The maximum loan amount is $600,000. Rates adjust after the initial fixed rate period is over. Initial rate cap can be a maximum of 5.00% for the 10/6 SOFR. Maximum adjustment is 1.00% at each 6 month interval after initial rate adjustment with a 5.00% life cap. All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance, and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank. Applicants must be 18 years of age or older.

All loans subject to credit approval and appraisal requirements. Escrow of property taxes is required. Borrower is responsible for property/hazard insurance, and flood insurance may be required. Borrower is responsible for any fees required by their current lender to have the loan refinanced with Magyar Bank. All loans subject credit approval. Applicants must be 18 years of age or older.

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All loans subject to credit approval. 

S.A.F.E. Act

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) was passed to enhance consumer protection by setting minimum standards for the licensing and registration of Mortgage Loan Originators (MLOs). Registration is required for all MLOs who work for an insured depository institution. Information about all MLOs who are either licensed or registered is available at the Nationwide Mortgage Licensing System and Registry (NMLS) website www.nmlsconsumeraccess.org.
Magyar Bank NMLS Number 688933

 

For more information, complete the form below and a representative will contact you.

 

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