Mortgage Loans

Meet Our Mortgage Lenders

Whether you are considering shopping for your first home, buying a new home or refinancing an existing mortgage, we are here to help.

Meet Our Lenders

Mortgage Loan Programs

Unlock your potential with the right financing for you. We know borrowing money can be stressful, so bankESB makes it easy to compare terms and find a loan that helps make the homebuying process simple and stress-free.

Fixed-Rate Mortgages

For prospective homebuyers who are more comfortable with the same monthly payment over the life of their loan, locking in a fixed-rate mortgage could be the right answer. Choose the term that fits best with your financial goals.

Consistent mortgage payments
Flexible terms
Zero point options available

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Adjustable-Rate Mortgages

An adjustable-rate mortgage (ARM) usually starts with a lower rate than a fixed-rate loan, which means a lower initial principal and interest payment for greater purchasing power. The introductory fixed-rate period is then followed by rate adjustments, based on a predetermined margin and a defined index, that are capped at each adjustment and for the life of the loan.

Start with lower payments that will adjust to market conditions at a future specified date
Periodic and lifetime caps are provided to protect you from market fluctuations
Flexible terms
Zero point options available

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First-Time Homebuyer Program

Buying your first home is a big step. Let us work with you to help make your homebuying plans a reality. We can help you explore your options to find the financing solution that works for you. What’s more, as a first-time homebuyer, you may qualify for advantages like these:

Reduced closing costs
Low down payment
Flexible qualifying guidelines
Zero-point options available
Available for 1- to 4-family homes and condos

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Construction Loans

Building a new home? We’ll help you from start to finish. Our construction loan offers special benefits, flexible terms, and competitive interest rates that help make your payments affordable—both while you’re building and after you move in. Upon completion of the home, the loan will convert to a fully amortizing mortgage—without the need for a second closing.

One closing
Adjustable rates
Flexible terms
Zero point options available

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Flexible Mortgage Programs

Homeownership is part of the American dream. bankESB offers a variety of mortgage programs to help make the path to home ownership possible for low- and moderate-incomes families.

2021 Equity Builder Program/Housing Our Workforce Program

bankESB participates in the Federal Home Loan Bank of Boston’s 2021 Equity Builder Program (EBP) and Housing Our Workforce (HOW) programs. These programs provide grants through approved lenders that assist lower income homebuyers with certain costs associated with buying a home.

For 2021, we’re eligible to receive up to $150,000 in grants to borrowers through this program, depending on availability of funds.*

Qualified borrowers purchasing an owner-occupied primary residence can receive up to $15,000 in assistance toward down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
To qualify, household income must be at or below 80 percent of the area median income of the new home.

*Buyers must complete a homebuyer counseling and education program. Funds are limited and available on a first-come, first-served basis. Loans subject to credit approval.

For 2021, we’re eligible to receive up to $100,000 in grants to borrowers through this program, depending on availability of funds.*

Qualified borrowers purchasing an owner-occupied primary residence are eligible to receive up to $20,000 in a two-to-one match of down payments made at the time of purchase.
To qualify, household income must be more than 80 percent but less than 120 percent of the area median income of the new home.

*Buyers must complete a homebuyer counseling and education program. Funds are limited and available on a first-come, first-served basis. Loans subject to credit approval.

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MassHousing Affordable Mortgage Program

We’re proud to partner with MassHousing to help qualifying low- and moderate-income borrowers realize the dream of owning their own home.* MassHousing offers easy-to-understand, fixed-rate mortgages as well as special programs for first-time buyers and military families who are purchasing an owner occupied, 1- to 4-family home or condominium.

Down payment assistance , is available to qualified borrowers.
Financing for both the purchase of a home and renovation costs, with a single monthly mortgage payment.
Discounted mortgage insurance premiums for income-eligible borrowers that include MI Plus payment protection at no additional cost: If the buyer loses their job, MassHousing may cover principal and interest for up to 6 months (up to $2000 per month).
First-time buyers may also receive low and no-down payment options along with educational resources and access to certified home buyer education providers.
Special programs are available for active duty military, veterans, reservists, National Guard, and Gold Star Family members, as well as for first-time buyers in one of 26 gateway cities.

*Subject to Mass Housing Mortgage Guidelines. Income limits and down payment assistance vary by community.

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Affordable Housing Program

Our Affordable Housing Program features a 7/3 adjustable-rate mortgage that starts out with a low fixed rate for seven years, which is then adjustable every three years thereafter. What’s more, the program requires as little as 3% down*.

In general, adjustable-rate mortgages are a good choice if you:

Plan to move or sell your house before the end of the fixed-rate period, so you aren’t concerned about possible rate increases.
Want an initially lower starting rate and monthly payment than a fixed-rate mortgage typically offers.
Believe that interest rates may decrease in the future.

*Click on view rates for more information.

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