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 a variety of amortization plans that will suit your needs.
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, after which the rate may vary or the payment may increase. 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 is an Adjustable Rate Mortgage (ARM), which features a fixed payment for the first five years of the loan. The rate may vary and the payment may increase after that period. Want to enjoy the satisfaction of owning your own home? We make it easier. Please contact us for Current Information on our First Time Homebuyer Program.
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.
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 or 860-480-0671
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.
