|
Wakefield Co-operative Bank offers a variety of home mortgage products
to meet the needs of today's consumer. We provide mortgages for owner
occupied 1-4 residential houses and condominiums. In addition, we offer
mortgages on non-owner occupied investment properties. Automatic payment
service is available. Whether you're a first time home buyer or
purchasing a vacation home let our experienced mortgage people help make
this process simpler for you.
Pre-Approval Program
We have access to the latest automated underwriting technology which
means we can provide you with a quick Pre-Approval. A
Pre-Approval will allow you to know how much of a home you can
afford before beginning the house-hunting process. This will assist you
and your real estate broker in quickly identifying properties in the
right price range for you and gives you added leverage in the
negotiating process.
Fixed Rate Mortgage
We offer a variety of fixed rate programs with repayment periods from
five to thirty years available. Fixed rate mortgages appeal to borrowers
who like the stability of a fixed interest rate and monthly payment.
This type of mortgage helps you manage your budget because the monthly
principal and interest payments are always the same.
Adjustable Rate Mortgage (ARM)
Our adjustable rate mortgage programs allow you to borrow at generally
lower initial rates of interest that will adjust at certain intervals
throughout the life of the loan. Interest rates and payments can move up
and down over the life of the loan. However, interest rate adjustments
are protected from extreme interest rate increases. This option may
appeal to you if you plan to stay in your home for a short period of
time or anticipate a significant rise in income or liquidity.
Construction/Permanent Mortgage
Our construction/permanent mortgage programs allow you to borrow funds
to complete the construction of a new home or the renovation of an
existing home and to automatically convert to either a fixed or
adjustable rate permanent mortgage with only one application and closing
process.
First time home buyer program
Buying your first home can be an overwhelming experience. Talk to the
people in our lending department and they will walk you through the
process - every step of the way. Find out how to take advantage of our
first time home buyer program with the following benefits:
- Free Pre-Qualification
- Special, low interest rates available
- Flexible underwriting guidelines
- Reduced legal fees
- Free appraisal and credit report
Jumbo Mortgage
We provide jumbo mortgages and unlike many mortgage lenders, our loans
are offered with competitive rates.
Our home equity loans provide a cost effective way to get those
home improvements completed or purchase that new car. Our home equity
loans are fixed rate loans for either ten or fifteen years. Much like
the home equity line of credit, the interest you pay is usually tax
deductible (check with a tax accountant).
Home Equity Credit Line
The credit line offers the flexibility of ready cash, whenever you need
it-- simply by writing a check or transferring the funds online. You
borrow what you need when you need it. As you repay your principal, that
money becomes available to borrow over and over again. If you have a
home equity credit line, you won't have to reapply for a loan every time
you need money.
A home equity credit line is the smart choice for all your loan needs.
The interest you pay on home equity credit is usually tax deductible
(check with a tax accountant). The interest you pay on credit cards and
other types of loans is not. Plus, home equity lines usually offer lower
interest rates than other types of credit because the loans are secured
by your home. You can use home equity credit for any purpose, from home
improvement or tuition, to debt consolidation or buying a new car. If
you are a homeowner, a home equity loan is one of the smartest and most
cost efficient ways to borrow money.
Special In-House Loan Programs
As a portfolio lender, we can tailor a loan to best suit your needs.
Other loan products such as bridge loans, reverse mortgages and land
loans are available.
For rate and other information, please call the Lending Department at
781-224-7341.
View our Mortgage Rates.
Our Mortgage Calculator can help you
determine how much you can afford.
Every Wakefield Co-operative Bank consumer loan is designed to provide
maximum convenience and ease of repayment by offering features such as
automatic payment from your Wakefield Co-operative Bank deposit account,
and fast efficient turnaround of loan applications.
Automobile Loan
We'll finance both new and used cars at competitive rates with flexible
terms. Our fast turnaround will save you time.
Secured Collateral Loan
Our loan is ideal to help you rebuild or establish credit. This loan
program offers a low interest rate and is ideal for short term
borrowing. You can use your Wakefield Co-operative Bank Passbook Savings
or Certificate of Deposit Account to secure the loan.
Personal Loan
A Wakefield Co-operative Bank personal, unsecured loan may be just what
you need. A personal loan can be used for any purpose you may choose.
Home Improvement Loan
We offer a low cost means to allow you to do home renovations or
additions. Whether you want to update your kitchen or build a new deck,
a home improvement loan is the way to go. With low closing costs, fixed
rate and flexible terms this loan may be right for you.
For rate and other information, please call the Lending Department at
781-224-7341.
View our Loan Rates.
Use our Loan Comparison Calculator.
We offer loans to acquire or refinance existing debt on commercial
property, with principal and interest payments to amortize entire
balance over the term of the loan. Loans must be secured by a first
mortgage position on commercial property. Guarantees are required from
each borrower/owner. Closing costs may vary by type of property, dollar
amount of loan and complexity of transaction, and origination fee.
Business Line Of Credit
We can provide short term loans for working capital and purchase of
inventory. Features include on demand terms with an annual review,
attractive variable rates, advances made directly to your checking
account, and interest only payments. An annual 30-day clean up period is
required. Loans are secured by a first lien on all business assets
and/or liquid collateral such as CD or securities. Guarantees are
required from each borrower/owner. Closing costs vary by complexity of
transaction. Annual facility fee.
Business Term Loan
We have loans available to purchase equipment, for capital improvements,
or refinance existing debt. Features include fixed or variable interest
rates depending on the term, funds available at closing, principal and
interest payments to amortize entire balance over the term of the loan.
Loans are secured by a first lien on all business assets and/or liquid
collateral such as CD or securities. Guarantees are required from each
borrower/owner. Closing costs vary by complexity of transaction. Annual
facility fee 1%.
Business Overdraft Line Of Credit
The bank offers commercial overdraft protection lines of credit up to
$10,000. Features include on demand terms with competitive interest
rates, funds advanced via check on a deposit account, interest only
billed monthly with a revolving line. Guarantees required from each
borrower/owner. No closing costs. Annual facility fee 1%.
Residential Land Development & Construction Loan
We offer loans to acquire 1-4 family residentially zoned property,
complete infrastructure and construct homes for sale. Features include
terms up to two years, variable interest rates, access to funding is
advanced for acquisition and as infrastructure and housing is completed
Interest only monthly. Principal pay down on a lot release schedule.
Loans secured by a first mortgage position on land to be developed and
homes to be constructed. Guarantees are required from each
borrower/owner. Closing costs vary by type of property, dollar amount of
loan and complexity of transaction, and origination fee.
For rate and other information, please call the Lending Department at
781-224-7341.
|
