Real Estate Loans and Lines of Credit
Whether you are buying, building or refinancing a home, selecting the Institution for Savings is the right choice for financing. For nearly two centuries, we've been making mortgage loans in the local communities. Our focus has been, is, and always will be finding the right loan for you, while taking into consideration your circumstances today and into the future. And when you borrow from us, you deal directly with us. From application to pay off, we service your loan. That's how we've done it in the past, and that's how we'll do it today and tomorrow.
Planning on staying in your home for more than five years? Then consider a fixed rate mortgage loan. Your monthly loan payment remains the same and any extra principal payments you make will reduce the life of your loan, potentially saving you thousands of dollars in interest.
After an initial “fixed” rate period, ARM interest rates adjust on an annual basis, subject to annual and lifetime rate caps.
Looking for a great interest rate and a convenient way to finance home improvements, college tuition, a major purchase or to consolidate debt? Then consider a Home Equity Loan or Home Equity Line of Credit. We offer both fixed and variable rate plans. In most cases, we pay the closing costs and as an added benefit, the interest you pay may be tax deductible.*
Home Equity Loans
A Home Equity Loan from Institution for Savings features a fixed rate and a fixed monthly payment for a variety of terms. Home Equity Loans are ideal for financing purchases requiring a large initial cash outlay.
Home Equity Lines of Credit
This is one of the most flexible loans we offer. For a ten year period you can borrow funds when you need them, for whatever purpose, simply by writing a check against a pre-determined credit limit. During this time, subject to certain limits, your minimum monthly payments will be “interest only” based on your outstanding loan balance and any principal you repay can be re-borrowed at a later date. For additional information, ask one of our loan officers for a copy of our Home Equity Line of Credit Plan Disclosure.
*Consult a tax professional for advice on interest deductibility.
Error Resolution and Information Requests
If you think an error has occurred with the servicing of your mortgage loan or you need more information about your mortgage, including a particular transaction, write us. In your letter, include your full name, account number, dollar amount of error and describe the error and why you believe an error has occurred. Send Inquiries to: Institution for Savings, Attn: Loan Servicing, P.O. Box 510, Newburyport, MA 01950