MSB MORTGAGE PROGRAMS
At Middlesex Savings Bank we offer a selection of in-house mortgage programs that are unique to us. These loans are not sold to others. They are underwritten locally and serviced by us after the closing, allowing us to offer you better service and value. Some of our advantages include:
- Jumbo loans without jumbo rates. At Middlesex Savings, we don’t make you pay a higher rate for a higher mortgage amount.
- Adjustable-rate mortgages that you can live with. Our adjustable-rate programs allow you to fix your rate for up to seven years, and are available with either a 30 or 40 year term. And with lower rate adjustment caps – a maximum of 2% per adjustment, and 4% for the life of the loan – we simply have some of the best adjustable rate options in the market.
- 90-day rate locks with an option to relock. We offer a 90-day rate lock with all of our MSB mortgages, at no extra cost. And, if rates go down during this time, you can relock at the current rate for a small fee, possibly saving you thousands of dollars over the life of your mortgage.
- Free pre-approvals to help you shop with confidence. Our customers enjoy a free and easy pre-approval process. Best of all, with our Rate Assurance feature, you can lock in a great rate while you shop for that perfect house.
MSB Fixed Rate Mortgages
Rates effective May 16, 2012
| Product | Rate | APR* | Points | Monthly Pmt/$1000 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20 Year Fixed | 3.625% | 3.658% | 0 points | $5.86 | |||||||||||||
| 15 Year Fixed | 3.250% | 3.292% | 0 points | $7.03 | |||||||||||||
| 10 Year Fixed | 3.000% | 3.061% | 0 points | $9.66 | |||||||||||||
| We are currently offering 30-year fixed-rate options through correspondents that we have partnered with. Although they do not provide all of the benefits listed above, for some customers they may provide a lower interest rate. Please see the Correspondent Mortgage Programs page for more detail. | |||||||||||||||||
Notes: *Annual Percentage Rate (APR) assumes 20% down payment (purchase) or 80% LTV (refinance) on owner-occupied property. Other options available. Property insurance required. See tax advisor regarding deductibility of interest. Other terms and conditions apply. Rates subject to change at any time. | |||||||||||||||||
MSB Adjustable Rate Mortgages
Rates effective May 16, 2012
| Product | Rate | APR* | Points | Monthly Pmt/$1000 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5/3 year ARM | 3.000% | 3.105% | 0 | $4.22 for years 1-5 | |||||||
| 7/3 year ARM | 3.375% | 3.264% | 0 | $4.42 for years 1-7 | |||||||
| Our adjustable-rate mortgages offer an initial interest rate that is fixed for either 5 or 7 years. After that period, and every three years thereafter, the interest rate can adjust based on current market conditions. Each adjustment is limited to 2% and total adjustments over the life of the loan are limited to 4%. Terms of either 30 or 40 years are available. Information shown is based on a 30-year term. | |||||||||||
Notes: *Annual Percentage Rate (APR) assumes 20% down payment (purchase) or 80% LTV (refinance) on owner-occupied property. Other options available. Interest rate is subject to increase after consummation. Property insurance required. See tax advisor regarding deductibility of interest. Other terms and conditions apply. Rates subject to change at any time. | |||||||||||
Compare Options – Click here to compare the above options based on your particular situation.
Resources – Our resource center is full of valuable information, mortgage calculators, etc.
Apply Now – It only takes a few minutes to apply on line.
Our dedicated staff is available to help you through the process, from application to closing, and beyond. You can call our Mortgage Center Representatives at 877-672-7654 or email them at mortgagecenter@middlesexbank.com.
