Purchasing a home is the biggest decision most people will make. Whether you are purchasing or refinancing a home, Everett Co-operative Bank’s experienced team of loan specialists are willing to help you through the mortgage process from your initial search through the closing process. We will work with you to identify the best program to help you reach your goal.
- Full range of Fixed and Adjustable Rate Mortgages
- Pre-Approvals (to make your home search easier)
- Massachusetts Housing Finance Agency Programs (MHFA)
- First Time Homebuyer Programs
- Home Equity Lines of Credit and Home Equity Fixed Rate Loans
Fixed-rate mortgages are ideal for people who are more comfortable with a set monthly payment. The monthly mortgage payment remains the same for the entire term of the loan allowing for predictability in your monthly housing costs.
An adjustable rate mortgage called an ARM for short, features an initial interest rate that is fixed for a set period (3-10 years) before converting to a rate adjusted annually for the remainder of the loan. Future interest rates are based on the change in the U.S. Treasury Index, plus a margin that is established prior to closing. Future interest rates and payments can adjust up or down, however these changes are limited or capped at each adjustment annually and for the life of the loan.
Enjoy greater purchasing power. Everett Co-operative Bank offers ARM programs with an attractive initial fixed rate for 3 years, 5 years, 7 years, or 10 years. ARM loans traditionally usually start at a lower rate than comparable fixed rate loans to give you more flexibility for budgeting and purchasing your home. If a lower rate is more appealing, consider an ARM.
We offer a First Time Homebuyer Program that will make your first home purchase a little easier. Our FTHB program includes reduced legal fees, no underwriting or document preparation fees and if you select one of our already low ARM products, Everett Co-operative Bank will discount your initial interest rate. Call us for more information.
If you're a homeowner, tapping into the equity in your home could be the best solution for financing major expenses, such as tuition, a car, or home improvements. A Home Equity Line is essentially a cash reserve using the equity in your home. You may draw upon it any time to pay for expenses just by writing a check.
If you feel more comfortable with set monthly payments, then a low fixed rate Home Equity Term Loan may be the option for you.
Another great feature about a Home Equity Line or Loan is that the interest you pay may be tax deductible on your federal tax return, but consult with your tax advisor to be sure.
Check out our competitive Home Equity rates below:
- Home Equity Loan Rates.
- Home Equity Line of Credit Rates.
- Use our Loan Calculator to find out how much you can afford to borrow.
If you would like more information, or would like to set up an appointment, call our home loan specialist at 617-381-3615 or 617-381-3616 and make an appointment today!
Everett Co-operative Bank (ECB) provides home financing in Massachusetts. ECB's National Mortgage Licensing Systems (NMLS) unique identifier is 443050.