Mortgages & Home Equities

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.

• 10, 15, 20, and 30 year terms available
• Owner Occupied 1-4 Family Properties
• Construction Loans – Fixed rate throughout the loan
• 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.

• 3 Year ARM – adjusted every 3 years
• 5/1 ARM – adjusted on the 5th year anniversary date and every year thereafter
• Available for purchases and refinances

MassHousing Mortgage Products

In cooperation with the Massachusetts Housing Finance Agency (MHFA), Savers Bank offers many products at reduce interest rates. Income and home purchase price guidelines must be met. Homebuyer counseling may be required.

For more information contact a Residential Lending Specialist or go to masshousing.com

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
• Choose from 6, 9 or 12 month construction periods

Mortgage Loan Officer NMLS List [PDF]

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 flexibility of interest-only payments for the first ten years.

• 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
• Minimum APR is 4.00% / maximum APR is 18.00%
• 20 year term (10 year Draw Period followed by a 10 year repayment period)
• Monthly interest-only payments during the draw period / principal plus Interest during repayment
• Minimum loan amount is $25,000 / maximum $500,000
• Owner occupied 1-4 family properties
• Pay-down principal balance (to zero) at any time without penalty
• $500.00 Early Termination Fee applies if you payoff and close the line of credit within three (3) years of the date you signed the note and mortgage
• Homeowners insurance on the property securing the line is required

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
• 5, 10, 15 and 20 year terms available
• Minimum loan amount is $10,000
• Owner occupied 1-4 family properties
• No prepayment penalty
• No closing costs other than the appropriate registry recording fee
• Homeowners insurance on the property is required

View Current Rates

Apply for a Mortgage or Home Equity

Our Residential Lending Specialists are ready to assist you with your mortgage needs.