Loans

RESIDENTIAL MORTGAGES

Rates effective April 18, 2014

Owner-Occupied Properties

Unless otherwise indicated, all rates based on a purchase money mortgage loan with a minimum down payment of 20%, a minimum indicator credit score of 720, secured by a property located in Essex County MA.  Please call us for limits and terms for loans secured by properties in other locations within our lending area.
Property Insurance is required for all loans. All loans are subject to credit approval. Other terms and conditions apply for properties located in coastal risk zones and/or distressed markets.

Fixed Rate Mortgages - Conforming Loans

Program Points Rate APR Pmt. Per
$1,0001
Minimum 
Credit
Score
Closing Cost
30 Year Fixed 2
1
0
3.875%
4.000%
4.125%
3.926%
4.052%
4.178%
$ 4.70
$ 4.77
$ 4.85
720
720
720
View
View
View
20 Year Fixed
0 3.990% 4.062% $ 6.05 720 View
15 Year Fixed 2
1
0
2.875%
3.000%
3.125%
2.958%
3.084%
3.210%
$ 6.85
$ 6.91
$ 6.97
720
720
720
View
View
View
10 Year Fixed 1
0
2.625%
2.750%
2.954%
2.874%
$ 9.48
$ 9.54
720
720
View
View

*APR is based on a $165,000.00 loan with 20% down, for purchase money or no-cash out refinance loan with 80% LTV ratio. Private Mortgage Insurance (PMI) required on loans with LTV greater than 80%.  PMI will increase APR. Higher rates/fees or points may apply for certain refinance loans.  Call for details.

Minimum loan amount for 30 year fixed rate is $100,000 and Maximum loan amount is $417,000.

Minimum loan amount for 20 year fixed rate is $100,000 and Maximum loan amount is $650,000.

Minimum loan amount for 15 year fixed rate is $100,000 and Maximum loan amount is $1,000,000.

Minimum loan amount for 10 year fixed rate is $150,000 and Maximum loan amount is $1,000,000.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does not include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.

Fixed Rate Mortgages - Jumbo

(Loans up to $1,000,000)


Program Points Rate APR Pmt. Per
$1,0001
Minimum
Credit
Score
Closing Cost
30 Year Fixed 2
1
0
3.875%
4.000%
4.125%
3.894%
4.023%
4.148%
$ 4.70
$ 4.77
$ 4.85
720
720
720
View
View
View
15 Year Fixed 2
1
0
2.875%
3.000%
3.125%
2.908%
3.034%
3.160%
$ 6.85
$ 6.91
$ 6.97
720
720
720
View
View
View
10 Year Fixed 1
0
2.625%
2.750%
2.954%
2.874%
$ 9.48
$ 9.54
720
720
View
View

APR is based on a $700,000.00 loan with a 20% down payment. Maximum no-cash out refinance LTV of 75%.  Maximum cash out refinance LTV of 70%.  Single Family Owner occupied primary residences only. For Purchase Only Program Max LTV 80% No PMI Loans.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does not include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.

Affordable Housing & First Time Buyer Program*


Program Points Rate APR Pmt. Per
$1,000 
1
Closing Cost
30 Year Fixed 0 4.125% 4.178% $ 4.85 View

*Income Restrictions Apply - Property must be located in Essex County MA  or Rockingham County NH.  Maximum loan amount of $523,750.

Ask us for the current Index and margin used to calculate APR's.

APR is based on a $165,000 loan with a 20% down payment.

All programs subject to change without notice.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does ot include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.

Adjustable Rate Mortgages

(Loans up to $523,750)


30 Year Term Points Rate APR Pmt. Per
$1,0001
Pmt. 1st
Adjust 
2
Closing Cost
5 to 1 ARM
2/6 Caps3
0 4.500% 3.762% $ 5.07 $ 4.26 View
7 to 1 ARM
2/6 Caps3
0 4.750% 3.885% $ 5.22 $ 4.33 View

Ask us for the current Index and Margin used to calculate APRs.

APR is based on a $175,000 loan with a 20% down payment. Index: US Treasury Security adjusted to a constant maturity of one year as published by the Federal Reserve Board. Index Date of week ending April 4, 2014. Payments are based on a 30 year loan.  Pre-payment penalty may apply. All programs subject to change without notice.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does not include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.
2 Payment that may apply during the first adjustment period. 
3 Your interest rate may change after the loan is consummated. Changes are limited to 2% per year after the first adjustment period, with a lifetime cap of 6% over the original interest rate.

Adjustable Rate Mortgages - Jumbo

(Loans of $523,751 and above)


30 Year Term Points Rate APR Pmt. Per
$1,0001
Pmt. 1st
Adjust 
2
Closing Cost
5 to 1 ARM
2/6 Caps3
0 4.500% 3.555% $ 5.07 $ 4.26 View
7 to 1 ARM
2/6 Caps3
0 4.750% 3.855% $ 5.22 $ 4.33 View

Maximum loan amount of $1,000,000. APR is based on a $700,000 loan with a 20% down payment. Private Mortgage Insurance (PMI) required on loans with LTV greater than 80%. PMI will increase APR. Maximum cash out refinance LTV of 70%. APR is based on 30 year term.  Pre-payment penalty may apply.

