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Mortgage Rates

View the up-to-date rates for our deposit accounts and lending options.

Fixed Rate Mortgage

Effective Date: Tuesday, August 22, 2017

Interest RatePointsAPRMonthly Payments
per $1000 borrowed
Choose Your Term 5-12 Years12.875%02.907%between $17.91 and $8.22
depending on the term selected
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15 Years23.125%03.238%$6.97Apply Now
20 Years23.875%03.965%$5.99Apply Now
30 Years23.875%03.939%$4.70Apply Now

1 Rate and Annual Percentage Rate (APR) are valid for refinance transactions of owner-occupied, 1-4 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. Other rates and terms are also available for loans that do not meet these criteria, so please contact us. This program is available for a limited time only and may be withdrawn without notice.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. Minimum loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. 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; $19.00 flood certification fee, $81 homeowners' insurance tracking fee, and $82 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 condominiums and owner-occupied 2-4 family homes. Some conditions/limitations apply. Maximum loan amount for single family homes and condominiums is generally $417,000 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 Mortgage

Effective Date: Tuesday, August 22, 2017

Interest RatePointsAPRMonthly Payments
per $1000 borrowed
The Perfect 10
10/1 ARM - 301
First 120: 3.500%
Next 240: 4.000%
0First 120: 3.755%
Next 240: 3.755%
First 120: $4.49
Next 240: $4.69
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5/1 Year ARM - 301First 60: 2.750%
Next 300:4.000%
0First 60: 3.618%
Next 300:3.618
First 60: $4.08
Next 300:$4.68
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7/1 Year ARM - 301First 84: 3.125%
Next 276:4.000%
0First 84: 3.652%
Next 276:3.652%
First 84: $4.28
Next 276:$4.67
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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 loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. 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; $19.00 flood certification fee, $81 homeowners insurance tracking fee, and $82 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.


Home Equity Line of Credit1

Effective Date: Tuesday, August 22, 2017

APR Fixed for first 12 monthsAPR Variable at Prime Rate thereafter
1.99%4.250%Apply Now

1 12 month introductory rate of 1.99% Annual Percentage Rate (APR) is effective as of the date posted and is subject to change without notice. After 12 months from closing the APR becomes variable at the Prime Rate published in the Wall Street Journal for the life of the line, currently 4.25% APR. In order to qualify for the 1.99% introductory APR and Prime Rate thereafter, loan payments must be automatically deducted monthly from a Melrose Bank checking account. The APR for lines without automatic payment from a Melrose Bank checking account will be 2.49% APR for the first 12 months, then equal to the Prime Rate plus .50% thereafter. Following the initial 12-month period, rates for all lines adjust monthly based on the Wall Street Journal Prime Rate effective on the first business day of the month and the maximum APR is 18%. This Home Equity Line of Credit is a variable rate revolving line of credit with a 15-year draw period followed by a 10-year repayment period. $500 processing fee will be due upon loan approval, prior to closing. Maximum line amount cannot exceed 80% of the home’s current tax assessed value, less any existing mortgage liens. This offer is available for lines of credit which will be in second lien position to a valid, institutional first mortgage. Lines of credit in first lien position are available, however applicants will be assessed additional closing costs. Offer is only valid on owner occupied 1-2 family homes and condominium units and 1 family or condominium second homes. Homeowners’ insurance is required; flood insurance may be required. If the line of credit is paid off in full and closed within its first 36 months, you will be charged a prepayment/ termination fee up to $995, plus a reimbursement fee equal to all upfront closing costs paid by the bank to third parties at closing. Homes currently for sale or intended to be sold within 12 months are not eligible for these terms. Contact us for other terms.