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Loan Rate Specials

Loan Rate Specials

Please contact a loan representative for more information on any of the following loan specials at (908) 458-4016.


10 Year No Cost Refinance (owner-occupied property) -- Rate: 3.875% APR: 3.875%
(New money only. Monthly principal & interest payment of $10.07 per $1,000 borrowed.)

15 Year No Cost Refinance (owner-occupied property) -- Rate: 4.000% APR: 4.000%
(New money only. Monthly principal & interest payment of $7.40 per $1,000 borrowed.)

APR = Annual Percentage Rate. APR based on loan amount of $100,000.

Customer will pay no closing costs, except for escrow related funding costs, and interest due at closing. Millington Bank will pay appraisal, credit report, flood search, title insurance, settlement fee, and recording fees. No pest, radon, well or septic testing is required. Title company must give a No Survey Endorsement, otherwise Survey required at customer cost. Closing must take place with Millington Bank's preferred title company.

No Cost Refinance loan program is available for new and existing customers; property type 1 – 4 family. It also covers properties that are owned free and clear. Refinance of existing Millington Bank’s loan require a cash out of a minimum of $75,000. Loans are fully amortized over the 10 or 15 year term. All loans are subject to credit approval and program guidelines: a debt to income ratio up to 43.00%, a loan to value ratio up to 80.00%. No Cost loans are not available for purchases. Rates quoted for owner occupied. Principal and interest payments do not include taxes and insurance. Actual payment obligation may be greater. Property insurance is required, and not paid by Millington Bank. Interest rates and program terms are subject to change without notice.

Program is available for owner-occupied properties only. Please call the Lending Department at 908-458-4016 for rates and terms.


Two-Step Fixed Rate Programs:

10/20 Step Rate Loan
Step 1: 10 year fixed @ 4.00% Step 2: 20 year fixed @ 5.875% (APR 4.722%)
Total term is 30 years - fully amortized. Two-Step Interest Rate Program - both at fixed rates.
(120 monthly principal & interest payments of $4.77 per $1,000 borrowed, then 240 monthly principal & interest payments of $5.59 per $1,000 borrowed)

7/23 Step Rate Loan
Step 1: 7 year fixed @ 3.625% Step 2: 23 year fixed @ 5.875% (APR 4.811%)
Total term is 30 years - fully amortized. Two-Step Interest Rate Program - both at fixed rates.
(84 monthly principal & interest payments of $4.56 per $1,000 borrowed, then 276 monthly principal & interest payments of $5.64 per $1,000 borrowed)

APR = Annual Percentage Rate. APR based on loan amount of $100,000, and $300.00 origination fee due at closing.

Available for purchases and external refinances only of 1 – 4 family properties. Includes properties that are owned free and clear. Add 0.25% to a rate in each step for loans above $750,000. Borrower pays all origination (or commitment) fees and thirds party costs. Loan is subject to credit approval and program guidelines: a debt to income ratio up to 43.00%, a loan to value ratio up to 80.00%. There is 20% down payment requirement on purchases. Rates quoted for owner occupied, 1-4 family properties located in New Jersey. Principal and interest payments do not include taxes and insurance. Actual payment obligation may be greater. Property insurance is required. Interest rates and program terms are subject to change without notice.

Program is available for owner-occupied properties only. Please call the Lending Department at 908-458-4016 for rates and terms.

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