All programs subject to change without notice.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does not include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.
2 Payment that may apply during the first adjustment period.  
3 Your interest rate may change after the loan is consummated. Changes are limited to 2% per year after the first adjustment period, with a lifetime cap of 6% over the original interest rate.

*No Point/No Closing Cost Loan Programs

From time to time we may offer no closing costs or reduced closing costs loan programs.  "Closing costs" do not included real estate taxes or other municipal liens, transfer or title taxes, hazard/flood insurance premiums, per diem interest, owners title insurance, and escrow payments due at or prior to closing. All real estate taxes must be current and all insurance premiums paid to date at the time of closing. Program assumes that the borrower holds or will hold good title to grant lender a first lien mortgage position.  Title issues that must be resolved prior to closing and the costs associated with resolving those issues as well as subordination fees paid to other lenders for the subordination of home equity lines or other second mortgage liens are the responsibility of the borrower. Properties held in trust may be subject to additional fees, payable by the borrower.

HOME EQUITY LOANS

Rates effective April 18, 2014

Fixed Rate Home Equity Loan


Loan Type Interest Rate Annual
Percentage Rate
Pmt. Per
$1,0001
Adjusted
Unit Cost2
5 Year 5.250% 5.250% $ 18.99 N/A
10 Year 5.500% 5.500% $ 10.85 N/A
15 Year 5.750% 5.750% $  8.30 N/A
20 Year 6.000% 6.000% $  7.16 N/A

All rates are subject to change without notice.

1 Unit Cost represents the monthly payment based on a $1,000 loan for the maximum term of the loan at the rate indicated. Principal and interest payment only. This example does not include amounts for taxes and insurance premiums, if applicable. This may increase payment amount.
2 Payment that may apply during the first adjustment period.

No closing cost program available for loans of $50,000 or more provided that the loan is secured by a valid second position behind a Bank, Credit Union or licensed mortgage company. Maximum loan amount of $250,000. Maximum LTV of 75% (70% for condos and Townhouses.) An early termination fee of $500.00 may apply if the loan is paid off within one year. Other terms and conditions may apply. APR based on $50,000 loan.

Home Equity Line of Credit SPECIAL - INTRODUCTORY RATE

Home Equity Line of Credit


Loan Type Annual Percentage Rate Minimum
Line
Minimum
Draw*
Closing
Costs
Introductory Rate** 1.99% $25,000 $25,000 Reduced**

All rates are subject to change without notice.

*Introductory 1.99% APR for the first 24 months. After that, the APR will change monthly, and be based on an index plus a margin. The index is the Prime Lending rate as published in the Wall Street Journal, and the margin is minus .50%, subject to a minimum rate of 3.250% and a maximum APR of 11.00% To qualify for the Introductory APR of 1.99% you must maintain an outstanding balance on your line of credit of $25,000.00 for the first 6 months of the loan. If you fail to maintain this minimum balance your loan will automatically convert to a monthly variable rate, with the index and margin described above. Closing costs associated with this product and the minimum outstanding balance requirement will be waived if you open your account at the same time you close on a first mortgage new home loan, purchase or refinance, with us. Closing costs may range from $0.00 to $800.  Minimum line amount of $25,000.00.  Maximum line amount of $250,000.00. Other terms and conditions may apply. Subject to credit approval. Property insurance required. Flood insurance required if the property is located in a FEMA Special Hazard Flood Zone.

Home Equity Line of Credit


Loan Type Annual Percentage Rate Minimum
Line
Minimum
Draw*
Closing
Costs
Prime Minus .50%** 3.25% $50,000 $25,000 Reduced*
Prime Plus 0.00%** 3.25% $50,000 $0.00 Reduced*
Prime Minus .50%** 3.25% $25,000 $25,000 Borrower
Prime Plus 0.00%** 3.25% $10,000 $0.00 Borrower

All rates are subject to change without notice.

Rates change monthly with changes in the Prime rate of interest as published in The Wall Street Journal. *Reduced  closing cost programs available  on Home Equity Lines of Credit up to $100,000 and on lines of $25,000 or more (up to a maximum line amount of $100,000) if the closing takes place in conjunction with an Institution for Savings 1st Mortgage closing, otherwise, borrower pays costs. MAXIMUM ANNUAL PERCENTAGE RATE that can apply is 11.00%. Closing costs may range from $0.00 to $800. Maximum loan amount of $250,000. Title Insurance is required for all loans in excess of $100,000 and for all other loans with no first mortgage or with a first mortgage from a non-institutional lender. Title Insurance will increase closing costs by $2.50 per $1,000 borrowed, subject to a minimum charge of $125.00. Maximum combined loan to value ratio of 75%, 70% for Condominiums and Townhouses. Property Insurance is required. Other terms and conditions may apply.  For additional information, ask us for a copy of our “Important Terms of our Home Equity Line of Credit” disclosure.  
**Rate Floor of 3.25%

CONSUMER LOANS

Rates effective April 18, 2014

Loan Type Interest Rate Annual
Percentage Rate
Passbook
Regular Savings
Certificate of Deposit
Savings Rate + 3.00%
CD Rate + 3.00%
Varies
Overdraft Protection
On No-Fee Checking/NOW Accounts
17.00% 17.00%

All programs subject to change without notice.