BORROWING
Everybody needs financial help at some point. If you
need a mortgage, a car loan, money for college, home improvements or
just about anything, count on Litchfield Bancorp to make it easy. We
go out of our way to take the problems out of paperwork. In fact, in
many cases we’ll come to you! Our rates are always competitive. And
with local decision-making, you’ll get accurate answers to all your
questions and fast action on your application.
MORTGAGES
Chances are, a home will be the biggest investment you make.
Litchfield Bancorp is ready to help make it happen. Whether
you’re buying, building or borrowing against the equity in your
home, Litchfield Bancorp has a mortgage plan that will be right at
home with your plans. To learn more about any of our mortgage
options, just email your name, a phone number, and the most
convenient time to reach you. A Litchfield Bancorp loan consultant
will contact you within 24 hours. Easy.
Email us now.
FIXED-RATE MORTGAGES
Want the security of
knowing how much to budget for housing each month? Take a look
at one of our Fixed-Rate Mortgage Plans. Once you lock in your
interest rate, it will never change for the life of the loan. Choose
from our 30, 20, or 15-year plans.
ADJUSTABLE-RATE MORTGAGES (ARMS)
An
Adjustable Rate Mortgage lets you start out with a lower, more
affordable rate during the first few years of the loan.
Periodically, the interest rate may change over the life of the
loan. Because interest rates can change and payments may increase
over the loan term, the Lender and the Borrower share the risk of
interest rate fluctuations.
FIRST-TIME HOMEBUYER PROGRAM
If you’ve never
owned a residential property before, Litchfield Bancorp has a
program designed specifically for you. Our First-Time Homebuyer
Mortgage features a fixed payment for the first five years of the
loan. The fixed payment is designed to help you get comfortable with
making monthly payments. Want to enjoy the satisfaction of owning
your own home? We make it easier.
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No Points
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Maximum LTV, 95% (Private Mortgage Insurance (PMI)
is required for LTV above 80%)
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2 months PITI reserve waived/suspended for
qualification if LTV is 80% or less
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A discounted 5/1 variable rate mortgage means
payment is fixed for the first 5 years, then adjust annually.
Index is 1-year Treasury bill; margin 2.75%, caps ¼, qualify at
start rate.
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Primary residence, single-family, owner-occupied;
two-family houses considered on a case-by-case basis (based on
condition and marketability)
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3 consecutive years’ tax returns (proves
first-time buyer)
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28/36 ratios – will go up to 33/38 is good credit
and if can show a similar payment stream for rent, etc.
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Application Fee: $375 Single-Family Home; $625
Two-Family Home
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No documentation prep fee is charged at closing
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Gifted down payment/closing costs allowed (if PMI
is required, gift must meet PMI Guideline limits)
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Income Limits (based on the median family income
for Litchfield County and adjusted for family size): $60,700 for
one person; $69,400 for two-member family; $78,000 for
three-member family; $86,700 for four-member family. (Talk with
a mortgage originator for larger family size income limits.)
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Home must be in our CRA area
As a first-time homebuyer, you may be eligible for a
tax credit of up to $8,000.
The American Recovery and
Reinvestment Act of 2009 authorized a federal tax credit of up to
$8,000 for qualified first-time homebuyers who purchase a principal
residence on or after January 1, 2009 and before December 1, 2009.
The Act has been extended, and the deadline for purchase is now
April 30, 2010.
CONSTRUCTION LOAN
If you’re
ready to build your dream home, start with us. Our
Construction Loan has one fixed rate that automatically rolls into a
long-term fixed-rate mortgage. There’s just one closing, on
the date and time of your choice. If you finance your land
with us too, we’ll waive your application fee. We’re ready to help
make your dream a reality.
HOME EQUITY LOANS
When
you need extra funds – for home improvements, education costs, a new
car, or any reason at all – count on us to help. If you want a
fixed-interest loan, consider a Home Equity Loan. If you want
the flexibility of a variable interest rate credit line, take a look
at our Home Equity Credit Lines. From a home appraisal to
filling out paperwork to closing on your loan, we do everything
possible to make it easy. Lower interest rates are available
on Home Equity Loans if your monthly loan payment is automatically
deducted from your Litchfield Bancorp Checking Account.
REVERSE MORTGAGES
If you’re a homeowner who is 62 or older, a
Reverse Mortgage can give you peace of mind, by allowing you to
safely tap into your home’s equity. You’ll have tax-free* cash
for whatever you want or need. And, you won’t have to pay it back
for as long as you live in your home.
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Stay in your home and retain the title
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Pay no monthly mortgage payments
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Use the cash any way you want
There are several Reverse Mortgage options available
to you based on your needs. You can receive a single lump sum, a
regular monthly loan advance, set up a line of credit that lets you
decide when you want to use it, or select any combination of these
options. It’s up to you.
For more information on Reverse Mortgages,
please contact one of our Reverse Mortgage Consultants** today:
Jennifer Ives-Groebl, 860-482-9707 or
860-393-9145
Margret Warner, 860-393-9151
AUTO LOANS
If you need new wheels, we can
get you moving. We offer a variety of competitive fixed or
adjustable rate loans for both new and used vehicles. Just
pick the rate, term and type of loan that fits your budget.
And, there’s no application fee! So make us the first stop
when you start to shop for your next car.
Lower interest rates are available on Auto Loans if
your monthly loan payment is automatically deducted from your
Litchfield Bancorp Checking Account.
*Consult a tax advisor.
**Offered
through a third party vendor.
