Local banks and credit unions are experiencing an increase in fraudulent activity. Some of their customers are receiving phony text messages and telephone calls claiming to be from their bank. Caller identification even appears as though it is from their institution’s phone number. Please note that the Bank of Millbrook will never ask for your personal or account information via a text message, telephone call, or email. Please contact us immediately at (845) 677-5321 if you are ever in doubt about a text message, telephone phone call, or email claiming to be from the Bank of Millbrook.

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Home Loans

Your mortgage or home equity loan should be a simple way to finance the comforts of home. You will find that the benefits of a relationship with a bank that knows this area as well as we do are speed, fairness, and a clear understanding of real value.

Personal Mortgage and Home Equity

We don’t play the sort of fast-paced mortgage games that make big promises but have little substance. We don’t package and resell our loans. If you know the value of something, you can make smart investments. Our smartest investment is in this community.

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Bank of Millbrook Home Loans

Information current as of July 2, 2024

Adjustable Rate Mortgage Plan

Rate can increase or decrease over the term of the loan.

5/1 Year Adjustable 5/5 Year Adjustable 7/1 Year Adjustable
Rate 5.875% 5.875% 6.000%
Points 0 0 0
APR 7.0697% 6.631% 6.900%
Term 360 Months 360 Months 360 Months
Index Margin 2.75% 2.75% 2.75%
Caps 2% Per Year;
6% Per Lifetime
3% Per Year;
6% Per Lifetime
2% Per Year;
6% Per Lifetime
Interest Rate Floor Plan 4.000% 4.000% 4.000%

Fixed Rate Mortgage Program

120 Months
180 Months

Home Buyer’s Second Mortgage Program


  • Close simultaneously with Bank of Millbrook 1st mortgage during a purchase transaction.
  • 5/5 Year Adjustable Rate at Prime plus 0.75% as quoted in the Wall Street Journal for a term of 120 months.
  • Current rate offering is 9.25%.  APR is 9.25%.  Rate can increase or decrease after the first five years.
  • Total LTV up to 100% of appraised value or purchase price, whichever is lower.

Other terms available. Maximum term is 30 years.
APR = Annual Percentage Rate-Estimate only. Actual APR may differ.   Monthly average yield on US Treasury Securities adjusted to a constant maturity of one year.
Monthly average yield on US Treasury Securities adjusted to a constant maturity of five years.

In the case of existing Bank of Millbrook customers, a modification fee of $750.00 will apply.

All rates subject to change without prior notice.

No Application Fees

Minimum down payment of 20 percent required 80 percent L-T-V. No application fees.

Jumbo mortgage rates are .125% above the residential rate and apply on mortgages over $1,000,000.00.

All Loans Subject to Credit Approval.

Home Equity Loans

Bank of Millbrook offers a Home Equity Line of Credit designed to allow you to finance a variety of things over a period of time. There is a draw down period of five years which allows you to access the funds as you need them. Monthly payments will vary based on the amount of money used. One of our loan officers will be happy to meet with you and answer any questions you may have. As a local community bank, we are proud to offer a high level of personal service for our customers.  All Loans Subject to Credit Approval.

Information current as of July 2, 2024

  • Variable Rate at Prime Rate as quoted in Wall Street Journal minus 0.50% – Current rate offering 8.00%
  • Monthly payment – minimum payment will be based on interest due
  • Up to 80% Financing (Up to 70% Financing if behind a non Bank of Millbrook first mortgage)
  • Minimum line of credit amount $35,000
  • No Application Fees
  • No Attorney’s Fees
  • No Appraisal Fees
  • No Title Insurance Fees
  • Applicable Mortgage Tax and Filing
  • Interest may be tax deductible – consult your tax advisor
  • Credit Line has a five year draw period

1 The APR is indexed to the Prime Rate as published in the Wall Street Journal. The maximum APR is 16%. The minimum APR is 3.00%. Annual Percentage Rate may vary each calendar quarter. New rate will be based on the highest Prime Rate published in the Wall Street Journal which is in effect on the last business day of the second month of each calendar quarter. The new rate will be in effect on the first day of the first billing cycle for each calendar quarter.

*Home Equity Line of Credit Loans greater than $100,000 are subject to additional closing fees.


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