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First-Time Homebuyers

We want your first mortgage to be a successful homeownership journey, so we go above and beyond to make sure we have the right mortgage for you. Our mortgage consultants partner with you throughout the entire mortgage process so that you have the benefit of expert financial advice at every step of the way. As a first-time homebuyer, you may qualify for special loan terms, such as a 3-percent down-payment on the sale price of your home, seller’s concessions, and more. This way you can experience the many emotional and financial benefits of being a homeowner sooner rather than later, while maintaining financial flexibility.

Our adjustable-rate mortgage for first-time homebuyers allows you to take advantage of competitive lower interest rates during the first 10 years, often with lower fixed initial monthly payments that are calculated over a 30-year term. After the first 10 years, the rate adjusts based on current market conditions at the time. After the 10-year term, periodic rate caps guarantee the maximum allowable increase or decrease when the rate changes, and a lifetime cap determines the maximum allowable increase in the rate over the life of the loan. However, many consumers refinance into a traditional mortgage within first 10 years at a competitive interest rate resulting in an affordable payment.

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  • 3 percent down payment, with gifting options
  • Optional 3 percent seller’s concessions to go toward the borrower’s closing costs
  • Fixed principal and interest payments for an initial 10 years
  • A 30-year amortization results in lower monthly payments during the first 10 years
  • Rate adjusts after initial 10-year introductory period
  • Finance up to 97% of your home’s purchase price
  • ARM loan rates and payments may change over time
  • Personal mortgage insurance required
  • Product available for those who meet income requirements
  • Subject to credit approval

All loans are subject to application and credit approval. Property insurance is required. Adjustable Rate Mortgages (ARMs) are subject to rate changes after the initial 10-year term. At that time, the interest rate will change and will be based on an index plus a margin. Typical ARM borrowers will seek an acceptable rate within the initial 10-year term and convert to a permanent 15- or 30-year conventional mortgage.


Click here to see our current mortgage rates. >
To learn more, please call our Residential Lending Department at (518) 584-5844 or .

Helpful Calculators

Here are some useful calculators to help you with your mortgage financing: