Amalgamated Bank Reviews

Amalgamated Bank is a solid choice for consumers who can qualify for its first-time homebuyer program. Eligible applicants can receive a discounted rate of up to 0.5%. You may qualify if your income is at or below 80% of your area’s median income. Amalgamated might also be a good option for existing homeowners looking to tap their equity as needed via a home equity line of credit (HELOC).

Borrowers looking for a USDA loan will need to look elsewhere. Plus, you’ll need to choose another lender if you’re seeking a home equity loan.

Amalgamated Bank allows you to apply for a mortgage in person or online. If you want to apply in person, you can visit a local branch and speak to a loan officer. Applying online requires visiting the lender’s website and completing a loan application to initiate the process.

You’ll need to provide loan information such as your loan amount, purchase price and type of home loan. In addition, you’ll need to provide various financial information, such as details about your assets, liabilities and employment.

Once you complete the online application, a loan officer will reach out to you with the next steps to complete the application process.

Amalgamated Bank offers various mortgage loan options, including variable- and fixed-rate conventional loans, jumbo loans, FHA loans and VA loans. It offers both purchase and refinance loans.

Here’s a quick breakdown of the mortgages the bank offers.

• Conventional loans: These loans aren’t backed by the federal government and typically come with higher credit requirements.
• Jumbo loans: You can borrow more than the conforming loan limits in your area set by the Federal Housing Finance Agency with a jumbo loan.
• FHA loans: FHA loans are backed by the Federal Housing Administration and come with lower minimum credit score requirements.
• HELOCs: HELOCs allow you to tap your current home’s equity as needed.
• VA loans: Backed by the Department of Veterans Affairs (VA), these loans are designed to help veterans and their family members own homes.
• HomeReady and Home Possible: These government-sponsored programs help low- and moderate-income borrowers purchase homes with as little as 3% down and flexible credit requirements.

Amalgamated Bank publishes rates for 15-year fixed jumbo loans on its website. The bank also has rates for adjustable-rate mortgages (ARMs), including its 7/1 and 10/1 ARM options.

With an ARM, you pay a fixed rate for a certain time frame. For example, if you have a 7/1 ARM, you make fixed payments for seven years. Afterward, your rate can potentially change on a regular basis.

The annual percentage rate (APR), a metric that includes interest and fees, for the bank’s 15-year jumbo loan at the time of publishing is 6.21%, which is lower than the national average of 6.44%, according to Zillow.

That said, the rate you receive if you qualify varies depending on many individual factors, including your credit score, down payment amount and debt-to-income (DTI) ratio.

Amalgamated does not publicly disclose mortgage loan fees on its website. That said,  closing costs usually range from 2% to 5% of your loan amount. This fee covers various upfront home expenses, such as taxes, appraisal fees and title insurance.

When you apply for a loan with Amalgamated Bank, the bank will issue you a Loan Estimate. This document outlines your closing costs.