*The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Poughkeepsie, NY and is within Dutchess County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 60 days and the assumed credit score is 740.
At a 3.125% interest rate, the APR for this loan type is 3.157%. The payment schedule would be:
- 179 payments of $1,393.22 at an interest rate of 3.125%
- 1 payment of $1,393.07 at an interest rate of 3.125%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
**If after receipt of your Completed Mortgage Loan Application, we do not issue a clear to close status for your mortgage file within 30 days, Rhinebeck Bank will provide you, the applicant(s), with a $1,000 credit towards your closing costs.
Rhinebeck Bank's 30 Day Get Packing Pledge, guarantees your mortgage will be clear to close with thirty (30) days from the date we receive your completed mortgage loan application.
A "mortgage loan application" will be defined as an oral or written request for an extension of credit that is made in accordance with procedures established by Rhinebeck Bank for the type of credit requested. A "Completed Mortgage Loan Application" means an application in connection with which Rhinebeck Bank has received all the information it regularly obtains and considers in evaluating applications for the amount and type of credit requested. All mortgage loans are subject to credit approval.
Rhinebeck Bank will consider an application complete after receipt of the following documents used to process and underwrite the mortgage loan application.
- Signed Uniform Residential Loan Application (Form 1003)
- Signed application disclosures as required by your selected mortgage program
- Satisfactory Income documentation required for your selected mortgage program
- Satisfactory verification of assets required for your selected mortgage program
- Satisfactory verification of ongoing monthly obligations as required by the terms of your selected mortgage program
- Fully executed contract of sale to purchase the subject property
- Upfront Appraisal fee paid at the time of Borrower's Intent to Continue
- Borrower's written Intent to Continue with the mortgage loan application
- Any ancillary application documents required for your selected mortgage program
You, the applicant(s), are responsible for providing Rhinebeck Bank the required information and documentation to satisfy the Completed Mortgage Loan Application criteria. Any delays due to an incomplete application are not covered by the 30 Day Get Packing Pledge. The Pledge does not cover delays caused by the applicant or third parties delivering required documentation on behalf of the applicant(s).
To be eligible for the 30 Day Get Packing Pledge, the Completed Mortgage Loan Application must be for the purchase of a primary residence or second home located in the New York State Counties of Columbia, Dutchess, Greene, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester.
- Applications submitted prior to May 6, 2014
- Loans secured by Condos
- Construction Loans / Construction Rehab Loans
- New Construction
- Short Sales
- Land Loans
- Jumbo Mortgages (a mortgage with a loan amount exceeding the conforming limits set by the Federal Housing Finance Agency and therefore not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac)
- Closing delays due to non-marketable title
- State of New York Mortgage Agency (SONYMA) mortgages
- Mortgages for which Rhinebeck Bank is acting as a broker / correspondent lender
- Delays caused by borrower should additional documentation be required after initial loan submission
- Delays caused by third parties (including but not limited to sellers, borrower's attorney, seller's attorney, title agencies and others) providing, delivering ro submitting required documentation on behalf of the applicant(s)
- Delays caused by the condition of the subject property, including but not limited to required repairs, inspections, remediation, abatements and any other actions required so that the subject property meets the collateral requirements of the selected mortgage program
- Product changes, counteroffers, loan type changes
All mortgage loan applications are subject to credit approval. Only closed and funded loans for which the Bank did not meet the 30 Day Get Packing Pledge qualify for the $1,000 closing credit. This offer may be withdrawn at any time without notice.