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Residential loans

Residential loans

Residential Loan Rates

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Rates Effective
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
6.250%
6.268%
$6.16 680
*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
6.375%

6.625%

6.875%
6.603%

6.757%

6.909%
$6.24

$6.40

$6.57
720

720

720
20 Year Fixed
1

0
6.500%
6.750%
6.673%
6.795%
$7.46

$7.60
720

720
15 Year Fixed
2

1

0
5.500%

5.750%

6.000%
5.868%

5.961%

6.055%
$8.17

$8.30

$8.44
720

720

720
10 Year Fixed
1

0
5.000%
5.250%
5.295%
5.326%
$10.61

$10.73
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.
 
PROGRAM
PAYMENT
PERIOD
(30 Years)
INTEREST RATE APR* POINTS**
PAYMENT PER $1,0001
5/1 Adjustable Rate Mortgage (ARM)*






First 60 Months
 6.500%
 7.345%
0
$6.32

Remaining 300 Months (Fully Indexed)1
7.875%
-
-
$7.15
*APR denotes Annual Percentage Rate and is based on a $300,000 purchase loan or no-cash out refinance loan with minimum credit score of 720 and maximum LTV of 80%. Rate is subject to change without notice. Unit cost per $1,000 borrowed is $6.32. Minimum loan amount is $100,000, maximum loan amount is $2 million. Owner-occupied single-family primary residences only.  This is an adjustable rate loan. APR is subject to increase after consummation of the loan. One time free modification to a lower rate during the first 60 month fixed term, within the same product. After 5 years, rate will be adjusted annually to the weekly average yield on U. S. Treasury adjusted to a constant maturity of one year as published by the Federal Reserve Board in selected Interest Rate Publication plus a margin of 2.75%. Caps of 2.00% per adjustment, 6.00% lifetime. Offer subject to credit approval. Property insurance required. 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 and/or insurance, if applicable. This may increase payment amount. Other terms and conditions may apply. 
1 Payment per thousand on the fully indexed rate of 7.875% is $7.15.
**Points and/or additional fees may be assessed for borrowers with credit scores lower than 720 and/or cash-out refinance loans.
 

PROGRAM PAYMENT
PERIOD
(30 Years)
INTEREST RATE APR* POINTS**
PAYMENT PER $1,0001
7/1 Adjustable Rate Mortgage (ARM)*






First 84 Months
 6.750%
7.312%
0
$6.49

Remaining 276 Months
(Fully Indexed)1
7.875%
-
-
$7.13
*APR denotes Annual Percentage Rate and is based on a $300,000 purchase loan or no-cash out refinance loan with minimum credit score of 720 and maximum LTV of 80%. Rate is subject to change without notice. Unit cost per $1,000 borrowed is $6.49. Minimum loan amount is $100,000, maximum loan amount is $2 million. Owner-occupied single-family primary residences only.  This is an adjustable rate loan. APR is subject to increase after consummation of the loan. One time free modification to a lower rate during the first 84 month fixed term, within the same product. After 7 years, rate will be adjusted annually to the weekly average yield on U. S. Treasury adjusted to a constant maturity of one year as published by the Federal Reserve Board in selected Interest Rate Publication plus a margin of 2.75%. Caps of 2.00% per adjustment, 6.00% lifetime. Offer subject to credit approval. Property insurance required. 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 and/or insurance, if applicable. This may increase payment amount. Other terms and conditions may apply.
1 Payment per thousand on the fully indexed rate of 7.875% is $7.13.
**Points and/or additional fees may be assessed for borrowers with credit scores lower than 720 and/or cash-out refinance loans.  

    
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 7.750 % 7.802 % $20.16 N/A
10 Year 8.000 % 8.028 % $12.13 N/A
15 Year 8.250 % 8.271 % $9.70 N/A
20 Year 8.500 % 8.517 % $8.68 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