Mortgage lending has been our primary focus for over a hundred years. If you are purchasing or refinancing, you owe it to yourself to contact us!
Whether you are a first time home buyer, purchasing that dream home, or refinancing an existing mortgage, Spratt Savings Bank can help guide you through the many mortgage options to identify the one that best suits your individual needs. We provide Conventional, Construction, Construction/Permanent, or Jumbo financing with permanently fixed rate products or adjustable rates (ARM).
Our fixed rate products guarantee that the interest rate will remain constant throughout the life of your mortgage. This product provides the greatest measure of protection against changes in the monthly principal and interest payments because the loan rate never changes.
Adjustable rate mortgage products interest rate are tied to a specific market index plus a fixed margin. As the market index moves up or down within certain pre-determined ranges (interest rate floor and ceiling), the interest rate on your mortgage will adjust with that movement. The change in the interest rate may (and likely would) change the amount of the monthly principal and interest payment on the mortgage (with any changes occurring annually). Adjustable rate mortgages allow the borrower to take advantage of lower rates when rates fall. Conversely, the borrower takes some interest rate risk as the mortgage interest rate would adjust upward when rates rise. The extent to which the mortgage interest rate could adjust is restricted both annually and over the life of the mortgage. While there are many different options, a typical rate range would be 2/6. Under this scenario the maximum annual rate adjustment would be restricted to no more than 2% and the maximum lifetime adjustment would be 6% (above the original interest rate).
Construction or Construction/Permanent loans are the product of choice for borrowers that are having their homes built. Our variable rate products allow for single loan closing thereby avoiding duplicate closing cost. We make construction financing easy! Let us show you how.