NBT Bank offers a wide range of financing options. Click on any of the items listed below to learn more.
Purchase
NBT Bank offers a wide variety of purchase financing options to suit your needs. One to four unit residential property, camp loans, manufactured homes (such as modulars, and single-, double-, and triple wides) and almost everything else in between.
We offer financing up to 30 years.
Refinance
Refinancing is the process of obtaining a new mortgage loan on a property already owned. This process often replaces existing loans on the property.
NBT Bank provides many options allowing you flexibility when it comes to refinancing your home. We offer you the ability to refinance your Primary, Secondary or Investment properties.
In addition, you have the ability to apply to pay off the First, Second and/or Third mortgage(s) (home equity loans) on your home, rolling it into one monthly payment.
Regular Refinance
NBT Bank may lend up to 95% of the final appraised value on a one- to two- unit Primary residence or Second home, and 80% on a three- to four- unit Primary Residence.
Cash-Out Refinance
You also have the ability to apply for cash-out. A Cash-Out Refinance is the refinancing of a residential property where the borrower either receives cash at closing, or pays off any other debt other than a residential mortgage on the subject property (such as credit cards, or other liabilities). Cash-Out refinances may be subject to additional fees due to the additional risk a cash-out refinance mortgage presents.
NBT Bank may lend up to 90% of the final appraised value on a one- to two-unit Primary residence or Second home, and 75% on a three- to four-unit Primary Residence with a cash-out refinance mortgage.
For Investment properties, see below.
If you’re planning on building a new single-family, primary residence home, whether it be a stick-built, modular or manufactured home, you’ve come to the right place. Here at NBT Bank, we specialize in making construction loans by offering flexibility in the mortgage process. Just have your plans, complete estimates, survey, construction agreement and building permit in hand, and you’re ready to apply.
Self-Construction is also another option for those handy enough to build their own home. If you are acting as general contractor or are subcontracting/performing 25% or more of the work yourself, Self-Construction may be the program for you.
Construction: a 1% Delivery Fee* of the loan amount will apply (1% of the construction costs for a rehabilitation loan). You may borrow a maximum of 95% of the final value of the property.
Self-Construction: 0.50% will be added to the published interest rates and a 2% Delivery Fee* of the loan amount will apply (2% of the construction costs for a rehabilitation loan). You may borrow a maximum of 80% of the final value of the property.
In either case: Four to six months are given to complete the construction. Non completion fees beyond your construction period will apply if the construction is not completed by the date specified.
Download the following documents to prepare for your construction mortgage:
Construction Lending Disclosure
* Delivery Fees are a percentage of the mortgaged loan amount and are payable at closing.
Investment and Rental Property*
NBT Bank offers loan programs for residential investment property up to 4 units.
Purchase and No-Cash-Out Refinance Investment:
1-2 Units: You may borrow a maximum of 90% of the value of the property.
3-4 Units: You may borrow a maximum of 75% of the value of the property.
Cash-Out Refinance Investment:
1-2 Units: You may borrow a maximum of 85% of the value of the property.
3-4 Units: You may borrow a maximum of 70% of the value of the property.
* Delivery Fees apply to investment, multifamily homes as well as to cash-out refinance loans.
SONYMA (State Of New York Mortgage Association)
New York State Mortgage Program offers First Time Home Buyers a low-interest mortgage option, as well as closing cost assistance. Qualification is necessary, but meeting the proper guidelines will help you with your first home purchase. Follow this link to
SONYMA’s website to determine if you meet the income, property and purchase guidelines, as well as to determine if the property you are looking to buy is in a target or nontarget area. Borrowers must contribute at least 3% of their own funds for 1-2 family homes and 5% for 3-4 family homes. Gifts, grants or seller concessions are allowed, with limitations set by SONYMA. See SONYMA’s website for details pertaining to the program you wish to apply for.
Those interested in this program will need to complete home ownership counseling. Just complete the workbook found at
GEMortgageInsurance.com and have it ready to submit with your SONYMA application.
You will need
Adobe’s Acrobat Reader in order to read PDF documents. Follow this link to download the program if you do not already have the capability to view Adobe PDF documents.
USDA Rural Development
USDA Rural Housing Loans provide a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. The Single Family Housing Program provides funding to low and moderate-income rural Americans to purchases homes for their permanent residence. These loans are made at a fixed rate of interest. The lender may loan up to 100% of the appraised value; closing costs and repairs can often be included in the loans. Private mortgage insurance is not required, but a small one-time guarantee fee is required at closing. For more information, please visit the USDA Rural Hosing Program web site at:
http://www.usda.gov
Home Possible mortgages make home buying a reality for low and moderate-income borrowers. These mortgages offer borrower education, and fixed rate terms. Refinance options are also available. Please contact one of our Mortgage Originators to find out more!
