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Types of Loans

Fixed Rate Mortgage

Ideal for people who are looking for a fixed interest and principal amount for the life of the mortgage. Fixed rate mortgages have an interest rate that remains constant for the entire duration of the loan. This kind of loan is best if you can afford a slightly higher mortgage payment, have good credit and want to make sure your interest rate will not rise in the future.

Adjustable Rate Mortgage (5/1 ARM, 7/1 ARM, 10/1 ARM)

This is a sensible choice for people who are looking for a lower, more affordable payment and/or who do not intend to hold onto their mortgage for a long period of time. These adjustable rate mortgages can offer the best of both worlds: lower interest rates and a fixed payment for a specified period of time. For example, a 5/1 loan has a fixed monthly payment and interest for the first five years. After that, the rate may adjust annually based on a margin and index at that time. Typically adjustable rate mortgages have lower interest rates affording you greater borrowing power.

Home Equity Lines of Credit (HELOC)

Our Home Equity Line of Credit is a revolving line of credit, which allows you to borrow, repay and then borrow again by simply writing a check. Payments are interest only base on the amount you have drawn down, which can help when on a tight budget. However payments on your principal balance are always encouraged so you can keep reusing your line as needed.

 

Ask your lender about our other products or specials!

 

Newburyport Five Cents Savings Bank  NMLS #174450
63 State Street, Newburyport, MA  01950
Direct:  (978) 462-3136
Toll Free:  (844) 639-3483
mortgageorigination@newburyportbank.com
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