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 Mortgages
& Home Equity
Southbridge Savings Bank has the home loan you need, whether you're
buying, refinancing, renovating or building.
Southbridge Savings Bank offers added value.
Buying a home will probably be the most expensive purchase you
ever make. That's why we make every effort to keep closing costs
as low as possible. Some of the ways we do this include:
- No PMI (private mortgage insurance) with 10% down option available
- No credit report charge
- No points option
We also offer Rural Housing Loans with 0% down.
How much can you afford?
We're happy to pre-approve you for a loan amount before you go
house hunting. It takes just minutes to do and it's free of charge.
Pre-approval enables you to know in advance the size mortgage you
can afford, and helps you shop wisely and negotiate with confidence.
It can be done quickly over the phone, in person or via e-mail.
Fixed rate or adjustable rate mortgage?
Fixed Rate Mortgages have a fixed payment of principal and interest
over the life of the loan and are available with various terms.
The longer the term, the lower your monthly payments will be. This
type of mortgage helps you plan your budget because you will always
know in advance the exact amount of your monthly payment.
Adjustable Rate Mortgages can offer a lower initial monthly payment
and initial interest rate. Interest rates and payments can fluctuate
over the life of your loan. However, payments are protected from
extreme interest rate changes by interest rate "caps."
The initial lower interest rate and payments may help you qualify
for a larger home loan, along with longer terms.
You can take advantage of our bi-weekly payment option which will
lower your overall interest cost and shorten the time to payoff
the loan.
First time home buyers.
We have a special mortgage option if you have a low-to-moderate
income and are looking to buy your first home. This option has a
reduced loan rate with a low 5% down payment requirement (of which
2% can be a gift).
Building a home.
We offer a Construction-Permanent Mortgage to help you save on
closing costs and simplify the mortgage process. This loan will
provide financing while you build and a
permanent mortgage when construction is complete. We offer single
closing loans, and you can select the final loan term and type--fixed
or adjustable rate. Other options include float downs, six months
of interest only payments and flexible extensions.
Home equity loan & line of credit
Real estate values have increased dramatically over the past several
years. If you currently own a home, you may have access to thousands
of dollars worth of equity. You can use this equity for home improvements,
a new car, college education costs, bill consolidation or whatever
you like.
- With a home equity loan, you borrow a specific amount for a
specific period of time.
- A home equity line of credit is a revolving credit line. The money
is available simply by writing a check.
The interest paid on a home equity loan or credit line may be tax
deductible depending on your particular tax status. Consult you
tax advisor regarding tax deductibility. Southbridge Savings offers
extremely low, competitive rates for whichever one you choose and
either minimal or no closing costs. You are required to carry property
insurance as a part of this plan.
Use this simple worksheet to determine how much equity you may
be able to tap into from your current home:
| Tax assessed or appraised
value |
|
$______________ |
| Multiply by 80% |
|
x.80 |
| Subtotal |
= |
______________ |
| Subtract any outstanding
mortgage balance |
- |
______________ |
| Potential Credit Line* |
= |
______________ |
*Subject to the bank's underwriting requirements.
Call today.
To get the process started, just call 800-939-9103 and ask to speak
with one of our loan originators or email us at info@southbridgesavingsbank.com.
We'll be happy to meet with you at a time of your convenience.
Mortgage application checklist.
(Bring these items when you apply)
- Purchase agreement or if refinancing, copy of deed
- Employers over the last two years (name, address & telephone)
- Original W-2's for the last two years
- Paycheck stubs for the prior month
- Last three months checking and savings accounts statements
- List of creditors - include name, account number, balance,
number of payments & number of payments due
- If current homeowner, name of financing bank or if renter, name
and telephone of landlord
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