Mortgage Rates

Great rates can be found at Ion Bank.

Personalized service and competitive rates whether you’re purchasing or refinancing your home. That’s the difference you’ll find at Ion Bank.

Rates and terms described are for owner-occupied properties only.  Low down payment programs are also available.  Rates are subject to change without notice. Variable and Adjustable rates may increase during the term of the loan.  When the initial fixed interest rate expires, the interest rate will change to an adjustable interest rate on the change date.  The adjustable interest rate may change on the change date and every 6^th month thereafter.  The rate will be calculated based on an index, which is the 30-day average SOFR index rate, as made available by the Federal Reserve Board of New York.  The most recent index figure available as of the date 45 days before each change date will be used.  This will be called the current index.  Before each change date, the new interest rate will be calculated by adding the margin, which is 3.000%, to the current index, resulting in the fully indexed rate.  The fully indexed rate is rounded to the nearest one-eighth of one percentage point. The fully indexed rate is 6.625%.

All mortgages with less than 20% down payment may require PMI (Private Mortgage Insurance). The rate and point structure will be the same as mortgages with a 20% down payment.

Interest rates are subject to credit and property approval based upon secondary market guidelines. Interest rates and APRs may vary depending on loan details, such as points, loan amount, your credit and property occupancy. The rates shown are available to borrowers with a satisfactory credit history. Your rate may vary based upon your credit history and other loan details. All information provided assumes an owner-occupied purchase mortgage loan in the amount of $100,000 with 25% down and credit score >/= 780.

Payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation will be greater.

¹Restricted to properties located in the following communities in Connecticut and New Jersey: Capital, Naugatuck Valley, and South Central regions; Bergen, Morris, and Passaic counties.
²Restricted to low-to-moderate census tracts in the following Connecticut cities: Ansonia, Bristol, East Hartford, Hartford, Manchester, Meriden, New Britain, New Haven, and Waterbury. New Jersey boroughs and cities: Bergenfield, Cliffside Park, Clifton, Dover, Elmwood Park, Englewood, Fairview, Garfield, Hackensack, Lodi, Morristown, Mount Olive, Passaic, Paterson, Prospect Park, Wharton, and Woodland Park.
³Rate reflects subject property in low-to-moderate census tract in Ion Bank’s assessment areas.
⁴Rate reflects household income at or below 80% AMI (Area Median Income). The United States Department of Housing and Urban Development (HUD) calculates AMI for each geographic region in the country by using data from the US Census-based American Community Survey.  A household’s income is calculated by its gross income, which is the total income received before taxes and other payroll deductions.