MORTGAGE LOAN PRODUCTS
Litchfield Bancorp offers a variety of mortgage programs so you can select the term and payment plan that is right for your personal financing needs.
FIXED-RATE MORTGAGES
The basic advantage of a fixed-rate mortgage is that the interest rate the bank charges remains fixed throughout the life of the loan. Since your interest rate never changes, your principal and interest payments stay the same (fixed) from the first monthly payment to the last. In this way, you can easily predict and budget for the money you will need to meet each monthly payment for the full term of your mortgage loan. Litchfield Bancorp offers you a choice of three fixed-rate mortgage programs:
- 30-Year Fixed-Rate - 360 equal monthly payments
- 20-Year Fixed-Rate - 240 equal monthly payments
- 15-Year Fixed-Rate - 180 equal monthly payments
ADJUSTABLE RATE MORTGAGES (ARM)
The adjustable rate mortgage provides for a lower interest rate during the initial period of the loan. This interest rate can change periodically over the life of the loan. The benefit of an adjustable rate mortgage is a lower, more affordable interest rate during the first few years of a loan. Because interest rates can change and payments may increase over the loan term, the Lender and the Borrower share the risk of interest rate fluctuations.
FIRST TIME HOME BUYER MORTGAGE
First time home buyer mortgages are available to people who have not had an ownership interest in residential property. The basic advantage of a first time home buyer mortgage is that the payment is fixed for the first five years, allowing you to become comfortable with monthly mortgage payments.
MortgageSMART loan consultants come to your home or office.
If you would like to talk to our mortgage originator Jennifer Ives-Groebl or a MortgageSMART loan consultant, please E-Mail your name and phone number, and a convenient time to reach you. A Litchfield Bancorp loan consultant will contact you within 24 hours.
Mortgage Originator: Jennifer Ives-Groebl
Loan Consultant |
