ALL RATES SUBJECT TO CHANGE WITHOUT NOTICE
Owner-Occupied Single Family Primary Residences
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 eastern Massachusetts and the New Hampshire seacoast areas. 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.
| PROGRAM |
POINTS
|
RATE |
APR |
PAYMENT PER $1,0001 |
MINIMUM CREDIT SCORE |
| First-Time/Affordable Homebuyer Loan* |
|
|
|
|
|
| 30 Year Fixed |
0 |
6.000%
|
6.018%
|
$6.00 |
680 |
*APR is based on a $550,000 purchase loan with minimum credit score of 680 and maximum LTV of 95%. Minimum loan amount is $100,000, maximum loan amount is $550,000 with a maximum purchase price of $687,500. Owner-occupied condominiums or single-family primary residences in Essex County only. Offer subject to credit approval. Flood insurance required if the property is located in a FEMA Special Hazard Flood Zone. Monthly payment examples do not include escrow amounts for real estate taxes, PMI and/or insurance, if applicable. This may increase payment amount. Other terms and conditions may apply. To qualify for this program, applicant must be a first-time homebuyer or have not owned a home for prior three years and must attend a first-time homebuyer course. Applicants must have an income no greater than 120% of the area median income (AMI) and a debt-to-income (DTI) ratio no greater than 36%. Applicants must also have a minimum credit score of 680 to qualify. A minimum down payment of 5% is also required with a 2% gifted cap and a $200,000 liquid/stock asset cap. The minimum down payment requirement does not include retirement accounts and down payment assistance (DPA) programs for LMI borrowers. PMI is waived for loans at 90% LTV or less. Applicants who qualify for this program and who have attended a CHAPA certified FTHB course are eligible for a $1,500 closing cost credit.
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.
| PROGRAM |
POINTS
|
RATE |
APR |
PAYMENT PER $1,0001 |
MINIMUM CREDIT SCORE |
Fixed Rate Mortgages
All other Purchase and Refinance Loans |
|
|
|
|
|
| 30 Year Fixed |
2
1
0
|
6.250%
6.500%
6.990%
|
6.477%
6.631%
7.025%
|
$6.16
$6.32
$6.65
|
720
720
720
|
| 20 Year Fixed |
1
0
|
6.500%
6.990% |
6.673%
7.035% |
$7.46
$7.75
|
720
720
|
| 15 Year Fixed |
2
1
0
|
5.250%
5.500%
5.750%
|
5.615%
5.710%
5.804%
|
$8.04
$8.17
$8.30
|
720
720
720
|
| 10 Year Fixed |
1
0
|
5.250%
5.500% |
5.547%
5.576% |
$10.73
$10.85
|
720
720
|
For Loans of $100,000 to $2,000,000 (minimum loan amount for 10 year fixed rate is $150,000) APR is based on a $300,000 purchase or no cash out refinance loan with a maximum Loan to Value (LTV) Ratio of 80%. The APR denotes Annual Percentage Rate.
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.
|
LOAN TYPE
|
ANNUAL PERCENTAGE RATE |
MINIMUM
LINE
|
MINIMUM
DRAW*
|
CLOSING
COSTS
|
|
Home Equity Line of Credit
|
|
|
|
|
|
Prime Minus .50%**
|
8.000% |
$50,000 |
$0.00 |
Borrower* |
|
Prime Minus .50%**
|
8.000% |
$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 $1,600. Maximum loan amount of $250,000. No minimum draw required at closing. Fees may be higher for lines in excess of $250,000.00 and/or loans secured by a first mortgage lien. These fees generally total between $400.00 and $2,500.00. 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. Maximum combined loan to value ratio of 75%, 70% for Condominiums and Townhouses. Property Insurance is required. Other terms and conditions may apply. Important Terms of our Home Equity Line of Credit
**Rate Floor of 3.25
| LOAN TYPE |
INTEREST RATE |
ANNUAL PERCENTAGE RATE |
PAYMENT PER $1,0001 |
ADJUSTED UNIT COST2 |
| Fixed Rate Home Equity Loan |
|
|
|
|
| 5 Year |
7.000% |
7.052% |
$19.80 |
N/A |
| 10 Year |
7.500% |
7.528% |
$11.87 |
N/A |
| 15 Year |
7.750% |
7.770% |
$9.41 |
N/A |
| 20 Year |
8.000% |
8.017% |
$8.36 |
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.
Maximum loan amount of $250,000. Maximum CLTV of 80% for loans secured by an Institution for Savings 1st mortgage on an owner-occupied primary residence (75% for condos and Townhouses.) Max CLTV of 75% for primary residences secured by another lenders first mortgage. Property insurance is required. Other terms and conditions may apply.
Bank NMLS Number: 2478201
