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Fixed Rate Mortgages

A Fixed Rate Mortgage guarantees your loan rate will not change for the life of your loan, meaning your total principal and interest payments will not fluctuate. Your escrow payment may vary due to changes in your real estate taxes.

• A variety of loan terms are available.
• Minimum down payment required is 20% of the purchase price of the home.
• After initial disclosures have been received, your appraisal fee is credited to closing costs
• Access your loan with Online Banking or Telephone Banking

Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) offers a variable interest rate. This rate may change at specified intervals during the life of your loan. ARMs are based on market indexes, and your rate will adjust according to changes in these indexes. Your payment will change due to interest rate fluctuations. Your escrow payment may vary due to changes in your real estate taxes.

• Adjustable interest rate provides lower initial rates and payments
• Interest rate caps are 2% per adjustment and 6% over the life of the loan
• Choice of 1, 3, or 5 year adjustment terms
• Minimum down payment required is 20% of the purchase price of the home
• After initial disclosures have been received, your appraisal fee is credited to closing costs
• Access your loan with Online Banking or Telephone Banking

Commercial Real Estate Loans

Colonial Federal's Small Business Partnership Loan provides you with flexible financing options designed to meet the needs of your growing business. We are available to discuss your specific commercial real estate needs with you.

• Variable rate loans
• Personalized service
• Competitive rates

Documents Required with any Mortgage Application

• A completed and SIGNED application
• A copy of the Purchase & Sale agreement signed by all parties (if applicable)
• Pay stubs covering the most recent month
• A copy of last 2 years signed Federal Tax returns including W-2 forms and all schedules

Additional Documents Required for Refinancing

• Most recent property tax bill showing assessed value
• Property Deed or Certificate of Title
• Declarations page of Homeowner’s Insurance Policy