Savers Bank

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Savers Bank

270 Main Street
P.O. Box 250
Southbridge Ma. 01550
Phone: 508-764-4329
Fax: 508-765-2322

Fixed Rate Mortgage

Fixed rate mortgages are available for purchases, refinances and construction loans.
Biweekly Fixed Rate Mortgage

Biweekly loans require payments every other week, 26 payments a year. For example, on this schedule a 30-year $200,000 loan at 6.00% would be paid in approximately 24 years amounting to significant savings. This product is available for purchases and refinances.
Points

Borrowers can pay up to 2 points to buy down the interest rates on most fixed rate products.*

* This option may not always be available.
1 Year Adjustable Rate Mortgage

The 1-year ARM is adjusted annually based on the 1-year treasury index and the margin. Rate Changes have a maximum increase or decrease of 2% with each rate change period and a 6% life time cap. The 1-year ARM is available for purchases and refinances.
3 Year Adjustable Rate Mortgage

The 3-year ARM is adjusted every 3 years based on the 3-year treasury index and the margin. Rate changes have a maximum increase or decrease of 2% with each rate change period and a 6% life time cap. The 3-year ARM is available for purchases and refinances.
5/1 Adjustable Rate Mortgage

The 5/1 ARM is adjusted at the 5th year anniversary date and every year thereafter. Interest rate adjustments are based on the 1-year treasury index and the margin. Rate changes have a maximum increase or decrease of 2% with each rate change period and a 6% life time cap. This loan may be converted to a fixed rate mortgage on the first, second or third review date. The 5/1 ARM is available for purchases and refinances.
Land Loans

Land loans are available for residential and commercial purposes.
Construction Loans

Construction loans are available on 1-4 family homes using the Fixed Rate. We also offer construction loans for commercial purposes.
Jumbo Mortgages

One rate, one loan, no maximum loan amount.
MassHousing 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 Loan Officer or link to https://www.masshousing.com/portal/server.pt
MassHousing MassAdvantage

This product, in partnership with the Massachusetts Housing Finance Agency (MHFA), targets First Time Home Buyers of low and moderate-income with financing generally below conventional rates, flexible underwriting criteria, low fees, and discounted mortgage insurance rates. A 3% borrower down payment is required and the property must be your primary residence. MassAdvantage loans are available on 1-4 family units. Under this program there is also a 40 Year term fixed rate product available.
Septic System Repair

Borrowers who meet income eligibility requirements may qualify for a Septic System Repair loan. Loan terms vary from 3-20 years with interest rates ranging between 0% -5% depending on household income.
Home Improvement

Borrowers who meet income eligibility limits may qualify for a MassHousing Home Improvement loan. Terms range from 5 to 15 years at a low interest rate. Loan amounts range from $7,500 to $50,000.
Savers Affordable 97 Mortgage

This program allows borrowers to make a smaller down payment in exchange for a slightly higher interest rate. You may borrow 90.01%-97% of the purchase price or value of your home with limited cash out. Minimum down payment options as low as 3% with flexible requirements for the eligible sources of funds. This is a fixed rate product, which provides you with a monthly payment that does not change.
Savers Affordable 100 Mortgage

This program allows you to borrow up to 100% of the purchase price or value of your home with limited cash out in exchange for a slightly higher interest rate. There are NO Minimum funds that are required from the borrower, and flexible requirements for the eligible sources of closing funds. This is a fixed rate product, which provides you with a monthly payment that does not change.
Savers Affordable 3 & 4 Units

This program allows borrowers to make a smaller down payment on an owner occupied 3 & 4 family home in exchange for a slightly higher interest rate. You may borrow up to 95% of the purchase price or value of your home. The minimum down payment required from the borrowers own funds is 3% with flexible requirements for the eligible sources of funds for the remaining 2% down payment plus closing costs. This is a fixed rate product, which provides you with a monthly payment that does not change.