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What Kind of Loans Are Available at First Niagara Bank? Rates and Contact Information


First Niagara Bank offers, among other, three interesting kinds of loans that may interest you: mortgages, home equity and auto loan. We will invite you to read the most important features of them hereafter:

A) Mortgages: This bank provides its clients with multiple choices to buy of refinance you home according to your need related to home buying and home building:

1. HOME BUYING: There are a myriad of loans, you just read the characteristics and the benefits and choose the one that suits you best:

  • Conventional Fixed Rate: with this loan, you fix the interest rate so as you will know in advance the amount of money you have to pay.

  • Adjustable Rate Mortgage (ARM): with this loan you choose to pay fixed interest rate for the up to 10 years (or it can be up to 5 or 7) . Every year, you can adjust the initial fixed rate period. It an affordable option if you don’t know how long you will stay in that home. Another good point is that the initial rate is, in most cases, of lower cost than a rate fixed at 30 years. 

  • Jumbo Loans: these loans apply to loans greater than $417,000. Besides, tha have more flexibility for great amount of money and you can choose from fixed- and adjustable-rates.

  • New Construction: by means of this loan, you include construction financing and permanent mortgage loan. You will have the possibility of having flexible schedules, paying only the interest during construction following the rate that appears in the mortgage. 

  • Loan Combination: by combining first and second mortgages you can avoid paying private mortgage insurance or jumbo pricing and you will be able to build equity faster.

  • Government Loan: this kind of loan can just be asked by some state residents or veterans. 

  • HARP Loan:  this is program which serves at refinancing homes. If your loan was given by Fannie Mae or Freddie Mac on or if it was provided before the first 5 month of 2009, you will have Lower monthly payment; Fixed-rate mortgage loan and loan terms that go from 15 to 30 years which help you reduce interest rate.

  • First Home Club Loan (given by the Federal Home Loan Bank of New York): you will be able $7,500 to save for down payments and closing costs in periods of that go from 10 to 24 months.

If you want to know more about these programs, please call at 1-877-731-4646

2. HOME BUILDING:

First Niagara Bank offers different loans for those who want to build their house by saving money and locking in one rate to cover everything from the building to the foundation. The loans offer:

A flexible draw schedule with up to 5 draws

  • The option to pay only the interests during the first year of construction, and then, once your home is completed, you will be able to pay regular principal and interest

  • Quick builder acceptance review to start the construction as soon as possible.

If you want to know more about these programs, please call

at 1-877-731-4646

B) Home equity: Once you have equity in your home, you can borrow up to 85% of your home’s value. There are two options available.

1. THE ULTRAFLEX HOME EQUITY LINE OF CREDIT:

You can lock in up to three fixed-rate loans within your line of credit.

You will be able to enjoy the certainty your payment amount and that the rate won't change.

You can use this loan to afford journey, debt, or home repairs.

You will be able to have access to the founds in peson, call center, via online and by means of checks.

You will have Interest-only options, highly competitice rates, no closing costs, automatic payment.

You just need the tittle of the residence, proff that taxes are current upon closing, insurance, a source of income enough to satisfy the payment requirement

You don’t have to pay fees if your credit is still open after three years.

You will have to pay a fee of $50 if the total of all outstanding variable rate rises and fixed-rate loan is less than 25% of the initial credit limit.

You will have to pay a $50 lock-in fee post-closing.

2. HOME EQUITY LOAN:

*You will use this loan to afford weddings, renovations, and more.

*You will have fixed rate, term and monthly payment.

*You can start with an amount of $10,000.

*You can choose among 5, 10, 15 and 20-year terms and monthly and biweekly payments.

*You won’t have fees for owner-occupied homes

*You won’t have closing costs if the loan is still open after three years

*You will be able to resort to automatic payment

*You will be able to take the maximum loan up to 85% if you are owner-occupied one- to four-family homes and condominiums, vacation and second homes.

*You will be able to take the maximum loan up to 70% if you are non-owner occupied/investment properties

*You will need a source of income enough to satisfy the minimum payment requirements

*You will pay reimbursement if you close the loan within a period of three years after being open.

If you want to know more about these programs, please call at 1-866-892-2961

C) Auto Loans: If you want to start your own engines, First Niagara Bank gives its clients the opportunity to customize an auto loan depending on their personal needs. The bank has carefully designed a Personal Auto Loan to help the customers in every step when it comes to purchasing a new vehicle. The characteristics of this loan read as follows:

  • You will get a fast pre-approval so as you can shop with high confidence

  • You will have the opportunity to request any amount that range from $5,000 to $60,000

  • You will be lock in a fixed ratefor up to six years

  • You will be able to purchase your own choice of vehicle that can be either new or used.

  • You will be have the possibility of refinancing an existed car loan or even use paid-in-full car as collateral for a new loan.


Category: Bank loan

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