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First Time Home Buyer Program

Belmont Savings offers first time home buyers an easier way to qualify for that first home. If you are purchasing in Allston, Arlington, Belmont, Brighton, Brookline, Cambridge, Lexington, Medford, Natick, Needham, Newton, Somerville, Waltham, Watertown, Wellesley, Weston or Winchester you may be closer to that first home than you think.

10-1 Adjustable Rate Mortgage. 2.99% Rate* 3.326 APR* for years 1-10. 3.50% Rate* 3.346% APR* adjusts annually years 11-30

Some of the benefits are:
• Downpayments as low as 5%
• Loans up to $600K (Single Family & Condominiums) $533,850 (2-4 Family)
• Eligible for incomes up to $125,000
• Lock in your rate for up to 100 days while you find your home.

For more information, contact us at 617-489-1298 or fill out the form below and a member of our mortgage team will reach out to you.

 

 

*The Adjustable Rate Mortgage rate of 2.99% as of 11/25/16 is fixed for 10 years (120 months) and adjusts annually for the remaining years 11-30 (240 months). The rate is variable and subject to change after the initial term of 10 years. The initial payment on a 30-year $100,000, 10-year Adjustable-Rate Loan at 2.99% and 80% loan-to-value (LTV) is $421.06 with 0 points due at closing. The Annual Percentage Rate is 3.21%. After the initial 10 years, the rate will adjust to the fully indexed rate which is the then current index plus the margin. For example, using the current fully indexed rate of 3.50% as of 11/25/16, your principal and interest payment adjusts to $440.72. The index and the margin will adjust annually for the remaining term of the loan. This loan has 5/2/5 caps, which means that your interest rate may not increase or decrease by more than 5% at the initial adjustment, increase or decrease by more than 2% at each subsequent annual adjustment and increase or decrease by more than 5% over the life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount may be greater. Available for 1-4 family owner occupied residences. Maximum loan amount $600,000.00 based on our current Credit Policy. Property insurance required. Flood insurance may be required. Subject to credit approval.

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