Mortgage and Cooperative Apartment Loan Products

Fixed Rate Loans

A fixed rate loan gives you the security of knowing your principal and interest payment will remain constant for the life of your loan with terms of 10, 15 or 30 years. Our 15-year fixed rate loan saves you interest over the life of the loan and allows you to rapidly build equity; while the 30-year mortgage spreads repayment over a longer period to reduce your monthly payment.

Use our Mortgage Calculator to determine your payments for various rates and terms!

Adjustable Rate Loans

An Adjustable Rate loan features a variable interest rate, which is adjusted periodically. It has an initial period in which the interest rate and your monthly payment remain the same. The initial period can vary from several months to several years. After that, on each adjustment date during the remainder of the term, the rate and amount of your monthly payment can go up or down. The rate you pay on an adjustable loan is based on a fluctuating index (based on government securities rates or similar market rates) plus a fixed amount, called a margin. Your rate cannot change by more than a fixed amount (the periodic cap) on any adjustment date and is subject to a maximum rate change (the lifetime cap). These products are appropriate for borrowers who are capable of managing the potential changes in their mortgage payments.

Use our Mortgage Calculator to determine your payments for various rates!

Interest-Only Loans

Apple offers qualified borrowers adjustable-rate loans that require interest-only payments for the initial term. After the initial term is over, the loan rate resets annually and principal repayments are spread over the remaining years of the loan term. The attractive feature of lower payments during the interest-only period must be balanced against the strong likelihood of higher payments after the interest-only period ends.

Cooperative Apartment Loans

A co-op loan is similar to a mortgage loan in many respects, but is secured by the shares you own in the cooperative corporation rather than by real property. Apple Bank has been a leader in financing co-ops for many years and has the expertise and experience necessary to help you secure financing quickly. We offer both fixed and adjustable rate loans on co-op units.