Mortgage Loans

For well over a century, we have been helping our neighbors become home, small business and commercial owners. Our efficiency, responsiveness, and personal attention will make you feel right at home. Because we are a small local lender, we have the ability to understand the needs of our community and offer loan programs designed specifically for you. Currently, Atlas Savings offers the following types of mortgages for the properties located in New York City and adjacent counties. The mortgage rates may be found on the current rate sheet.

RESIDENTIAL MORTGAGES

A decision to buy a new home can be exciting and exhausting at the same time. Take control by knowing what two factors lenders look for in approving a loan:

• Ability to repay is determined by your income, length of time at your current job and employment history. Most lenders like to see that you have been employed for at least two years.
• In considering willingness to repay, we look at whether the property will be used as your primary residence or rental income. We look at your credit history to determine if you are current on all your outstanding debts.

Owner Occupied Residential Mortgages
for condominiums, 1-4 family residences and vacation homes.

Down Payment Requirements:

• 20% down payment for 1-4 family properties and condominiums
• If down payment is less than the 20%, then Private Mortgage Insurance is mandatory –
  please contact Customer Service for more information
  

COMMERCIAL MORTGAGES
Mixed-Use and Multi Family

• 1-4 family properties with commercial space (office or store)
• 5-8 family properties with or without commercial space

Down Payment Requirements:

• Mixed-Use and 5-8 family properties: 25% down payment required

Fixed Rate Mortgage Program
Currently, Atlas Savings offers only Fixed Rate Mortgages. With the fixed rate mortgage, you will have the same rate for the entire life of the loan – and the security of knowing exactly what your monthly mortgage payment will be each month (principal and interest). Budgeting is easier because changing market conditions will not cause your interest rate to fluctuate.

Auto-Pay

• Nothing could be easier or more convenient than the Atlas Savings Auto-Pay option
• No Checks to write and no more late payments
• Your payment is deducted from your savings or checking account on any date you select from the first to the fifteenth of every month

Call today and experience Friendly Mortgage Services with Us (718) 768-4800

*Mortgage requirements can change without notice