Residential and Home Equity Loans

Home Equity Loans
An East River Bank Home Equity Loan is the right choice if you need money for a one-time expense and don’t foresee the need for additional funds. Our experienced loan officers will help you select a home equity loan that fits both your cash needs and your budget. • Borrow up to 90% of your home’s value. Competitive fixed rates–enjoy a low, fixed monthly payment that’s easy on your budget. Flexible repayment terms–with payment terms from one to 20 years and the option of automatic payment, East River Bank offers the terms thatare right for you. • Automatic Loan Payment Never worry about a late payment again! Have your monthly payment for your Home Equity Loan automatically deducted from an East River Bank deposit account. It’s added convenience and peace of mind at no additional charge and you may receive a lower rate!
Home Equity Lines of Credit
An East River Bank Home Equity Line of Credit provides instant access to cash whenever you need it. Once approved, you’ll receive special checks so you can access your line at your convenience. As you make principal payments, your line is replenished so you can use it again. You can borrow up to 90% of your home’s value, and with no annual fees, it’s a smart choice to finance home improvements, pay tuition, consolidate bills, or even take a vacation. Best of all, interest is charged only on the amount you use, and it may be tax deductible (consult your tax advisor). Compare and Save! With our competitive rates, East River Bank’s Home Equity Line of Credit may be a great alternative to using credit cards or other personal loans.
Fixed Rate Mortgages
If you prefer the security of a fixed rate, we offer traditional 10, 15, 20 or 30-year mortgages with interest rates set for the life of your loan. This fixed rate is especially helpful if you like to plan long-term budgets.
Adjustable Rate Mortgages
Our adjustable-rate mortgages may lower your monthly payments in the early years of your loan and can, in some cases, even increase your buying power. The rates can adjust within certain limits according to the general trend of interest rates. These limits include interest caps to keep the interest rate from rising above a set level.
Balloon Mortgages
If you plan to stay in your home for a specific period of time, our Balloon Mortgage could be the product for you. These loans are priced lower than the 30-year fixed-rate mortgage, but monthly payments are based on a 30-year term. At the end of the balloon term, you can pay it off or refinance.
Construction-Permanent Mortgages
Is building the home of your dreams more your style? Let us help you. You’ll have up to twelve months to complete the construction of your home. And at the time of application you’ll get the choice between a fixed or adjustable rate loan.
Rehab Mortgages
If you plan to buy a home that is in need of renovation, modernization, and/or an addition, East River Bank’s Rehab Mortgage will work for you. The costs of the Rehab will be included in your loan amount. You also may choose from a variety of rates and terms.