Mortgages
Whether you're looking to buy a home or leverage the equity in your current home, we'll put together a residential mortgage program that meets your needs.
Pre-Approval Advantage Mortgages
You may have your application for a home mortgage reviewed and approved before you find a home.
Our program offers some major benefits. For starters, it is a free service of the bank for all prospective home buyers, with no obligations attached.
When you're pre-approved, you eliminate the time and stress involved in waiting for an approval while the home you've chosen is under agreement. The fact that you are pre-approved (you'll receive an actual commitment letter from us) gives prospective sellers solid confidence during negotiations. It also provides security for the prospective buyer of your current home, if you own one. With pre-approval, you can be ready to close on a new home purchase within two weeks.
Adjustable Rate Mortgages
This product features interest rate adjustments in one-year or three-year intervals over the term of the loan. The lower initial rate provides homeowners with greater "borrowing power" than a conventional fixed rate mortgage.
Increases or decreases in the interest rate are adjusted periodically based on the change in an index set at the time the loan is generated. There is "cap" limiting the increase or decrease at each adjustment and the life of the loan.
Fixed Rate Mortgages
A fixed interest rate provides one level payment amount for the duration of the loan. A variety of loan terms are available to meet your individual needs.
A shorter-term loan may be more desirable for homeowners who have sufficient income to support higher payments and want the advantage of a lower overall interest expense. In contrast, a longer-term mortgage offers lower monthly payments, affording greater purchasing power and the ability to qualify for larger mortgage amounts.
Jumbo Mortgages
This program is for customers requiring financing in excess of the secondary market guidelines. Choose from any of our adjustable rate products.
First Time Home-Buyers
Buying your first home? We have a special program just for you.
As a first time home-buyer you benefit from a discounted fixed interest rate, zero points, a low down payment requirement, and reduced closing costs. Additional features are built into the program in the form of relaxed underwriting standards. Our program, for single family, owner-occupied properties, also features home buyer education and information.
MHFA Mortgages
Massachusetts Housing mortgage loans are government-approved loans offered to qualified first time home buyers with low to moderate income. All MassHousing loans are fixed rate mortgages with attractive interest rates. There are purchase price caps restricting eligible homes by communities.
Bridge Loan Mortgages
A bridge loan allows you to purchase a home, prior to selling your existing home. You will get the convenience of one mortgage covering both properties with only one closing - minimizing closing costs.
Reverse Mortgage
This is a special type of mortgage which enables a homeowner over the age of 62 to access the equity in their home. Unlike traditional equity loans, no repayment is required until the home is no longer the primary residence. No fee for the initial consultation. Appointments may be arranged at your convenience.
Construction Mortgages
We enjoy helping our customers build things that matter-- homes, businesses, dreams. If you're planning a construction project, talk to us. Let Norwood Bank be your foundation.
Builder-to-Buyer Advantage Mortgage
Our exclusive Builder-to-Buyer Advantage Mortgage is another advantage you get when you choose Norwood Bank for your home financing. Think of it as our fabulous house-warming gift to you!
We have established partnerships with many local builders and developers that allow us to give borrowers substantial discounts on mortgage interest charges and closing costs. Not only will you save money, but you'll also eliminate many obstacles in the application, approval and closing process because we've already taken care of most of the details.
You can save thousands on interest and closing costs... and much more!
Take advantage of the special savings on qualified properties:
- Closing cost credit of up to $350.00 - and $100 more if you apply online
- Reduced attorney fees
- Rate reduction of .125% off our current standard rates on select mortgage products
- Free pre-approval
- Additional First-time homebuyer benefits
We have relationships with several local builders that qualify for the Builder-to-Buyer Program. The links below will be updated as properties become available (you will be leaving the Norwood Bank web site and we are not responsible for content on third-party sites):
- Intoccia Construction
508-718-0153
www.intocciahomes.com
- T.M. Zell Development Co. Inc.
(508) 295-5444
www.rochester.zellcompanies.com
- Champion Builders
781-826-3800
http://www.nobadeervillage.com
- Runaway Brook
978-422-3344
http://www.runawaybrook.com
- Rockland Glen
781-826-0223
http://rocklandglen.com
"One-Step" Advantage
Construction financing is available for those who wish to build a new home, or remodel an existing one.
Our program initially provides a nine-month construction phase with "interest only" payments on the outstanding loan balance. When construction is complete and an occupancy permit is obtained, the loan automatically converts to permanent financing without additional costs.
A major benefit of our program is one set of closing costs and fees. You only pay closing costs associated with the construction phase of the loan.
