Loans For Your Dream Home
It doesn’t matter if you’re buying your first home or you’ve been through the home buying process before. Purchasing a home is one of the biggest decisions you’ll make. You’ll take great care in finding the right home for you and your family. You should take the same amount of care in choosing the lender who will service your home loan. Savings Bank has the experience to give you the right loan. We have the knowledge to service several loan types.
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Our Home Loan & Mortgage Options
| Loan Type | Who This Loan is Best For |
|---|---|
| Fixed-Rate Mortgage | Ideal for homeowners who plan to stay in their home for 10 years or more. This loan is for borrowers who want the stability of making the same payment each month. Your rate stays the same for the entire term of the mortgage. Our fixed-rate home loans are available for longer terms if needed, and are originated, processed, and closed by Savings Bank. Following closing, your loan is then sold to a customer service-oriented mortgage company to be serviced by them. Taxes and insurance are usually escrowed and made part of the monthly payment. |
| Portfolio Loans (Adjustable-Rate Mortgage) | This loan is a smart option for those who plan on living in their home for less than 10 years. You’ll pay a fixed rate for an initial term of the loan. The interest rate changes based on the financial index over the life of the loan. Changes to the interest rate are capped per change period. All lending decisions on portfolio loans are made by local Savings Bank lenders. Flexible terms and underwriting are included in this loan. |
| Home Equity Loans | Consolidate your debt, plan a vacation, pay for projects around the house, and more. Home equity loans are a great option for homeowners who want to use their built-up equity. This is a lump sum loan that allows you to borrow the full amount up front.. |
| Home Equity Lines of Credit (HELOC) | Another option for homeowners who have equity built up in their home. This is a revolving line of credit that you draw on as needed up to your established limit. You only make payments based on what you borrow. HELOCs can be used for a variety of purposes, including debt consolidation and home improvements. |