Oritani Bank

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Oritani Bank
30 Sheridan Avenue
Ho Ho Kus, NJ 07423
Phone: (201) 445-3800

Thank you for choosing Oritani Bank. We are a strong, safe and stable community bank with over $1.7 billion in assets that has been serving our customers and our communities for 98 years. Our parent company, Oritani Financial Corp., is a publicly traded Mutual Holding Company listed on the NASDAQ exchange with the trading symbol “ORIT”. The Bank is very well capitalized with two to three times the level of capital required by regulations, and it’s operating performance consistently excels against its peer group. Oritani was among the earliest NJ banks to decline the TARP funds. The Bank is headquartered in Washington Township, NJ and has another 20 branch locations throughout Bergen, Hudson and Passaic Counties. In 2007 Oritani created the OritaniBank Charitable Foundation which supports worthy causes to help improve the quality of life for residents in the bank’s service area with over $800,000 in donations to date. Oritani offers a full line of deposit and loan services to both retail and commercial customers. In this time of financial crisis and worries, it’s nice to know you can count on us. It is our pleasure to serve your banking needs.

Mortgage Loans

We’ve got the mortgage money you need at a competitive rate, with terms to suit your budget.

Adjustable Rate Mortgages (ARMs)
Oritani’s Adjustable Rate Mortgages (ARMs) can help to ease the financial burdens of a purchase of a new home or a refinance of your existing home with a low starting rate. After an introductory starting period of 1, 3, 5, 7, or 10 years; your interest rate will be tied to an Index plus a Margin and may move up or down with each subsequent adjustment period. You will have the benefit of Oritani’s 2% periodic rate cap protection for each adjustment period, along with a lifetime rate cap of 6% on 1, 3, and 5 years and 5% on 7 and 10 years, respectively.

Conventional Fixed Rate Mortgages
Our 10 through 40-Year Fixed Rate Mortgages offer you the security and predictability of fixed monthly payment. Oritani’s 10, 15 and 20-year fixed rate mortgages can save you thousands of dollars in interest payments over the life of the loan, with a rapid buildup of equity. Our 25, 30 and 40-year loans can offer long-term stability, with payments lower than shorter-term mortgages. Because the rate is fixed on all of these loans, you’ll know the exact amount of your monthly amortization payment for the full term of the loan.

Low/Moderate Income Mortgage Loan Program
Our low/moderate income loan programs are targeted to families whose income is less than 80% of Metropolitan Statistical Area median family income. Mortgages for purchase or refinance are limited to $275,000 on one and two family homes/condominiums/townhomes located in Bergen County and towns within our designated lending area. This program offers a discount of ¼% of our current product rates.

First Time Homebuyers Loan Program
This program is targeted to prospective home purchasers who have not owned real estate in the last three years. The maximum income to apply for this mortgage is 115% of the Metropolitan Statistical Area, restricted to single family homes, condominiums and townhomes. We will lend up to 90% of the sales price or appraised value; whichever is less, without private mortgage insurance.
Please contact our Loan Representative for further details.

Stated Income with Asset Verification Loan
Oritani has developed this loan for self employed applicants who have a 25% or more ownership interest in their business. Here stated income on your application will be used for qualification. Applicant must provide proof of self employment for at least 2 years, as well as verification of all asset accounts for prior six months. Applicant[s] must have a credit score of 720 or greater. Maximum loan to value 70%. One family owner occupied properties only.

Bridge Loans
We offer a 180 day term with the interest rate tied to the Prime Rate. There is a nominal processing fee.

No Prepayment Penalties
If you decide to pay off your mortgage, in whole or in part, ahead of schedule, you may do so at any time without incurring any additional charges or fees.


© 2008 Oritani Bank