First Time Home Buyer Program

Get more out of your mortgage

Our First Time Home Buyer Program1 is specifically designed to get your dreams of homeownership started on the right path. Buying your first home is a new and exciting adventure, but we know it can also be overwhelming. With North Brookfield Savings Bank, you can relax since you are in good hands with our experienced team of trusted mortgage lenders. They will be there every step of the way helping you to explore your options, guiding you to make the best choices and answering your questions.


Program Details

This program is available to individuals who have not owned a home within the last three years which is verified by the last 3 years federal tax returns.

  • NO origination fee1
  • Up to $425 off home appraisal2
  • Low Down Payment – as low as 3% of property value3
  • 15/15 Adjustable Rate Mortgage with Discounted Initial Interest Rate4
    Fixed initial monthly payments for the first 15 years with only one rate adjustment for the life of the loan.
  • Prequalification available
  • Quick Turnaround


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1. Offer may be withdrawn at any time and is subject to change without notice. Only valid on purchase of a single family owner-occupied principal residence, including single unit condominiums, to qualified borrowers who have not owned a home in the last three years. Homeowners insurance and flood insurance (if applicable) are required. Subject to credit and property approval. Automatic loan payments from a North Brookfield Savings Bank checking account is required. Minimum balance to open a new checking account is $50. Other conditions may also apply.

2. Appraisal cost offer may be withdrawn at any time and is subject to change without notice. Maximum amount covered by this offer is $425. Appraisal fee required to be paid by borrower during application processing; appraisal fee credit, equal to the appraisal fee paid up to $425, will be refunded at closing. If loan does not close, borrower is responsible for all costs incurred by the bank.

3. Property value is equal to the lesser of the Purchase Price or Appraised Value. Minimum down payment of 3% required. Private Mortgage Insurance is required on down payment less than 20%.

4. 30 year term. Rate may increase after consummation. Initial interest rate fixed for 15 years, then rate adjusts to the current index (weekly average on US Treasury securities adjusted to a constant maturity of 10 years) plus a margin of two and three quarters percent, rounded to the nearest one-eighth of a percent. The new interest rate will not exceed six percentage points above the initial interest rate or be lower than the initial interest rate. Repayment example with 20% down payment and $100,000 financed, using an Annual Percentage Rate of 4.683% and a current index of 2.625%: Initial interest rate of 4.490% repayable in180 monthly pmts of $506.09, followed by an interest rate of 5.375% repayable in 180 monthly pmts of $536.54. Payment amounts do not include taxes and insurance premiums. Actual loan payments may be higher.

North Brookfield Savings Bank’s NMLS unique identifier is 641656.