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At Winchester Savings Bank, we offer a wide range of mortgage products to fit every need. Whether you're looking for a fixed- or adjustable-rate loan, a bridge loan, or a first time homebuyer program, our experienced mortgage team will work with you to find the loan product that best fits your needs and lifestyle.
Topics available on this page: |
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Seated (Left to Right): Janice Witt, Lisa Lyles |
Fixed Rate Mortgages: Conforming
PROPERTY MUST BE OWNER-OCCUPIED
Minimum down payment 5%. No prepayment penalty. Loans are not assumable and are subject to sale in the secondary mortgage market. All products require $400 prepayment of legal fee at commitment. Rates are subject to change.
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Conventional Mortgage: 30-Year
| Product Number | Initial Rate | Points | APR |
Monthly P&I per $1,000 |
| 460 | 6.125% | 2 | 6.324% | $6.08 |
| 410 | 6.375% | 1 | 6.479% | $6.24 |
| 440 | 6.625% | 0 | 6.633% | $6.40 |
| 510 - Biweekly | 6.625% | 0 | 6.616% | $6.40 |
| 491 - Low Closing Cost | 7.000% | 0 | 7.000% | $6.65 |
Conventional Mortgage: 20-Year
| Product Number | Initial Rate | Points | APR |
Monthly P&I per $1,000 |
| 482 | 5.875% | 2 | 6.137% | $7.09 |
| 481 | 6.125% | 1 | 6.262% | $7.24 |
| 480 | 6.375% | 0 | 6.386% | $7.38 |
| 492 - Low Closing Cost | 6.750% | 0 | 6.750% | $7.60 |
Conventional Mortgage: Loan Limits
| Residence Type | Maximum Loan Limit |
| single family | $417,000 |
| two family | $533,850 |
| three family | $645,300 |
| four family | $801,950 |
Cash-out refinances in excess of 70% LTV are available at slightly higher rates; some restrictions apply.
Fixed Rate Mortgages: Jumbo
Jumbo Mortgage: 30-Years
| Product Number | Initial Rate | Points | APR | Monthly P&I per $1,000 |
| 460J | 6.125% | 2 | 6.324% | $6.08 |
| 410J | 6.375% | 1 | 6.479% | $6.24 |
| 440J | 6.625% | 0 | 6.633% | $6.40 |
| 510J Biweekly | 6.625% | 0 | 6.616% | $6.40 |
| 491J Low Closing Cost | 7.000% | 0 | 7.000% | $6.65 |
Jumbo Mortgage: 20-Years
| Product Number | Initial Rate | Points | APR | Monthly P&I per $1,000 |
| 482J | 5.875% | 2 | 6.137% | $7.09 |
| 481J | 6.125% | 1 | 6.262% | $7.24 |
| 480J | 6.375% | 0 | 6.386% | $7.38 |
| 492J Low Closing Cost | 6.750% | 0 | 6.750% | $7.60 |
Jumbo Fixed Rate Mortgages
| Maximum LTV 70%. Available for properties located in Winchester, Woburn, Arlington, Lexington, Medford, Melrose, Stoneham and Reading. |
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Fixed Rate Mortgages: Conventional and Jumbo Loans
Fixed Rate Mortgage: 15-Year
| Product Number | Initial Rate | Points | APR |
Monthly P&I per $1,000 |
| 465 | 5.625% | 2 | 5.952% | $8.24 |
| 415 | 5.750% | 1 | 5.920% | $8.30 |
| 445 | 6.125% | 0 | 6.138% | $8.51 |
| 515 - Biweekly | 6.125% | 0 | 6.123% | $8.51 |
| 493 - Low Closing Cost | 6.500% | 0 | 6.500% | $8.71 |
Fixed Rate Mortgage: 10-Year
| Product Number | Initial Rate | Points | APR |
Monthly P&I per $1,000 |
| 472 | 5.250% | 2 | 5.711% | $10.73 |
| 471 | 5.375% | 1 | 5.614% | $10.79 |
| 470 | 5.750% | 0 | 5.769% | $10.98 |
| 494 - Low Closing Cost | 6.125% | 0 | 6.125% | $11.16 |
Fixed Rate Mortgage: Loan Limits
| Loan-To-Value Ratio | Loan Amount |
| 81 - 90% | $500,000 w/ PMI |
| 91 - 95% | $417,000 w/ PMI |
Max. 75% cash out on refinance allowed on seasoned payment history of at least 1 year.
