Above 10-year, 15-year and 20-year rates, APRs and terms apply to NJ single family, owner-occupied contract sales and refinances in amounts up to $1,000,000. (Please contact us for rate information on loans over $1,000,000.)

For 30 year terms, the following loan amount and property location restrictions apply over $417,000: $1,000,000 (existing customers), $500,000 (new customers) and the property must be located in Bergen, Passaic, Essex, Union or Morris County. Private Mortgage Insurance available for down payments less than 20%. Rates may vary subject to loan amount, loan-to-value ratio, purpose of loan, credit rating, etc. and are subject to change without notice. The APR may vary. Payments shown do not include applicable taxes and insurance. Actual payment obligation will be greater. Property Insurance required. Flood Insurance may be required. APR = Annual Percentage Rate.


Fees: Attorney Review Fee $250, Final Inspection Fee $100, Appraisal Fee $300 (1 family) or $500 (2-4 family), Flood Certification Fee $17 and Application Fee $98. These fees must be paid upon request by Spencer during the processing of your application, but no later than three (3) business days after receipt of the initial Truth in Lending Disclosure. In addition, there is a Credit Report Fee ($15 per single borrower, $25 for married borrowers) due and payable to Spencer at time of application. These fees are non-refundable. A Rate Lock Fee of one half of a percent (.500) of the loan amount (refunded at closing) must be paid at time of rate lock.

Equal Housing Lender | Member FDIC | Spencer Savings Bank | Subject property must be in New Jersey