Mahopac National Bank Mortgage Rates and Review

August 26, 2010 No Comments »

Mahopac National Bank, founded in 1927 in the Hudson Valley region of New York, is currently offering some decent mortgage rates for any local residents that happen to be in the market for a home loan.

They have fixed rate mortgages with terms of 15 years, 20 years and 30 years all with APR’s under 5.0% and a minimum down payment requirement of just 5% of the home’s price tag. They also offer a wide range of adjustable rate mortgage products as well as home refinancing.

Although the word “National” in their bank name might imply they offer mortgages, refinancing and home loans throughout the country, they are actually a locally focused, community bank with 15 branches in the Hudson Valley region of New York. The have locations in the following counties: Putnum County, Westchester County, and Dutchess County, New York.

Honorable Mentions for Mahopac National Bank:

Mahopac National Bank was again ranked among the nation’s strongest and most stable banks by independent ratings agencies Veribanc and Bauer Financial in first quarter 2010. Veribanc again gave Mahopac National its highest “Green 3 Star rating” with the additional distinction of “Blue Ribbon Bank.”  Bauer Financial again ranked us as “4 Star, Excellent, Recommended.”

Mortgage Rates offered through Mahopac National Bank:

(Rates accurate as of 8/23/2010) View their current mortgage rates here.

Fixed Rate Mortgages:

- 15 year fixed rate mortgage with interest rate of 3.875% and an APR of 4.95% with a minimum down payment of 5% required.

- 20 year fixed rate mortgage with interest rate of 4.375% and an APR of 4.436% with a minimum down payment of 5% required.

- 30 year fixed rate mortgage with interest rate of 4.375% and an APR of 4.183% with a minimum down payment of 5% required.

Adjustable Rate Mortgages:

- 3/1 ARM with an interest rate of 4.25% and an APR of 3.7124% with a minimum down payment of 5% required.

- 5/1 ARM with an interest rate of 4.50% and an APR of 4.3849% with a minimum down payment of 5% required.

- 7 year fixed rate mortgage then adjusts every 3 years with an interest rate of 4.750% and an APR of 4.71426% with a minimum down payment of 5% required.

- 15/1 ARM (rate will stay the same for first 15 years then adjusts every year after) with an interest rate of 5.125% and an APR of 4.8239% with a minimum down payment of 5% required.

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