Rate Lock Available for 60 Days
Jumbo Fixed Rate Mortgages are available. Ask for current rates. The rate becomes locked for 30 days at time of commitment.
If the the down payment is less than 20%, private mortgage insurance (PMI) will be required at a cost of.19%-.78% of original loan amount on an annual basis and will result in a higher APR.
Return to TopAdjustable Rate Mortgages
Available for 1-4 Family Owner-Occupied Residences
Adjustable Rate Mortgage: 1 Year Term / Discount, 1 Year Adjustment Period
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 119 | 4.375% | 1 |
4.922% 0.545% |
$4.66 |
| 149 | 4.750% | 0 |
4.872% 0.170% |
$4.89 |
Adjustable Rate Mortgage: 3 Year Term / Discount, 1 Year Adjustment Period
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 610 | 4.625% | 1 |
4.907% 0.295% |
$4.81 |
| 611 | 4.990% | 0 |
4.907% (0.070)% |
$5.04 |
Adjustable Rate Mortgage: 5 Year Term / Discount, 1 Year Adjustment Period
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 319 | 5.250% | 1 |
5.090% (0.330)% |
$5.21 |
| 349 | 5.625% | 0 |
5.139% (0.705)% |
$5.45 |
|
369 Low Closing Costs1 |
5.875% | 0 |
5.220% (0.955)% |
$5.62 |
Adjustable Rate Mortgage: 7 Year Term / Discount, 1 Year Adjustment Period
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 703 | 5.625% | 1 |
5.306% (0.705)% |
$5.45 |
| 702 | 5.990% | 0 |
5.393% (1.070)% |
$5.70 |
|
769 Low Closing Costs1 |
6.250% | 0 |
5.510% (1.330)% |
$5.87 |
Adjustable Rate Mortgage: 10 Year Term / Discount, 1 Year Adjustment Period
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 803 | 6.000% | 1 |
5.644% (1.080)% |
$5.70 |
| 802 | 6.375% | 0 |
5.793% (1.455)% |
$5.96 |
|
869 Low Closing Costs1 |
6.625% | 0 |
5.944% (1.705)% |
$6.13 |
Adjustable Rate Mortgage: Loan Limits
| Loan-To-Value Ratio | Loan Amount |
|
81 - 90% Owner-Occupied, Purchases |
$450,000 w/ PMI |
|
91 - 95% Owner-Occupied, Purchases |
$417,000 w/ PMI |
Adjustable Rate Mortgage: Current Index (1-Year Treasury Bill)
| Current Index |
| 2.170% |
Caps: 2% at Review, 6% Lifetime
Rate locks are available
Closing costs do apply
Payment Cap: None
Margin: 2.75%
Maximum 35-year repayment schedule
Monthly P&I per $1000 is based on the initial rate and 35-year term.
1 Fees paid prior to closing will be refunded at time of loan closing. If loan doesn't go to closing, then those fees are non-refundable.
ARM Index published by: The Federal Reserve Board Listing the weekly average yield on US Treasury securities adjusted to a constant maturity of one year in the selected interest rate publication H-15.
Prepayment Penalty: If this mortgage is paid off within the first year of the loan, a penalty fee equal to the balance of the first year's interest or three month's interest, whichever is less, will be required. Except, that if such prepayment is made within thirty-six months from the date of the note for the purpose of refinancing such loan in another institution, an additional payment equal to three months' interest will be required.
If the down payment is less than 20%, private mortgage insurance (PMI) will be required at a cost of .22% to .92% of original loan amount on an annual basis and will result in a higher APR.
The loans described herein shall be available if you provide all information required by the Bank within 30 calendar days of request and if the loan is closed within 60 calendar days of the date your application is deemed complete; if the Lender or its agents are the cause for the failure to close the loan within 60 days, the time period shall be extended.
- Non-owner occupied property requires one additional point plus interest rate is .75% higher than the owner-occupied properties. Margin is 3.00%. LTV 70%.
- A non-income producing second home is considered as owner-occupied.
- Condominiums must be owner-occupied and located within a 10-mile radius of the Winchester Savings Bank Main Office.
- Rates are subject to change.
- Ask about the Bank's Construction Loans, which are available at the same terms as each of the one-point mortgage loan products.
Annual Percentage Rates may be increased after consummation.
