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You want to maximize the amount you qualify for and get a lower interest rate than a fixed rate mortgage.
| What it offers: |
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- Various adjustable rate programs available
- Fixed rate for the initial period, i.e. 3, 5 or 7 years,
then your rate adjusts based on treasury indices and margin
- Various point options let you choose the best rate for your
situation
- No points/no closing cost option also available on owner
occupied properties only
- Rate caps so you know the maximum your rate can change per
adjustment period and throughout the life of the loan
- Up to 95% financing
- Loans with less than 20% down require private mortgage insurance
subject to their guidelines
- Automatic 90 day-rate lock at time of application plus one
option to relock if rates go down
- Convertible options available for qualified applicants
- Jumbo mortgages available
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| Property Type: |
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Owner occupied and non-owner occupied 1-4 family located in Massachusetts or New Hampshire |
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| Terms: |
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Up to 40 years |
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| Adjustable Rate Mortgages as
of May 7, 2008 |
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Owner-Occupied Mortgage Loans (1-4 Family) |
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| Program |
Down Payment |
Maximum Loan |
Maximum Term |
Interest Rate |
Points |
Annual
Percentage
Rate |
Monthly P&I* PER $1,000 |
| 5/3 Program |
20% |
$417,000 Single
$533,850 2-4 Family
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40 Years |
5.125% |
1 |
5.285% |
$4.91 |
| 5/3 Program |
20% |
30 Years |
5.125% |
1 |
5.292% |
$5.44 |
| 3 Year ARM |
20% |
30 Years |
4.750% |
1 |
5.218% |
$5.22 |
| 7/1 Year ARM |
20% |
30 Years |
5.500% |
1 |
5.147% |
$5.68 |
* (P&I) Principal and Interest
-Convertible rate option may be available for qualified applicants.
-High LTV financing available for many owner/occupied programs w/PMI.
Ask Loan Officer for details and APR.
-No point option available for Owner Occupied Products Fixed Rate
and Adjustable Rate Mortgages. Ask Loan Officer for APR. |
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You can apply for an adjustable rate mortgage online and speed up your loan processing
time by clicking on the "Online Mortgages" link above." If you have any questions about
East Boston Savings Bank's residential loans or services, please contact our Call Center
at (800) 657-3272, or click "Contact Us" to e:mail our Residential
Lending Division.
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Equal Housing Lender.