| Mortgage Loans |
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| Fixed Rate Mortgage Loans |
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This product offers principal and interest payments that are guaranteed to remain the same throughout the term of your loan. Several different terms are available for this product ranging from 15 years to 30 years. If you're looking for stable mortgage payments and plan to remain in your home for a long period of time, this is the mortgage for you.
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| Fixed Loan Rates |
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Rates as of Tuesday, January 31, 2012
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0.000
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3.750%
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3.795%
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$4.63
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$2,968.95
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0.000
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3.750%
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3.813%
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$5.93
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$2,968.95
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0.000
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3.125%
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3.205%
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$6.97
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$2,942.85
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1.000
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3.000%
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3.225%
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$6.91
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$3,937.60
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APR's for mortgages are based on $100,000 loan amount, no PMI, and discount points (if applicable).
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APR's and Payment Per Thousand values above are based on the Term specified in the product. For products with unspecified Terms, the maximum allowable Term for the product is utilized as follows: Home Equity Line of Credits assume a 240 month term, Adjustable Rate Loans assume a 360 month term, Construction loans assume a 348 month term, and Personal Loans assume a 48 month term. Auto loan Terms are as follows: New Auto - 90% LTV assumes a 72 month term, Used Auto - 85% LTV assumes a 66 month term, Used Auto - 80% LTV assumes a 60 month term, and Used Auto - 75% LTV assumes a 48 month term.
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Due to market fluctuations programs, rates, terms and conditions are subject to change without notice.
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| Adjustable Rate Mortgages (ARM) |
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An adjustable rate mortgage (ARM) features a variable interest rate, which is periodically adjusted based on the change in a financial index such as One Year Treasury, plus a margin that is established at closing. Interest rate changes are limited or capped at each adjustment and for the life of the loan.
New England Bank offers an ARM program at an attractive initial rate and allows for the rate to move up or down based on a predetermined margin and a defined index. The New England Bank ARM also includes an annual cap limiting the interest rate change from year to year as well as an overall cap limiting the interest rate increase over the life of the loan. New England Bank offers ARM programs with a fixed rate of 3 years or 5 years. ARM loans usually start at a lower rate then fixed rate loans, which translate to greater purchasing power.
In today's mobile environment, adjustable rate mortgages provide flexible and attractive mortgage options to many borrowers. These loans are especially attractive to homebuyers who trade up in future years.
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| ARM Loan Rates - Purchase |
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Rates as of Tuesday, January 31, 2012
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0.000
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3.000%
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2.875%
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2.946%
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$4.22
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$2,937.60
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1.000
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2.875%
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2.875%
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2.997%
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$4.15
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$3,932.50
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2.000
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2.750%
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2.875%
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3.049%
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$4.08
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$4,927.25
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0.000
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3.125%
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2.875%
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3.005%
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$4.28
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$2,942.85
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1.000
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3.000%
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2.875%
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3.041%
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$4.22
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$3,937.60
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2.000
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2.875%
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2.875%
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3.077%
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$4.15
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$4,932.50
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APR's for mortgages are based on $100,000 loan amount, no PMI, and discount points (if applicable).
-
APR's and Payment Per Thousand values above are based on the Term specified in the product. For products with unspecified Terms, the maximum allowable Term for the product is utilized as follows: Home Equity Line of Credits assume a 240 month term, Adjustable Rate Loans assume a 360 month term, Construction loans assume a 348 month term, and Personal Loans assume a 48 month term. Auto loan Terms are as follows: New Auto - 90% LTV assumes a 72 month term, Used Auto - 85% LTV assumes a 66 month term, Used Auto - 80% LTV assumes a 60 month term, and Used Auto - 75% LTV assumes a 48 month term.
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Due to market fluctuations programs, rates, terms and conditions are subject to change without notice.
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Adjustable Rate Loan Disclaimers |
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Adjustable Rates and Points assume a first lien mortgage of a single family, owner occupied primary residence. Other restrictions may apply.