Return to Top1st Time Home Buyer* Mortgages
Available for Owner-Occupied 1-2 Family Dwellings & Condo Units
1st Time Home Buyer Mortgage: 1 Year Adjustable Rate
| Product Number | Initial Rate | Points |
APR / Discount |
Monthly P&I per $1,000 |
| 614 - 3 Year Term | 4.750% | 0 |
4.855% 0.170% |
$4.89 |
| 379 - 5 Year Term | 5.375% | 0 |
5.053% (0.455)% |
$5.29 |
| 706 - 7 Year Term | 5.750% | 0 |
5.281% (0.830)% |
$5.54 |
| 806 - 10 Year Term | 6.125% | 0 |
5.636% (1.205)% |
$5.79 |
1st Time Home Buyer Mortgage: Current Index
| Current Index |
| 2.170% |
Caps: 2% at Review, 6% Lifetime
Rate locks are available
Closing costs do apply
Payment Cap: None
Margin: 2.75%
Maximum 35-year repayment schedule
Monthly P&I per $1000 based on the initial rate and a 35-year term
Concessions made by Winchester Savings Bank to benefit the 1st Time Home Buyer:
- No points
- No Appraisal Fee ($300 cost to WSB for a 1-Family, $500 for a 2- Family)**
- No Credit Report Fee **
- Extended Loan Term of 35 years resulting in lower monthly payments also available
- Qualifying ratios of 28/36 for 95% LTV, 33/38 for 90% LTV
- Only 5% down on 1-2 family home
Prepayment Penalty: If this mortgage is paid off within the first year of the loan, a penalty fee equal to the balance of the first year's interest or three months' interest, whichever is less, will be required. Except, that if such prepayment is made within thirty-six months from the date of the note for the purpose of refinancing such loan in another institution, an additional payment equal to three months' interest will be required.
If the the down payment is less than 20%, private mortgage insurance will be required at a cost of.22%-.92% of original loan amount on an annual basis and will result in a higher APR.
The loans described herein shall be available if you provide all information required by the Bank within 30 calendar days of request and if the loan is closed within 60 calendar days of the date your application is deemed complete; if the Bank or its agents are the cause for the failure to close the loan within 60 days, the time period shall be extended.
ARM Index published by: The Federal Reserve Board Listing the weekly average yield on US Treasury securities adjusted to a constant maturity of one year in the selected interest rate publication H-15.
* Neither borrower nor co-borrower can have owned real estate used as a primary residence or as a second home in the past three years.
** At application, borrower must pay Appraisal and Credit Report fees which will be refunded if the loan goes to closing. If there is no closing, the funds will be applied as payment for these fees.
Return to TopBridge Loans
Bridge Loans: a loan for people looking to buy a new home before they've sold their old one. Use the equity in your existing home to get cash for a down payment on a new home. The extended term of the loan provides a lot of extra time to make the sale. And if you choose to get your new home mortgage from Winchester Savings Bank, you won't even have to pay any points on your bridge loan.
Bridge Loans
| Rate | Points | Term | APR |
Monthly Interest Per $1,000 |
| 6.00% | 0 | 90 Days | 6.000% | $5.00 |
| 6.00% | 1 | 90 Days | 10.157% | $5.00 |
| 6.00% | 0 | 180 Days | 6.000% | $5.00 |
| 6.00% | 1 | 180 Days | 8.109% | $5.00 |
A Winchester Savings Bank (WSB) Bridge Loan is available under any one or more of the following circumstances:
1) The Borrower is a WSB customer (any type of account relationship)
2) WSB is providing the purchase mortgage for the Borrower's new property,
3) WSB currently holds the mortgage on the house the Borrower is buying,
4) The seller is a WSB customer,
5) WSB is providing a mortgage to the buyer of the Borrower's house.
Notes and Terms:
1) 180-day note with interest due at maturity for loans with CLTV of up to 70.0% OR,
2) 90-day note with interest due at maturity for loans with CLTV in excess of 70.0% and up to 75.0%.
A renewal is available by paying the current interest and any applicable point fees.
Loan limit: up to 75% of the value of the present home, less existing liens.
If WSB provides Borrower's purchase mortgage, there is no origination (point) fee. If WSB does not provide Borrower's purchase mortgage, there is a one-point origination fee (1% of loan amount).
Other fees:
1) Legal: $500 (title run down and recording)
2) Appraisal: $300 single family and condo; $375 for properties
valued in excess of $1 million; $500 for 2-4 family properties.
No appraisal required if Bridge Loan amount is less than $50,000
and the tax-assessed value indicates a combined loan to value ratio
of no more than 70%.
Annual Percentage Rates may be increased after consummation. All product offers, rates, terms, and other information provided are subject to change without notice.
