NewAlliance Bank Mortgage Rates and Review

August 23, 2010 No Comments »

NewAlliance Bank, based out of Connecticut, is currently offering some exceptionally low mortgage rates. Their most noteworthy products are their 3/1 ARM and 5/1 ARM loans which are featuring an APR of 3.951% and 3.919% respectively. They also specialize in first time home buyers services and have some promotional programs available to those that qualify. Plus – receive a 1/8% discount on selected mortgages when you choose convenient automatic payments from your NewAlliance Checking account.

Mortgage Rates offered through NewAlliance Bank:

(Rates effective as of 8/20/2010. Visit our mortgage center for updated rates from banks and credit unions in your neighborhood.)

Fixed Rate Mortgages:

- 30 year fixed rate mortgage going for 4.375% APR with 0 points on loans of $417,000 or less.

- 15 year fixed rate mortgage going for 3.875% APR with 0 points on loans of $417,000 or less.

Fixed rates are subject to change without notice and may change during the day. Rates can be locked only after you submit a fully executed rate lock agreement, pay any applicable fees, and the agreement is accepted by the Bank.

*Based on loan specifications, your rate may have points due to required adjustments. Actual rate and points may vary depending upon credit score, loan amount, combined Loan to Value, and term. Subject to credit approval.

A 30- year $100,000 fixed rate loan with an interest rate of 4.375 and 0.00% points will have an Annual Percentage Rate (APR) of 4.375%. The loan is repayable in 360 monthly payments of principal and interest $499.29.
A 15- year $100,000 fixed rate loan with an interest rate of 3.875% and 0.00% points will have an Annual Percentage Rate (APR) of 3.875%. The loan is repayable in 180 monthly payments of principal and interest of $733.44.

The above rates assume a 20% down payment; lower down payment programs are also available.

The ARM and Fixed rates are for a 55 day lock-in period. Loan amounts higher than those listed are also available. Call for details.

Adjustable Rate Mortgages:

- 10/1 ARM loans going for 4.321% APR on a 20 year term (minimum contract rate).

- 7/1 ARM loans going for 4.068% APR on a 23 year term (minimum contract rate).

- 5/1 ARM loans going for 3.919% APR on a 25 year term (minimum contract rate).

- 3/1 ARM loans going for 3.951% APR on a 27 year term (minimum contract rate).

Rates subject to change at any time. After the first interest rate adjustment, the interest rate and payment amount is subject to increase or decrease annually. Interest rates are based on the average of the London Interbank Offered Rates (LIBOR) for one year dollar deposits as published in the Wall Street Journal. Annual percentage rates and terms are based on a 25% down payment for owner occupied 1-4 family properties in Connecticut and Western Massachusetts. Rates are for a 55 day lock-in period. Maximum loan amount is $2 million. Higher loan amounts are available. Please call for details.

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