Personal Banking
Mortgage Loans
Our mortgage department has been financing primary, secondary and investment properties in Cape May and Atlantic Counties since 1887. We have excellent mortgage programs with great rates and flexibility. Whether you are refinancing or purchasing, let Ocean City Home Bank find the mortgage program that's best for you.
Fixed Rate Mortgage
Interest First Mortgage
Adjustable Rate Mortgage
Bi-Weekly Mortgage
Construction Permanent Mortgage
Construction
Land Loans
First Time Homebuyer Loan
Low to Moderate Income Program for Home Purchase
Fixed Rate Mortgage
As the most popular mortgage program for homebuyers, a fixed rate mortgage offers the stability of predictable monthly payments for the life of the loan. With a fixed rate mortgage, payments will remain constant.
Interest First Mortgage
Interest First Fixed Rate Mortgage
30 year fixed rate mortgage with a 10 year interest only period followed by a 20 year fully amortizing period. At the 11th year, the monthly payment changes to include both the principal and interest due.
Adjustable Rate Mortgage
With a typically lower mortgage payment, Adjustable Rate Mortgages (ARM) are an increasingly popular alternative to the conventional fixed rate mortgage. The lower payments allow the homeowner to get the most home for their money. There is a potential increase in the monthly payment over time, if interest rates rise. ARMs are most appropriate for people who anticipate an increase in their income over the years or do not plan to stay in their home for a long period of time.
10/1 Arm
The 10/1 mortgage offers a fixed rate for the first ten (10) years of the loan. Beginning with the tenth anniversary date of the loan payments, your interest rate and payment will change yearly.
Fixed Plus 5/1 Mortgage
The Fixed Plus 5/1 mortgage offers a fixed rate for the first five (5) years of the loan. Beginning with the fifth anniversary date of the loan payment, your interest rate and payment will change yearly. A conversion option is available.
Fixed Plus 7/1 Mortgage
The Fixed Plus 7/1 mortgage offers a fixed rate for the first seven (7) years of the loan. Beginning with the seventh anniversary date of the loan payment, your interest rate and payment will change yearly. A conversion option is available.
3 Year Arm
The 3 Year Adjustable Rate Mortgage offers the initial rate of interest for a period of thirty six (36) months with interest rate and payments adjustments every thirty six (36) months.
Bi-Weekly Mortgage
Ocean City Home Bank offers both 15 and 30 year bi-weekly mortgage loans. With a bi-weekly loan you will be required to make ½ of your mortgage payment every two weeks. As a result, you will make thirteen mortgage payments over the course of the year instead of the more traditional twelve. By doing so your mortgage repayment will be accelerated and your loan will be paid off much sooner than a standard 15 or 30 year fixed rate product. For your convenience we will automatically draft these payments from an Ocean City Home Bank checking or savings account.
Construction to Permanent Mortgage
Option 1:
12 Month Construction Term (Maximum 6 month extension w/additional fee)
Construction Rate: Interest only at Prime + 1/2%, adjusted and billed monthly.
(Investment - Prime+1 1/2%) Minimum Rate: 7.00%
End Loan Rate will be the current rate at time of conversion to permanent financing.
Option 2:
12 Month Construction Term (Maximum 6 month extension w/additional fee)
Construction Rate: Interest only at the rate established for the End Loan, billed monthly.
End Loan Rate same as construction rate. Interest Rate Lock available.
$100.00 Application Fee
$400.00 Appraisal (single family), $600.00 Appraisal Fee (2-4units)
$500.00 Inspection Fee (includes four draws and final inspections) - paid at closing
$275.00 Origination Fee - paid at closing
½ Point for Primary / 1 Point - Secondary and Investments properties for construction term plus any applicable points for the end loan
1 Point for Applicants that are their own General Contractor.
| Maximum Disbursements: | 80% Land 90% Construction Costs |
| Maximum LTV: | 90% $350,000. Primary/Secondary 80% $500,000. Primary/Secondary 75% $750,000. Primary/Secondary 80% $500,000. Investment 75% $750,000. Investment |
| Permanent Programs: | All end loan programs currently offered by Ocean City Home Bank. |
DOCUMENTATION REQUIREMENTS (MUST BE PROVIDED WITH APPLICATION):
- Complete Plans and Specifications with proposed Survey/Plot Plan.
- Executed copy of building contract.
- If no contract, complete cost breakdown supported by written estimates.
- Executed copy of Sales Contract for the land or copy of Deed to the land.
Construction
- 12 Month Term
- Interest only at Prime, adjusted and billed monthly (primary/secondary)
- Prime plus ½% interest only, adjusted and billed monthly (investment)
- Executed copy of Sales Contract for the land or copy of Deed to the land.
- Program floor of 7%
- $100.00 Application Fee
$400.00 Appraisal Fee (single family), $600.00 Appraisal Fee (2-4units) - $500.00 Inspection Fee (includes four draws and final inspections) - paid at closing
- $275.00 Origination Fee - paid at closing
- 1 point
| Maximum Disbursements: | 80% Land 90% Construction Costs |
| Maximum LTV: | Total LTV may not exceed 80% of finished value. |
DOCUMENTATION REQUIREMENTS (MUST BE PROVIDED WITH APPLICATION):
- Complete Plans and Specifications with proposed Survey/Plot Plan.
- Executed copy of building contract.
- If no contract, complete cost breakdown supported by written estimates.
- Executed copy of Sales Contract for the land or copy of Deed to the land.
Land Loans
Ocean City Home Bank has just the program for your buyer who wants to purchase land but isn't ready to start building. Our Land Loan Program can be used for approved building lots for Primary, Secondary or Investment properties.
TERMS:- 3 year Balloon based on a 15 year amortization
- Fixed Rate -OR-
- Prime Rate + .50% adjusted monthly
- 25% minimum down payment required
- 1 point
- 30% minimum down payment required for Investment properties
- 1 ½ point
First Time Homebuyer Loan
Ocean City Home Bank has a program for borrowers who are First Time Home Buyers or those who haven't owned property in the last 3 years. (Verified by Tax Returns)
TERMS:
- 1 point discount in fees off of any Ocean City Home Bank mortgage product offered.
- Must be used for the purchase of a primary residence
Low to Moderate Income Program for Home Purchase
- The purpose of this loan is to finance the purchase of the borrower's primary residence.
- Only Single Family Residences will be eligible for this product.
- The type of loan offered will be a 10/1 ARM; Based on a 30 year pay-out.
- The interest rate established will be ½% below our current 0 point rate for moderate income and 1% below our current 0 point rate for low income borrowers.
- There will be no discount points charged to the borrower.
- There will be no private mortgage insurance (PMI) required for loans with a 90% or less loan to value. (2% down from borrower's own funds)
- The maximum loan to value that will be considered for this type of finance is 90%.
- $100.00 discount on application fee.
- Qualifying ratios: 33/38 up to 90% LTV
NOTE: Cannot be used in conjunction with any other discount offered.
