Adjustable Rate Mortgages (ARMs)
Oritani’s Adjustable Rate Mortgages (ARMs) can help to ease the financial burdens of a purchase of a new home or a refinance of your existing home with a low starting rate. After an introductory starting period of 1, 3, 5, 7, or 10 years; your interest rate will be tied to an Index plus a Margin and may move up or down with each subsequent adjustment period. You will have the benefit of Oritani’s 2% periodic rate cap protection for each adjustment period, along with a lifetime rate cap of 6% on 1, 3, and 5 years and 5% on 7 and 10 years, respectively.

Conventional Fixed Rate Mortgages
Our 10 through 40-Year Fixed Rate Mortgages offer you the security and predictability of fixed monthly payment. Oritani’s 10, 15 and 20-year fixed rate mortgages can save you thousands of dollars in interest payments over the life of the loan, with a rapid buildup of equity. Our 25, 30 and 40-year loans can offer long-term stability, with payments lower than shorter-term mortgages. Because the rate is fixed on all of these loans, you’ll know the exact amount of your monthly amortization payment for the full term of the loan.

Low/Moderate Income Mortgage Loan Program
Our low/moderate income loan programs are targeted to families whose income is less than 80% of Metropolitan Statistical Area median family income. Mortgages for purchase or refinance are limited to $275,000 on one and two family homes/condominiums/townhomes located in Bergen County and towns within our designated lending area. This program offers a discount of ¼% of our current product rates.

First Time Homebuyers Loan Program
This program is targeted to prospective home purchasers who have not owned real estate in the last three years. The maximum income to apply for this mortgage is 115% of the Metropolitan Statistical Area, restricted to single family homes, condominiums and townhomes. We will lend up to 90% of the sales price or appraised value; whichever is less, without private mortgage insurance.
Please contact our Loan Representative for further details.

Bridge Loans
We offer a 180 day term with the interest rate tied to the Prime Rate. There is a nominal processing fee.

No Prepayment Penalties
If you decide to pay off your mortgage, in whole or in part, ahead of schedule, you may do so at any time without incurring any additional charges or fees.

Certain terms and conditions apply to the above loans, so we invite you to ask one of our loan representatives for details.