Mortgage Products We are proud to offer a wide variety of mortgage loans, ranging from the popular 30-year fixed rate mortgage to innovative new construction loan options. At Maritime Savings Bank, you get several advantages you may not find with other lenders. First of all, our local, personalized loan servicing means help is literally right around the corner. Unlike many lenders who transfer the servicing of their loans, which often requires you to deal with an out-of-state company, we proudly service our own loans. A call to our servicing department allows you to speak directly with a dedicated customer service representative – not one of those computer phone systems. In addition, our automated loan approval engine generates fast approvals, greatly reducing the time between application and closing. Click here to see our current mortgage specials. Which Mortgage is Best for Me? Fixed Rate Mortgages Ballooon Mortgages Adjustable Rate Mortgages New Construction & Lot Loans Other Residential Loans Sample Monthly Payments Which Mortgage is Best for Me? Because a mortgage is one of the biggest financial obligations you will likely ever have, it is important to find the right loan for your situation. The following guidelines may be help you choose the best option for you. A 30-year fixed rate mortgage is a good choice for most homebuyers, especially those who want low monthly payments and plan on owning their home for many years to come. Because the payments are spread out across the longest period of time, this term will have the lowest payments of the three fixed rate options. Like all fixed rate mortgages, the principal and interest amount due each month is constant for the life of the loan, making it easy to budget long into the future. A 20-year fixed rate mortgage is ideal for homebuyers looking to pay less in interest while maintaining the steady payments of a fixed rate mortgage. This term offers a lower interest rate than the 30-year term with only a slightly higher monthly payment. Because the loan’s principal is paid down more rapidly, this option also builds equity faster than the 30-year term. A 15-year fixed rate mortgage is best for homebuyers who can afford a larger monthly payment and would like to pay off the loan in a shorter period of time. Compared to the other fixed rate terms, this term offers the lowest rate, thereby maximizing the amount of interest savings. This option also builds equity faster than the 30-year or 20-year terms. A balloon mortgage is ideal for homebuyers who want low monthly payments and plan on selling their home or paying off the mortgage within the initial term of either 5 or 7 years. Interest rates on balloon mortgages are usually lower than for the traditional fixed rate mortgages, and because the loan is amortized over 30 years, payments on balloon mortgages are generally lower than they would be on a 30-year fixed mortgage. An adjustable rate mortgage is a good option for homebuyers who would like a lower initial rate than rates found on fixed rate or balloon mortgages. A lower initial rate and the resulting lower initial payments may help homebuyers increase their purchasing power. Because the rate adjusts on an annual basis after the initial term has passed, those considering this option must be confident that their budget could tolerate higher monthly payments after the initial term if their rate were to increase. Our experienced loan officers are ready to help you choose the right mortgage. Click here to see a listing of loan officers Top Fixed Rate Mortgages Maritime Savings Bank offers three fixed rate terms: 30-year fixed, 20-year fixed or 15-year fixed With a fixed rate mortgage, the interest rate as well as the monthly principal and interest payments remain the same for the entire life of the loan. The only variable with this option is the monthly amount you pay in escrow for property taxes, which can change each year following the annual tax analysis. Check current rates on fixed rate mortgages. Apply online for a fixed rate mortgage View sample payment / calculate payment based on rate and term. Top Balloon Mortgages Maritime Savings Bank offers two balloon terms: 5-year balloon or 7-year balloon With a balloon mortgage, the interest rate is secured for a set term of either 5 or 7 years. Fixed monthly principal and interest payments are made for the length of the term but are calculated over a 30-year period. This results in lower monthly payments that pay down the loan but are not enough to satisfy it during the term. At the end of the term, the remaining principal balance is due and a balloon payment needs to be made. Or you may qualify for a “reset” option, which would allow you to lock into a fixed rate loan for the remainder of the 30-year period. Check current rates on the balloon mortgages Apply online for a balloon mortgage View sample payment / calculate payment based on rate and term. Top Adjustable Rate Mortgages Maritime Savings Bank offers five adjustable rate terms: 1-year adjustable, 3-year adjustable, 5-year adjustable, 7-year adjustable or 10-year adjustable With an adjustable rate mortgage, the initial interest rate is secured for a term of 1, 3, 5, 7 or 10 years. The monthly principal and interest payments will not change during the initial term period. After the initial term has passed, the rate adjusts on an annual basis. While the rate may increase after the initial term, annual and lifetime rate caps protect you against significant increases. Check current rates on the Adjustable Rate Mortgages Apply online for an Adjustable Rate Mortgage View sample payment / calculate payment based on rate and term. Top New Construction & Lot Loans Maritime Savings Bank offers three new construction terms: 30-year fixed, 3-year adjustable or 1-year adjustable With new construction loans, you have the option of locking into a fixed rate at the beginning of the construction process or selecting an adjustable rate construction loan. All three new construction terms offer just one loan closing and interest-only payments during the construction period. Lot loans are available as a 3-year balloon term with payments amortized over 15 or 30 years. To check current rates on the new construction and lot loans, and to find out how to apply, please click here to fill out our contact form or call us at (414) 328-2760 or (800) 709-4020. Top Other Residential Loans Maritime Savings Bank offers a variety of solutions for other financing needs, including bridge loans, WHEDA programs, multi-family property loans, non-conforming condominium loans and jumbo loans. To check current rates on other residential lending options, and to find out how to apply, please click here to fill out our contact form or call us at (414) 328-2760 or (800) 709-4020. Top Sample Monthly Payments The following sample monthly principal and interest (P + I) payments are for a $150,000 mortgage loan with 20% down. APR is the Annual Percentage Rate. The APR, interest rate, and principal and interest payments on adjustable mortgages are subject to increase and will change after the loan is closed due to market-driven changes to the index. To calculate monthly principal and interest payments based on an exact loan amount and today’s current rates, click here. Top
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