Mortgage Rates

First Time Homebuyer 5/5 Adjustable Rate (40 Year Term)

An adjustable rate mortgage has a monthly payment that may change over the term of the loan. With our 5/5 ARM, your payment won't change for the first five years but is subject to a rate adjustment every subsequent 5 years based on market conditions. The 40-year term offers a lower payment and presents a more affordable alternative to the 30-year fixed rate.

Home Equity Line of Credit (HELOC)

Our home equity line of credit puts extra cash as close as your checkbook. Apply now and access cash at any time by transferring funds up to your remaining limit to your FREE Needham Bank checking account.

Important Loan Information

The information provided is based on a $100,000 loan. The property is located in the Commonwealth of MA. The property is an existing single-family home and will be used as a primary or secondary residence. The assumed credit score is 740. This assumes that the total of all existing mortgages does not exceed 80% of the property value.

Interest Rate/APR (Annual Percentage Rate):

The interest rate/APR (Annual Percentage Rate) has a variable-rate feature, may change monthly based on the Wall Street Journal Prime Rate (Index) effective at the beginning of each month, and as of the date above is 7.000%.

To determine the interest rate/APR we subtract a Margin of (0.500%) to the value of the Index, resulting in an interest rate/APR as of the date above of 6.500%.

The interest rate/APR will never be lower than 3.000% or greater than 18.000%.

Payment: During the Draw period, interest only payments are due monthly, based on the outstanding principal balance. During the Repayment period, amortized principal and interest payments are due monthly based on outstanding principal balance at the end of the Draw period.

Term: 20 years consisting of a 10-year Draw period followed by a 10-year amortized Repayment period. If you make the required minimum monthly payments, on or before the due date, the loan will be paid in full at the end of the Repayment period.

Balance Due at End of Loan Term: $0

Maximum Loan: The lesser of $1,000,000 or the combined loan-to-value of 80%.

Subject to Credit Approval and additional Terms and Conditions may apply.

Line amounts up to $500,000 are offered with complimentary closing costs. Line amounts over $500,000, on investment properties, or in first lien position will require lender’s title insurance to be paid by the borrower at closing. Additional fees may apply if title to the property is held in a trust. All applicable fees due from the borrower and paid at closing will be in the range of $250-$2,000.

NOTE: An Alternative Income Verification Home Equity Line of Credit is available with different interest rates/APRs and terms. Please contact us for additional details.

Home Equity Line of Credit (HELOC)

Our home equity line of credit puts extra cash as close as your checkbook. Apply now and access cash at any time by transferring funds up to your remaining limit to your FREE Needham Bank checking account.

Important Loan Information

The information provided is based on a $100,000 loan. The property is located in the Commonwealth of MA. The property is an existing single-family home. The assumed credit score is 740. This assumes that the total of all existing mortgages does not exceed 70% of the property value.

Interest Rate/APR (Annual Percentage Rate):

The interest rate/APR (Annual Percentage Rate) has a variable-rate feature, may change monthly based on the Wall Street Journal Prime Rate (Index) effective at the beginning of each month, and as of the date above is 7.000%.

To determine the interest rate/APR we add a Margin of (2.000%) to the value of the Index, resulting in an interest rate/APR as of the date above of 9.000%.

The interest rate/APR will never be lower than 5.000% or greater than 18.000%.

Payment: During the Draw period, interest only payments are due monthly, based on the outstanding principal balance. During the Repayment period, amortized principal and interest payments are due monthly based on outstanding principal balance at the end of the Draw period.

Term: 20 years consisting of a 10-year Draw period followed by a 10-year amortized Repayment period. If you make the required minimum monthly payments, on or before the due date, the loan will be paid in full at the end of the Repayment period.

Balance Due at End of Loan Term: $0

Maximum Loan: The lesser of $1,000,000 or the combined loan-to-value of 70%.

Subject to Credit Approval and additional Terms and Conditions may apply.

Line amounts up to $500,000 are offered with complimentary closing costs. Line amounts over $500,000, on investment properties, or in first lien position will require lender’s title insurance to be paid by the borrower at closing. Additional fees may apply if title to the property is held in a trust. All applicable fees due from the borrower and paid at closing will be in the range of $250-$2,000.