$ ZER0
COST REFINANCE PROGRAM$
This program is being offered for a limited time basis and may be withdrawn or modified at any time.
After you have reviewed the program description and have decided to apply for Gibraltar Bank's
$Zero
Cost Refinance Program$ (click the following), if you have any questions when
completing the forms or you would like Gibraltar B a n k to mail hard copies for your application
process, please call us at 800-472-1819 . P lease retain copies for your records.
https://www.gibraltarbanknj.com/PDFs/$ZeroCostRefi-Applications.pdf
To deliver these documents to Gibraltar Bank:
Drop the completed p a c k a g e off at one of our branch locations, fax 973 515-3532 or mail to:
Gibraltar Bank
Attn: Loan Processing
2 Railroad Plaza
Whippany, NJ 07981
Program Guidelines
Gibraltar Bank offers the following programs to refinance your primary residence:
$Zero Cost
Refinance Program$
Under this program, Gibraltar Bank will pay the following costs for eligible borrowers, in return for
Gibraltar Bank paying these costs (closing costs), you, the borrower, will pay a slightly higher interest
rate.







Appraisal Fee
Flood Certification Fee
Credit Report Fee
Title Insurance Fee
Settlement Fee
Origination Charges
Recording Costs
Under this program, Gibraltar Bank will select an appropriate title insurance provider which is currently
Advantage Title Agency, Inc.
Standard Refinance Program
Under this program, you are obligated to pay all the aforementioned fees and costs; however, you would
be charged a slightly lower interest rate.
A sample comparison of these two programs is illustrated below. The following example is based on a 30
year fixed rate mortgage loan for $300,000 on a single family dwelling:
Principal and Interest Payment
Interest Rate
APR
360 monthly principal & interest
payments of
Standard
Refinance
3.750%
3.757%
$1,389.35
$Zero Cost Refinance
3.875%
3.875%
$1,410.71
The principal and interest payments referenced above do not include property taxes, hazard
insurance, flood insurance (when applicable), and/or private mortgage insurance (when applicable).
Your actual payment obligation will be greater.
Processing Fees and Closing Costs
Standard
Refinance
Refundable Commitment Fee
$275.00
$2750.00
Appraisal Fee
$350.00
Flood Certification Fee
16.85
$16.85$28.19
Credit Report Fee (joint $ 28.19)(ind. $14.08)
Closing Agent's Settlement Fee
$350.00
$1,075.00
Title Insurance Fees
$15.57) Recording Costs
Estimated
$475.00
$2,245.04
Total Processing Fees and Closing Costs
$Zero Cost
Refinance
$275.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$275.00
The above noted example is provided for illustrative purposes
only. This is not a Good Faith
04
Estimate or Truth in Lending Disclosure.

Borrowers will be required to fund any prepaid interest, tax escrows, escrow waiver (if chosen)
flood insurance escrows (if applicable), or private mortgage insurance escrows (if applicable)
associated with the transaction.

Borrowers will have to purchase a homeowner’s insurance policy and, if applicable, a flood
insurance policy.

If the Subject Property is condominium, the Borrower is responsible for any fee required to
complete the condominium questionnaire.
Available Programs
Gibraltar Bank’s




10
15
20
30
$Zero Cost
Year
Year
Year
Year
Fixed
Fixed
Fixed
Fixed
Rate
Rate
Rate
Rate
Refinance Program$ is available on the following Loan Programs only:
Mortgage.
Mortgage.
Mortgage.
Mortgage.
Zero
Zero
Zero
Zero
(0)
(0)
(0)
(0)
Points
Points
Points
Points
Bi-weekly, Adjustable Rate Mortgages and FHA Loan programs are not eligible.
Eligible Requirements
To qualify for the








$Zero Cost
Refinance Program$ you must satisfy all of the following requirements:
The transaction must be a No Cash out transaction or a limited Cash out. A No Cash out
transaction involves the refinancing of first mortgages only; a limited cash out is the lessor of
$2,000 or 2.0% of the loan amount.
Minimum Loan amount is $125,000.
Maximum Loan amount is $625,500.
Property must be an owner-occupied 1-2 family residence located in New Jersey.
Property must have adequate flood insurance (when applicable), hazard insurance, and private
mortgage insurance (when applicable).
Property may not be listed for sale at any time between application and loan closing.
Title to the property must be held in the name of an individual(s.) Properties held in the name of
an LLC are not eligible for the $0 Refinance Program.
Borrower must satisfy all established LTV and underwriting guidelines.
Additional Conditions









If you choose to refinance your home under the $Zero Cost Refinance Program$,
and the loan request is approved, Gibraltar Bank will select an appropriate Title Insurance
Provider, currently Advantage Title Agency, Inc.
Borrowers will still be required to fund any prepaid interest, tax escrows, escrow waiver (if
chosen) flood insurance escrows, (if applicable) or private insurance escrows (if applicable),
associated with this transaction.
If you choose to hire an attorney, you must pay the related attorney’s fees.
If you have a second mortgage (e.g., home equity loan/line) that will need to be
subordinated, the Borrower is responsible to pay any fees required by the subordinate
lender.
If you are refinancing a condominium, you, the borrower, will be responsible for paying the
fee required to complete the condo questionnaire.
The Commitment Fee is required at the time you submit your application. You may lock
your loan at any time without any additional fee or float as described in the Lock In
Agreement. The Commitment fee will be refunded to you at closing. Please refer to the Lock
In Agreement for full details.
Gibraltar Bank will cover all charges related to title searches and lender’s policy of title
insurance, including all required endorsements, closing service and disbursements from the
closing with an appropriate Title Insurer provider, currently Advantage Title Agency, Inc.
You, the borrower, may elect a different title company of your choosing. If you elect a
different title company, you will be responsible for any fees charged by your title company.
Gibraltar will not bear any liability if the title company you select fails to timely satisfy the
title insurance requirements for your loan, including any scheduled closing dates.
Once your loan is closed under this program, (and provided the program is still in effect),
you will be prohibited from refinancing your mortgage under this program for 12 months
from the date of your loan closing.
ACKNOWLEDGEMENT (ALL BORROWERS MUST SIGN AND DATE BELOW)
I/We acknowledge that I/We have read and understand this document, that I/We have kept a copy for
our records and that my/our application will be processed under the $Zero Cost Refinance
Program$.
Print Name
Date
Print Name
Date
Signature
Date
Signature
Date
Print Name
Date
Print N a me
Date
Signature
Date
Signature
Date
Thank-you for choosing Gibraltar Bank…