First Time Home Buyer Program

For you: Up to $1,000 off your first mortgage payment. Superscript 4. Disclosure in footer. For you: Up to $425 off of your home appraisal. Superscript 5. Disclosure in footer.

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.

  • 15/15 Adjustable Rate Mortgage with Discounted Initial Interest Rate2
    Fixed initial monthly payments for the first 15 years with only one rate adjustment for the life of the loan.
  • Low Down Payment – as low as 3% of property value3
  • Up to $1,000 mortgage payment credit4
  • Up to $425 off home appraisal5
  • 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 Offer may be withdrawn at any time and is subject to change without notice.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. All loan applications are subject to credit underwriting and property approval. Homeowners insurance and flood insurance (if applicable) are required. Other conditions may also apply.

2. 30 year term. Interest rate may increase after consummation. Initial interest rate fixed for 15 years, then interest 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 rate will not exceed six percentage points above the initial interest rate or be lower than the initial interest rate. Terms of repayment example using an Annual Percentage Rate (APR) of 5.094%: initial interest rate of 5.000% for the first 15 years is repayable in 180 monthly payments of $5.37 per $1,000 borrowed, followed by an interest rate of 11.000%, repayable in 180 monthly payments of $11.37 per $1,000 borrowed. Additional amounts for real estate taxes and insurance will be required. Actual loan payments will be higher. APR is based on 20% down payment and $100,000 financed. Actual APR and interest rate will be disclosed at application. Automatic loan payments from a North Brookfield Savings Bank checking account required to receive discounted initial interest rate. Minimum balance to open a new checking account is $50.

3. Minimum down payment of at least 3% of the property value required. Property value is equal to the lesser of the Purchase Price or Appraised Value. Private Mortgage Insurance is required on loan-to-value ratios in excess of 80%.

4. $1,000 mortgage payment credit offer may be withdrawn at any time and is subject to change without notice. Maximum amount covered by this offer is $1,000 which will be credited towards the first Principal and Interest (P&I) loan payment. For payments less than $1,000 only the P&I portion will be credited. Borrower will be responsible for the full escrow portion of the payment and any remaining P&I amounts due after the $1,000 credit. The payment credit will be applied to Interest then Principal. The credited amount will be reported to the IRS on Form 1099-MISC.

5. 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 applied at closing. If loan does not close, borrower is responsible for all costs incurred by the bank.

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