Mortgage Loans

First Time Home Buyer | Fixed Rate | Adjustable Rate | ConstructionLand Loans

At North Brookfield Savings Bank we have a variety of mortgage loan options and experienced mortgage professionals to help get you into your dream home. Whether you’re looking to own for the first time, are searching for a larger living space, looking to improve your current home, or want to downsize into a smaller house, North Brookfield Savings Bank is the neighbor that knows this market best.

3% LOW DOWN PAYMENT OPTION: Available as low as 3% of property value1 for fixed rate mortgages, adjustable rate mortgages, and First Time Home Buyers.

 

Bi-Weekly Mortgage Payments

With bi-weekly mortgage payments* you can pay your loan off sooner, reduce your interest paid, and build equity in your home quicker.
*Bi-weekly offer only valid when payments are automatically deducted from a North Brookfield Savings Bank Checking or Savings account.

 

First Time Home Buyers Program

Buying your first home is a new and exciting adventure, but we know it can also be overwhelming. Don’t worry. Our experienced team of trusted mortgage specialists will be here every step of the way helping you to explore your options, make the choices that work best for you and answer your mortgage questions – whether it is how much you can afford to borrow or understanding the mortgage loan options available to you.

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Fixed Rate Mortgage

This traditional mortgage offers you:

  • Fixed monthly principal and interest payments for the entire life of the loan
  • Terms available for up to 30 years

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Adjustable Rate Mortgage (ARM)

The interest rate will adjust after a fixed period of time, for the life of the loan. This product is ideal for the borrower:

  • Purchasing a ‘starter’ home
  • Planning on moving in a few years

We offer the following Adjustable Rate Mortgages:

  • 15/15 ARM, which offers a fixed rate for the first fifteen years, adjusting only once over the life of the loan.

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Construction to Permanent Mortgages

At North Brookfield Savings Bank we understand that the construction process can be stressful enough that you shouldn’t need to worry about the financing. That’s why we offer one of the best construction packages on the market.

  • Monthly payments will be interest-only during the construction period (up to 12 months)
  • Payments are based only on the amount advanced during each month
  • Once your house is complete, your loan converts automatically into a conventional mortgage
  • NO separate closing

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Land Loan

Have you found the perfect lot of land and just haven’t decided on the perfect house to build on it? Then consider a land loan to purchase the lot and take your time with the decision on the house.

You can borrow up to 60% of the sales price (or appraised value, whichever is less), for a term of up to ten years. When you’re ready to begin construction, we’ll roll the balance of your loan into your new construction loan.

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Disclosures


1. 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%. Only valid on single family owner-occupied principal residence, including single unit condominiums, to qualified borrowers.

Mortgage loans