Residential Mortgage

Home Mortgage Solutions to Fit Your Needs

Buying a home is one of life’s most exciting opportunities. We are proud that generations of families have relied on Bogota Savings Bank to help with their mortgage needs. At Bogota Savings Bank, we know that each of our customers’ borrowing needs are unique and therefore provide a variety of mortgage products. Our lending experts take the time to understand your specific situation so that we can match you with the right lending package. Whether you’re purchasing your first or second home, looking for a larger home, downsizing or refinancing your current mortgage, Bogota Savings Bank has the right loan for you.

Many Types of Residential Mortgages

Bogota Savings Bank offers Fixed-rate, Adjustable, Jumbo, First Time Home buyers and Refinance solutions, each carrying a variety of terms at competitive rates.

A Proven Partner Throughout the Entire Lending Process

When you make the decision to purchase a home – whether it’s your first or fifteenth – you need a financing partner who is not only knowledgeable and experienced, but committed to you, as well as your closing. As a true community bank with more than a 125-year history, Bogota Savings Bank has a long-term investment in our neighbors and their dreams. We are ready to be your partner throughout the entire mortgage process – from application to closing – and ensure a simple and smooth experience.

Construction Loans

• Short-term Financing: Construction loans are typically short-term, covering the duration of the construction phase, which typically spans between 6 to 18 months.
• Interest Payments: During construction, borrowers usually make interest-only payments on the disbursed amount to the builder. This feature helps manage costs during the construction period.
• Disbursement in Stages: Funds from construction loans are disbursed in stages or "draws" as construction progresses. This method ensures that funds are used appropriately and according to the project's timeline.
• Transition to Mortgage: Upon project completion, the construction loan is either fully repaid or converted into a traditional mortgage, depending on the loan's terms and agreement.
• Stringent Requirements: Construction loans often have stricter eligibility criteria compared to regular mortgages. Lenders may require detailed project plans, a qualified builder, and a larger down payment.

How to Apply

For more information and for a mortgage application, visit your local branch or call (201) 862-8260 Ext 1124. You can also choose to take advantage of our Online Application or download a hard copy of our Mortgage Application.

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