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Loans $75,000.00 or less add .250% to the rate.
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Interest rates are subject to the credit approval of the applicant(s) and property approval based on lending guidelines.
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The annual percentage rate (APR) and estimated monthly payment amount are calculated on the loan amount you have entered and the loan-to-value (LTV) of the property. The APR may vary according to the actual terms of the loan.
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Mortgage loans with a loan-to-value ratio of over 80% require Private Mortgage Insurance.(PMI)
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Adjustable-Rate-Mortgage (ARM) loans are calculated using the current discounted interest rate. The rates stated for adjustable rate mortgages are the initial rates and subject to increase as specified by the product type. It should be noted that your actual payment adjustments would reflect the fluctuation in the index during the term of the loan.
For example on the 3/1 ARM, the initial rate is fixed for 3 years and may adjust once every year thereafter. Loans assume a 30-year term.
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The index used for the ARMs is the 1-Year Treasury Weekly Average (from Federal Reserve Statistical release H.15(519). "Selected Interest Rates", which can be found at: www.federalreserve.gov Annual Rate Adj. - 2%; Lifetime Rate Cap - 6%; Margin - 2.75%.
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APR's are based on $100,000 loan amount, no PMI, and discount points (if applicable).
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Payment amounts are based on a 360 month payment schedule, unless otherwise noted.
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Closing costs are estimated values, based on a typical loan scenario.
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Due to market fluctuations, programs, rates, terms and conditions are subject to change without notice.
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| Construction Loans |
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New England Bank offers a variety of construction-to-permanent loan options when you're planning on building a new single family home. Whether you're looking for a fixed rate or adjustable rate mortgage, we have the product to meet your homebuilding needs. Flexible terms and competitive interest rates make your payments affordable during the construction of your new home and after you move into your new home.
New England Bank offers a construction loan with "interest only payments" during the construction phase. Interest is only based on the portion of the loan as it is advanced. Upon completion of the home, the loan converts to a fully amortizing mortgage without the need of a second closing.
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| Construction Loan Rates |
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Construction - Fixed & Adjustable Rate Loan Disclaimers |
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The Conventional Loan Fixed and Adjustable Rates and Points assume a first lien mortgage of a single family, owner occupied primary residence. Other restrictions may apply.
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Loans for $75,000.00 or less add .250% to the rate.
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Interest rates are subject to the credit approval of the applicant(s) and property approval based on lending guidelines.
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The annual percentage rate (APR) and estimated monthly payment amount are calculated on the loan amount you have entered and the loan-to-value (LTV) of the property. The APR may vary according to the actual terms of the loan.
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Mortgage loans with a loan-to-value ratio of over 80% require Private Mortgage Insurance. (PMI)
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Adjustable-Rate-Mortgage (ARM) loans are calculated using the current discounted interest rate. The rates stated for adjustable rate mortgages are the initial rates and subject to increase as specified by the product type. It should be noted that your actual payment adjustments would reflect the fluctuations in the index during the term of your loan.
For example on the 3/1 ARM, the initial rate is fixed for 3 years and may adjust once every year thereafter. Loans assume a 30-year term.
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The index used for the ARMs is the 1-Year Treasury Weekly Average (from Federal Reserve Statistical release H.15(519). "Selected Interest Rates", which can be found at:
http://www.federalreserve.gov/
Annual Rate Adj. - 2%; Lifetime Rate Cap - 6%; Margin - 2.75%.
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APR's are based on $100,000 loan amount, no PMI, and discount points (if applicable).
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Payment amounts are based on a 348 month payment schedule, unless otherwise noted.
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Inspection Fees are based on an estimate of 6 inspections at $125.00 per inspection.
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Closing costs are estimated values, based on a typical loan scenario.
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Construction loans are interest only for the construction phase up to 12 months at which time it converts to a permanent amortizing mortgage.
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Due to market fluctuations programs, rates, terms and conditions are subject to change without notice.
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