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Mortgage Center
Click on the lending team to view our commercial
Residential Mortgage Loans
Buying a home is one of the most important financial decisions you'll ever make. Our experienced loan officers will take time to explain the mortgage process from beginning to end helping to reduce the natural anxiety that comes with purchasing a home.
Conventional Mortgages
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Effective Date: 12/31/2008
Fixed Rate Mortgages |
| Program | Maximum Term | Interest Rate | Points | Annual Percentage Rate | Monthly P&I* PER $1,000 |
| 30 Years | 30 Years | 4.875% | 2 | 5.052% | $5.29 |
| 20 Years | 20 Years | 4.875% | 2 | 5.116% | $6.53 |
| 15 Years | 15 Years | 4.625% | 2 | 4.930% | $7.71 |
| 10 Years-Requires EBSB auto pay | 10 Years | 4.500% | 2 | 4.936% | $10.36 |
| Bi-Weekly | 30 Years | 5.125% | 1 | 5.226% | $5.44 |
Owner-Occupied Mortgage Loans (1-4 Family)
Down Payment: 20%
Fixed Rate Loan Limits: 1 Unit, $417,000; 2 Unit, $533,850; 3 Unit, $645,300;
4 Unit, $801,950
Effective Date: 12/31/2008
Adjustable Rate Mortgages |
| Program | Maximum Term | Interest Rate | Points | Annual Percentage Rate | Monthly P&I* PER $1,000 |
| 5/3 Program | 40 Years | 5.000% | 1 | 4.285% | $4.82 |
| 5/3 Program | 30 Years | 5.000% | 1 | 4.371% | $5.37 |
| 3 Year ARM | 30 Years | 4.750% | 1 | 4.160% | $5.22 |
| 7/1 Year ARM | 30 Years | 5.375% | 1 | 4.310% | $5.60 |
Owner-Occupied Mortgage Loans (1-4 Family)
Down Payment: 20%
Maximum Loan: $417,000 Single; $533,850 2-4 Family
* (P&I) Principal and Interest
-Convertible rate option may be available for qualified applicants.
-High LTV financing available for many owner/occupied programs w/PMI. Ask Loan Officer for details and APR.
-No point option available for Owner Occupied Products Fixed Rate and Adjustable Rate Mortgages. Ask Loan Officer for APR.
Bi-weekly Mortgage Loans - Take years off your loan by making payments every two weeks.
Features:
- Competitive fixed rates
- Payments automatically deducted from your checking account
- Up to 95% financing available
- 45 day rate lock available at time of application
Loan limits:
1 unit $417,000
2 units $533,850
3 units $645,300
4 units $801,950
Rates:
Fixed Rate Mortgages |
| Program | Maximum Term | Interest Rate | Points | Annual Percentage Rate | Monthly P&I* PER $1,000 |
| 30 Years | 30 Years | 4.875% | 2 | 5.052% | $5.29 |
| 20 Years | 20 Years | 4.875% | 2 | 5.116% | $6.53 |
| 15 Years | 15 Years | 4.625% | 2 | 4.930% | $7.71 |
| 10 Years-Requires EBSB auto pay | 10 Years | 4.500% | 2 | 4.936% | $10.36 |
| Bi-Weekly | 30 Years | 5.125% | 1 | 5.226% | $5.44 |
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First Time Homebuyer
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Flexible underwriting criteria available to first time homebuyers
- Lower interest rates on fixed, ARMs and Bi-weekly
programs
- Flexible qualifying ratios
- Point and no point options available
- 100% financing available with certain eligibility requirements
- MassHousing approved
Single $417,000
2 - 3 units $533,850
Effective Date: 12/31/2008
First Time Homebuyer Programs |
| Program | Maximum Term | Interest Rate | Points | Annual Percentage Rate | Monthly P&I* PER $1,000 |
| 5/3 FTHB ARM | 30 Years | 5.125% | 0 | 4.331% | $5.44 |
| FTHB Fixed Bi-Weekly | 30 Years | 5.375% | 0 | 5.375% | $5.60 |
Owner-Occupied Mortgage Loans
Down Payment: 20%
Maximum Loan: $417,000 Single; $533,850 2-3 Family
* (P&I) Principal and Interest
-Minimum Down Payment for above first time homebuyer programs is 5%.
-Eligible properties 1-3 unit, owner occupied properties.
-Some income and property location restrictions may apply.
Ask Loan Officer for details.
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Investment Property
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Non-owner Occupied (1-4 Family)
- ARMs and Fixed Bi-weekly programs available
- Various point options to choose from
- Financing up to 75% of purchase price
1 unit $417,000
2 - 4 units $533,850
Effective Date: 12/31/2008
Non-Owner Occupied Mortgage Loans |
| Program | Maximum Term | Interest Rate | Points | Annual | Monthly P&I* PER $1,000 |
| Bi-Weekly (Fixed) | 30 Years | 5.750% | 1 | 5.856% | $5.84 |
| 3 Year ARM | 25 Years | 5.750% | 1 | 4.660% | $6.29 |
| 5/3 Year ARM | 25 Years | 6.000% | 1 | 5.020% | $6.44 |
1-4 Family
Down Payment: 25%
Maximum Loan: $417,000 Single; $533,850 2-3 Family
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Construction Mortgage Loans
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Finance the building of your new home with a flexible mortgage loan that converts to a conventional mortgage without having a second closing.
- Fixed and Adjustable rate programs
- Make interest only payments up to 9 months during construction
- Loan automatically converts after construction to principal and interest payments for the program you initially
selected
- Point options available
- Up to 90% financing
Effective Date: 12/31/2008
Construction Loans |
| Program | Maximum Term | Interest Rate | Points | Annual Percentage Rate | Monthly P&I* PER $1,000 |
| 3 Year ARM | 25 Years | 6.750% | 1 | 5.081% | $6.91 |
Land must be approved buildable lot with paved street frontage.
Down Payment: 25%
Maximum Loan: $417,000
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Home Equity
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- A Home Equity Line of Credit offers you the benefit of a pre-approved credit line that can be used any purpose you desire.
- Available to 1-4 family owner- and non-owner occupied properties in Massachusetts and New Hampshire.
- Lines available from $10,000 to $500,000
- Your loan can be set up to have payments automatically taken out of your EBSB checking or savings account.
- The interest you pay on this loan may be tax deductible. Consult your tax advisor.
- Maximum Loan limit: $500,000
Effective Date: 12/31/2008
Home Equity Line of Credit |
| Product | Annual Percentage Rate | Minimum Payment Options | Loan to Value | Term |
| Monthly Variable* | Prime Rate minus 1.00% (as of 11/30/08 Prime Rate is 4.00%) | 1% of outstanding balance (P&I) not less than $100 per month** | 80% w/EBSB 1st Mortgage and 75% w/all other banks | 15 Year Total Term. 10 Year Draw. Remaining 5 Years, Fixed P&I repayment of outstanding balance. |
Closing costs may apply in some situations (all Prime Line Products). Annual fee $25.00 Early termination fee of $250 applies for loans closed within first 12 months. Minimum annual percentage rate 4.00%. Maximum APR not to exceed 18%. Consult your tax advisor regarding deductibility of interest.
Additional fees may be applicable if the Prime Line will be a first mortgage.
Prime Rate as published in the Wall Street Journal on the last business day of the month.
**Note: An Interest Only option is also available with this product.
$25 annual fee
$250 early termination fee for lines closed within the first 12 months
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