First Niagara was founded more than 135 years ago in Lockport, N.Y. Although they maintain the commitment to their community, First Niagara has grown substantially over the last century and can serve more clients. They work in twenty-four counties across New York, but their headquarters remains in Lockport. They are a subsidiary of First Niagara Financial Group, Inc., and are listed on the NASDAQ Financial-100 Index. To this day, they maintain their motto, “Our first priority is you.”
First Niagara Bank’s company vision is to “be our customers’ trusted financial advisor by fostering an exceptional customer experience and building lasting relationships.” To reach their vision, First Niagara operates according to seven values: integrity, commitment, respect, caring, diversity, passion, and excellence.
First Niagara Bank Mortgage Loan Options
First Niagara will help you through every step of your mortgage process. You can pre qualify with them online, and use other online tools they offer to help determine different payment schedules and interest rates you may be able to choose from.
First Niagara Bank VA and FHA Loans
First Niagara has several first time homebuyer options. Their Federal Housing Administration (FHA) and Veterans Administration (VA) options feature low to no down payment, and reduced closing costs. First Niagara also offers the State of New York Mortgage Agency (SONYMA) loan. This loan is government backed, has low interest rates, and has low down payment requirements. This loan is only available for first time homebuyers (except in SONYMA target areas). An advantage to this options is that its below market interest rates may help you qualify for a larger mortgage.
First Niagara’s Low/Mod Homepride program is designed for low to moderate-income borrowers. This loan provides a below rate, unsecured loan for up to six percent of the sale price of your home. It is designed to help cover closing costs.
First Niagara has designed a Bi-weekly mortgage. This mortgage may be the option for you if you want to build equity more quickly, save thousands of dollars in interest, and pay off your mortgage years sooner. If you have a First Niagara checking or savings account, the payments can be deducted from your account without any additional fees.
Of course, First Niagara offers more traditional mortgage options as well. They have the thirty year Fixed Rate Mortgage that many borrowers use. They have Adjustable Rate Mortgages with terms of 1 Year, 7/23, 3/1, and 5/1. All of their Adjustable Rate Mortgages have a 2% annual cap, 6% lifetime cap, and are indexed according to the one Year Treasury Index.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.