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Conventional Mortgages

Spend your time hunting for a home, not looking for a loan. We'll customize a mortgage loan to fit your budget and goals. We offer fixed rate mortgages with various terms, and adjustable rate mortgages with a lower initial rate that changes over time.

  • Fixed rate options available for amounts up to $453,100 (or even higher for 2-4 unit homes)
  • Adjustable rate options available for amounts up to $1,500,000
  • Various terms offered
  • Free pre-qualification
  • Free pre-approval
  • Easy to apply online!

It will be necessary for you to gather some additional documentation to submit with the loan application. Those documents include:

  1. Prior two years' W-2 forms
  2. Current paystubs (covering the most recent 30 day period)
  3. Copies of bank statements for the most recent three (3) months
  4. If you are self-employed or receive rental income, please provide copies of your most recent two years' Federal Tax Returns

For additional information or assistance, contact a Mortgage Specialist.

Fixed Rate Mortgage

Effective Date: Thursday, December 13, 2018

Interest RatePointsAPRMonthly Payments
per $1000 borrowed
Choose Your Term 5-12 Years13.750%03.890%between $18.30 and $8.63
depending on the term selected
15 Years24.375%04.492%$7.59
20 Years24.875%04.969%$6.53
30 Years24.875%04.944%$5.29

1 Rate and Annual Percentage Rate (APR) are based on 30% equity and are subject to change without notice. Rate valid for refinance transactions of owner-occupied, single family and condominium units only; not available for home purchases. Mortgage term is minimum five (5) years and maximum twelve (12) years. Current Melrose Bank mortgage customers refinancing must increase their existing mortgage balance by at least $50,000. Payments will also include escrow amount for taxes which will increase your monthly mortgage payment. Offer available for loan amounts up to 70% of the home’s current tax assessed value, with a minimum loan amount of $100,000 and a maximum loan amount of $250,000. Appraisal fee and application fee waived for this program provided that the amount borrowed is 70% or less of the current tax assessed value of the home. Minimum credit score of 740 required for product eligibility. Add .25% to rate for owner-occupied 2-4 family homes. Other rates and terms may also be available for loans that do not meet these criteria, so please contact us. APR includes $18.00 flood certification fee, $81 homeowners' insurance tracking fee, and $88 tax service fee. This program is available for a limited time only and may be withdrawn without notice.

2Rate and Annual Percentage Rate (APR) are  based on 20% down and are subject to change without notice. Payments will also include escrow amount for taxes which will increase your monthly mortgage payment.Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and will increase the APR. APR includes $600 application fee; $18.00 flood certification fee, $81 homeowners' insurance tracking fee, and $88 tax service fee. Rates may be higher for Borrowers with FICO Scores below 740 and/or Loan-to-Value Ratios above 60%. Rates quoted are available on owner-occupied single family homes. Add .25% to rate for owner-occupied 2-4 family homes. Some conditions/limitations and geographic restrictions apply. Maximum loan amount for single family homes and condominiums is generally $453,100 and may be higher in certain counties. Contact one of our Loan Officers for jumbo loan rates and maximum loan limits for 2-4 unit dwellings.

Adjustable Mortgage1

Effective Date: Thursday, December 13, 2018

Interest RatePointsAPRMonthly Payments
per $1000 borrowed
5/1 Year ARM - 303.750%04.912%60 payments of $4.63
Fully Indexed Rate5.500%04.912%300 payments of $5.53
7/1 Year ARM - 303.875%04.774%84 payments of $4.70
Fully Indexed Rate5.500%04.774%276 payments of $5.49
10/1 Year ARM - 304.125%04.698%120 payments of $4.85
Fully Indexed Rate5.500%04.698%240 payments of $5.44

1 Rate and Annual Percentage Rate (APR) are based on 20% down and are subject to change without notice. Available on owner-occupied 1-4 family homes and condominiums. Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and this will increase the APR. APR includes $600 application fee; $18.00 flood certification fee, $81 homeowners insurance tracking fee, and $88 tax service fee. ARM interest rates and APRs are NOT fixed and may increase after consummation of the loan. Payments listed do not include taxes and/or insurance. Your total payment will be greater when payments for taxes and/or insurance are included.    Loan amounts for these programs at these rates are available up to $1,500,000. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 30 year term.  Contact us for other rates and terms for non-owner occupied dwellings and second homes.

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