Adjustable Rate Mortgages
An Adjustable Rate Mortgage may be a good choice if you plan to sell your home or refinance during the earlier years of ownership. Initial interest rates are generally lower with an ARM compared to other mortgages, which can help you save money for all the other expenses life throws at you.
- Various terms to choose from
- Lower interest rates
- Loan options are available for both 1-4 family houses and condominiums with low down payments
First-Time Homebuyer Programs
When you need help navigating the route to homeownership, our expertise and lending options will help you make your first home purchase with confidence. Take advantage of flexible lending terms and more affordable down payment options. Plus, we offer free First-Time Homebuyer Seminars on a regular basis where our experienced lenders share useful information and insights.
Mass Housing Programs
Do you think your homeownership goals may be out of reach? Think again. As a MassHousing approved lender, we have the resources to help low- and moderate-income buyers find a lending solution that will make those goals attainable.
- Borrowers may be eligible for MI Plus, a mortgage insurance program that will cover mortgage payments (P&I) for up to six months in the event of job loss during the first ten years in the home
- Various fixed rate loans with low down payments available
- Program options with include:
- MassHousing No MI
- MassHousing Purchase and Rehab
- MassHousing Welcome Home
Federal programs support the dreams of many borrowers by making home financing available and affordable. We will help you determine if you are eligible for an FHA loan and all the benefits that come along with it, including lower underwriting standards and rates.
- Low down payments
- Competitive rates
- Lower credit score requirements
- Loans are assumable - eligible future buyers could benefit from inheriting a sellers FHA Loan
We are committed to helping veterans and their families become homeowners. You will work side-by-side with an experienced lender to determine your VA Loan eligibility and learn about a variety of benefits that are available to you through federal programs.
- Long term financing for eligible veterans
- Flexible terms
Eligible first-time buyers can gain a financial advantage with the ONE Mortgage Program. Confidently invest in your future and rest assured that your mortgage will be sustainable.
- Low down payments*
- Low fixed interest rates
- No costly Private Mortgage Insurance (PMI)
- Only available in MA
*A minimum of 3 percent of the purchase price is required for condominiums, single and two-family properties. For a three-family property, a 5 percent down payment is required. All loans are subjected to credit approval.
HomePath Mortgage Programs
The HomePath Mortgage Program is a great option for buyers who are looking to purchase a Fannie Mae foreclosure property. If you are interested in exploring the opportunities that this program offers, we will explain the ins and outs and help you determine if the property you are interested in qualifies.
- Down payment as low as 3%
- No appraisal
- No costly Private Mortgage Insurance (PMI)
Are you in the market for a larger house or a home in a more expensive area? Finance a home over $417,000 with our Jumbo Loan.
- Competitive rates
- Loans greater than $424,100 available
Whether minor home improvements are needed or you want to tackle a major project, a Home Equity Line of Credit can provide you with the funds you need.
- Low introductory rate of 1.99% APR* for the first 12 months and Prime Rate thereafter
- Quick approval process
- Finance up to 80% of the home's appraised value
- Valid on owner-occupied, 1-2 family residential properties and single unit second homes
- Use available equity for home repairs or improvements, tuition payments, bill consolidation, and more
*12-month introductory rate of 1.99% Annual Percentage Rate (APR) effective 4/1/2017. After 12 months from closing the APR becomes variable at the Prime Rate published in the Wall Street Journal for the life of the loan, currently 4.00% APR. Minimum APR is 3.00% APR. Maximum APR is 18.00% APR. Introductory rate requires automatic payment made from a Stoneham Bank checking account. Maximum loan amount cannot exceed 80% of the home’s current appraised value less any existing mortgage liens. Home equity line of credit annual fee of $50 applies. Offer is only valid on owner-occupied, 1-2 family residential properties and 1 unit second homes. Homeowners insurance is required; flood insurance may be required. If the Home Equity Line of Credit is closed within the first three years you will be charged a cost recovery fee of up to $495. First liens: If the Bank takes a first lien, you may be charged closing costs that range from $0 to $2,500. Payments will not include taxes and insurance; these will be the responsibility of the borrower. Subject to credit approval. Conditional credit decision in two business days contingent upon receipt of all necessary documentation from borrower at time of application.
Equity Builder Program
Through our Equity Builder Program, we are able to give qualifying first-time homebuyers extra financial support. Grant money* is available on a first-come, first-serve basis and can be used with many different home loan options.
- Grant money to is available for income-eligible** first-time homebuyers
- Funds can be used to assist with down-payment or closing costs
- Funds are awarded on a first-come, first-serve basis – while they last
*Grant is provided by StonehamBank.
**Buyers eligible to receive assistance through the Equity Builder Program are individuals and households earning no more than 80 percent of the area median income, based on the future address of a primary residence located in Massachusetts. To be eligible to receive assistance through the Equity Builder Program, buyers must attend homebuyer education courses. Interest would not accrue on the grant and the proceeds would only be due if the property is sold, transferred or refinanaced within the first five years. Some restrictions may apply.
Meet the Lenders
Whether you're buying or refinancing, let the StonehamBank Mortgage Professionals help develop the home financing solution that works for you.
Our Mortgage Officers have the knowledge and experience necessary to advise you on which mortgage program will best suit your needs. Contact one of our Mortgage Officers today for low rates, personalized service and customized financing. They are available to meet with you weekdays, nights, or weekends to answer any questions you may have.
Other mortgage options are available. Contact a member of the StonehamBank Lending Team for help finding the mortgage that’s best suited to your unique needs – and budget.
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