NBT Bank and the Federal Home Loan Bank of NY provide First Time Home Buyers a unique opportunity to save money with a matching contribution toward the purchase of a new home. Households with incomes at or below 80% of the area median income are eligible to enroll in the First Home Club with NBT Bank to save money toward down payment and closing costs. A 10 to 30 months savings plan will be established by the customer and NBT Bank, and the First Home Club will grant three dollars in matching funds for each dollar saved in a dedicated account (up to $5000.00 in matching funds). Customers must meet the definition of First Time Home Buyer, meet the income requirements and complete an approved homeownership counseling program. For complete details, contact your nearest NBT Bank branch or visit the First Home Club web site at: http://www.fhlbny.com/community/fhc/fhc.htm
Jumbo loans are mortgages that exceed the maximum purchase/refinance limitation of the secondary market. Loans that exceed $417,000 for a 1 unit; $533,850 for a 2 unit; $645,300 for a 3 unit; and $801,950 for a 4-unit Primary. Jumbo loans require special attention. If you require a mortgage in excess of these limitations, please contact one of our Mortgage Originators to find out more!
Discount fees (otherwise known as delivery fees) are secondary market fees associated with the risks a mortgage transaction presents. Factors such as the type of property, the amount borrowed against the value of the property, credit history, debt-to-income ratios and other similar items create a certain level of risk with each mortgage. These fees are finance charges and are incorporated in the Annual Percentage Rate. Discount (Delivery) Fees are payable at closing.
Do you currently have a First Mortgage on your home here with NBT Bank?
If so, and you would like to lower your interest rate and/or change the term on the remaining balance of your mortgage, you may apply for a Streamline Modification. This process is "streamlined" meaning there is no need to reapply for a new or refinance mortgage loan, saving you both time and money. If you qualify, you may (for a small fee) reduce your interest rate to our current interest rates, or adjust the rate and the term of your mortgage.
Streamline Modification can be used for both fixed and adjustable rate NBT mortgages. There are restrictions to interest rate pricing based on your loan type and the manner in which the loan was originally booked.
The maximium allowable term for this Streamline Modification Program is 20 years.
Streamline Modification Fee:
- Interest rate only (leaving your current term the same) - $1,250.00.
- Interest rate and term - $1,750.00.
(The new payment cannot increase by more than 25% of the existing payment.)
To see if your loan qualifies for a streamline modification, contact one of our Mortgage Originators today!
Camps / Seasonal Homes / Homes with Excessive Acreage
NBT Bank, unlike many lenders, offers financing for residential properties such as Camps, Seasonal Homes, Mixed Use and Excess Acreage properties. These types of mortgages require special attention, and discussion, and may include additional pricing and fees. If you seek financing for property that falls into this category, please contact one of our Mortgage Originators to find out more!
You have the option to buy down your initial interest rate by paying points. Each point represents 1% of the mortgage loan amount and will reduce the current advertised zero-point interest rate an average of 0.25% (or one-fourth of a percent) up to a maximum of 0.75% (or three fourths of a percent). †
For example: 1 point (1.00%) of a $50,000.00 mortgage (equivalent to $500.00) may buy down an interest rate of 6.25% to 6.00% for the fixed term of the loan.
A biweekly payment option is available on most of our mortgage products. Some of the advantages to making biweekly payments include automatic payments made directly from your NBT Bank checking or money market account. Also, biweekly payments work out to one extra monthly payment made each year, which results in a reduced mortgage term and total amount of interest paid over the life of the loan. You will be given the opportunity to request a biweekly option at the time of application only.
Please note that biweekly payments are not available on construction mortgages until the construction phase has been fully completed and the home has been reassessed by the proper taxing authority.
By establishing a checking or money market account at NBT Bank, your mortgage payments can be made automatically on a monthly or biweekly basis. This allows you the convenience of not having to write a check, and mail or drop off your payments.
A fixed rate Second Mortgage is a great option for those looking to purchase a home. The benefit to this type of mortgage is a reduced down payment and/or the reduction or elimination of private mortgage insurance.
Second mortgages are available in conjunction with purchase money mortgages for a term of 5-15 years, up to a maximum of $100,000.00. Title insurance is not required on this type of loan. The borrower is responsible for any applicable recording fees, mortgage tax, transfer tax and delivery fees.
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