1/2 Pay Mortgage®
Amboy Bank has been providing mortgages to the community for over a century. With our 1/2 Pay Mortgage, you'll save thousands on interest and pay off your mortgage faster. By making half of your monthly payment every two weeks, you'll enjoy the equivalent of 13 full payments a year, helping you build equity quicker.
A Mortgage Shouldn’t Last for a Lifetime
Whether you are buying your first home, upgrading, downsizing, or refinancing, Amboy Bank makes it possible for you to pay off your mortgage faster. Our 1/2 Pay Mortgage® shaves off years of payments, allowing you to build equity faster and save thousands in interest.
With a conventional mortgage, you make one payment every month. But with our 1/2 Pay Mortgage®, you make one half of that payment every two weeks. That’s the equivalent of one extra payment every year, and the savings add up!
Plus, you can now take advantage of our new Rate Switch option. If rates go down, simply give us a call, and we will lower your rate. Your first rate change is free within the first two years. And after the second year, you can still call us at any time to modify your rate for a low fee. Don't waste time hoping rates will drop; buy your dream home today!
| Conventional Mortgage | 1/2 Pay Mortgage® | |
|---|---|---|
| Payment Amount | $2,501 monthly | $1,250 every 2 weeks |
| Paid in Full | 30 years | 23 years |
| Total Interest Paid | $483,312 | $376,496 |
| Interest Saved | NA | $106,816 |
How Much Can a ½ Pay Mortgage Save You?®
See for yourself!
About Amboy's Home Loans
If Rates Go Down, Simply Change Your Rate
Other banks require a refinance to change your rate, which entails a lot of paperwork and fees. At Amboy, you can modify your rate at any time with just a phone call.
Don't Worry About Rates Rising Before You Close
Your rate is locked in for 60 days. This could save you a substantial amount of money if rates go up during the mortgage approval process.
We Keep and Service Your Loan
We don't sell our loans, which means if you have questions or concerns at any time during the life of your loan, you'll always know where to find us.
Personalized Advice from our Local Team of Home Loan Experts
When it comes to home financing, one size doesn't fit all. Our local, non-commissioned experts take the time to understand your unique goals and guide you every step of the way with honest advice and tailored solutions.
Looking for More Info and Options?
Terms & Disclosures
*Examples based on $417,000 Mortgage with 6.00% APR (Annual Percentage Rate). Actual APR will vary. Available for 1-4 family, owner occupied homes with a minimum of $50,000 and a maximum of $625,000. First lien positions only. Approved applicants responsible at closing for funding interim interest and escrow account for property taxes and insurance. Subject to credit approvals and home appraisal. Additional terms and conditions apply.