Mortgages & Home Equities

First-Time Homebuyer Programs Available

As a first-time homebuyer you may qualify for advantages such as reduced closing costs, down payments as low as 3%, down payment assistance and reimbursement for Homebuyer Education. Our lending experts are committed to helping you explore all of your options in order to find the financing that makes your home ownership dreams come true.

Better Together: Bank with Us and Save

Our rates include a .25% rate discount when you set up automatic mortgage payments from your Savers Bank checking account.**

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Our Mortgage Specialists are ready to assist you with your mortgage needs or you can contact one of our local branches for assistance.

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Apply for a Mortgage or Home Equity

FHLB Grant Programs Available

In partnership with Federal Home Loan Bank of Boston, Savers Bank offers both the Equity Builder Grant (EBP) and the Housing Our Workforce Grant (HOW) Programs. Supplementing your home purchase with a grant gives you more buying power by providing additional funds for down payment and closing cost.

We are currently offering grants for eligible homeowners through FHLBank Boston's Homeownership Assistance Programs.

Contact us for more details or click here to learn more.

Buying or refinancing a home? Looking to do some major renovations? We can help with our Simply Better mortgage and home equity solutions.

Mortgage Options

Fixed Rate Mortgage

Rate and payments are fixed for term of the loan. These types of loans provide predictability in monthly payments throughout the life of the loan.

• Flexible terms available
• Jumbo Loans – One rate, one loan, no maximum loan amount
• Available for purchases, refinances and construction

Adjustable Rate Mortgage

Interest rate and payment may change at periodic times during the term of the loan. This type of loan can be a good choice for borrowers looking to save money during the early years of the loan or planning to move or refinance in a few years.

• Various terms available to fit your needs
• Available for purchases and refinances

Construction Mortgage

• Fixed rate throughout the construction phase and for the entire term of the mortgage
• Interest rate will never change
• Financing offered for up to 90% of the value of the home
• Act as your own general contractor
• Pay interest only during construction
• Flexible construction periods

Mortgage Loan Officer NMLS List

Home Equity Lines of Credit and Fixed Rate Loans

Home Equity Line of Credit

A convenient and flexible source of funds using the available equity in your home which you can access at anytime simply by writing a check. A line of credit is a great way to finance periodic expenses such as emergency repairs, college tuition, or home remodeling projects. You only pay interest on the funds you actually use, and you have the flexible payment options available.

• No closing costs
• Adjustable Interest Rate equal to the Prime Rate as published in the Wall St. Journal on the last business day of each month
• Flexible payment options available
• Pay-down principal balance (to zero) at any time without penalty

Home Equity Fixed Rate Loan

Access your home's available equity with a fixed rate, term and payment for the entire life of the loan. Fixed Equity loans are ideal for a large one-time purchase or debt consolidation.

• Fixed interest rate
• Monthly principal & interest payments
• Flexible terms available
• No closing costs other than the appropriate registry recording fee

Mortgages are offered and originated by Savers Bank (NMLS ID# 405750). All loans are subject to approval. Offers may be withdrawn without notice. 
 

*The rate information provided is effective as of July 23, 2025 and assumes the purpose of the loan is to purchase a property, with a loan amount of $180,000 and an estimated property value of $225,000. The property is located in Worcester, MA and is within Worcester county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 60 days and the assumed credit score is 740. At a 6.375% interest rate, the APR for this loan type is 6.436%. The monthly payment schedule would be 359 payments of $1,122.97 at an interest rate of 6.375% and 1 payment of $1,121.62 at an interest rate of 6.375%. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.  This example is based on hypothetical assumptions and does not represent a guaranteed rate or offer of credit. Actual rates may vary based on market conditions and borrower qualifications. 
**The rate listed includes a 0.25 percentage point interest rate reduction for eligible new mortgage loans with a qualifying Savers Bank consumer checking account opened at loan origination and enrollment in automatic monthly payment deductions from that account. The account must remain open and in good standing, and automatic payments must continue throughout the life of the loan to retain the rate discount. If these conditions are not met, the rate discount may be revoked. The checking account must have sufficient funds at the time of automatic deduction to avoid overdraft fees and late mortgage payment charges. Other restrictions may apply. Rate is subject to change at any time. Please refer to your loan and deposit account agreements for full details.

***Home Equity Line of Credit (HELOC), APR = Annual Percentage Rate. Special discounted rate applies to New HELOC customers only, with a Savers Bank checking account set up with autopay for the monthly loan payment. Special discounted rate for this HELOC is currently 4.99% APR for 12 months, then a variable rate of Prime + 0.00% for the life of the line, subject to minimum interest rate of 4.00% and maximum interest rate of 18.00%. The variable rate may change at any time and adjustments are made monthly on the 1st calendar day of each calendar month. The index is the Prime Rate as published in the Wall Street Journal in the Money Rate Section on the last business day of each month. Prime index is currently 7.50% as of 2/11/25. During the Draw Period payments are interest only based on average daily balance and interest rate. During the Repayment Period Payments are Fixed Principal amount plus interest due with a $50 minimum payment. Term 20 years (10 year Draw/10 Year Repayment). A balance remaining at the end of the draw period will automatically be set up on a 10 year repayment plan. Minimum Loan Amount $25,000/Maximum Loan Amount $500,000. Owner occupied residential properties only. Borrow up to 70% Combined Loan To Value (CLTV) based on tax assessed value or 80% CLTV with full appraisal. Loan amounts greater than $249,999 require a full appraisal. Appraisal costs are $345 and are paid by borrower. †No application or closing fees. Payments do not include taxes or insurance premiums. Homeowners insurance and flood insurance where necessary, on the property securing the line is required. Early termination fee of $500 applies if you payoff and close out the line of credit within three (3) years of the date you signed the note and mortgage. Rates are effective as of April 1, 2025 through June 30, 2025 and are subject to change at any time without notice of this promotion. All loans are subject to credit approval.