Benefits to Borrowing with Piscataqua Savings Bank
There are many advantages to choosing Piscataqua Savings Bank as your mortgage provider over a national bank or online mortgage lender. At Piscataqua Savings Bank, we never have to check with “corporate” or third party underwriters in another state because most of our loans are true portfolio loans. That means your loan originates with us, is retained by us, and all your payments are made here. If you choose a nationwide bank or online lender, your mortgage may be sold multiple times over the lifetime of your payments, which can result in confusion and the greater possibility of missed payments due to misunderstanding. At Piscataqua, you’ll work with one loan officer throughout the whole process, so there’s never any confusion about your next steps or where your mortgage stands. Borrowing with Piscataqua Savings Bank also has the advantages of low closing costs, and there are no processing, underwriting or document preparation fees.
If you’re new to the mortgage process, you might be wondering which loan or line of credit is right for you. Below you’ll find an outline of some of our most popular offerings with an explanation of the benefits of each type of loan or line of credit.
Mortgage Loans
A mortgage loan is essentially an agreement between you and a lender that allows you to borrow money to purchase or refinance a home. Different types of mortgages may be better suited to your circumstances depending on factors like how long you anticipate making payments, income projections, and personal budgeting preferences. A fixed-rate mortgage charges a set rate of interest that does not change throughout the life of the loan. Although the amount of principal and interest paid each month varies from payment to payment, the total payment amount remains the same, which is useful if you’d prefer a predictable monthly payment for greater ease in budgeting.
As the name suggests, the interest rate on an adjustable-rate mortgage (ARM) changes over time. Generally, ARMs have a fixed period of time where the initial interest rate remains constant, after which the interest rate adjusts according to market conditions. Depending on how quickly you anticipate paying back your mortgage, an ARM may hold an economic advantage over a fixed-rate mortgage but with that possibility comes increased risk if market rates increase dramatically.
A non-conforming fixed-rate mortgage is a mortgage that does not meet the guidelines of government-sponsored enterprises (GSE) and therefore cannot be sold to them. These guidelines are updated yearly and include a maximum loan amount, specifications for suitable properties, minimum down payments, and credit requirements, among other factors. Depending on the property you’re seeking to purchase, a non-conforming fixed-rate mortgage might be the right loan for you based on loan size.
Home Equity Loans & Lines of Credit
With a home equity loan, the borrower uses the equity of their home as collateral. The borrower receives the loan as a lump sum. A line of credit functions similar to a credit card; the borrower has a set limit on the line and can take out as much or as little as they need at a time. A line of credit offers greater flexibility for someone whose expenses aren’t set in stone, while a home equity loan may be better suited to a pre-determined expense and repayments can be budgeted for monthly similar to a fixed-rate mortgage. Piscataqua Savings Bank offers traditional home equity loans as well as a program called HELP (Home Equity Line Plus) that allows you to “lock in” the interest rate and monthly payment on a portion of your home equity line. The balance of your line remains available in case you need it in the future. Piscataqua Savings Bank even offers a unique GreenLine Loan with a lower rate for purchases relating to energy-efficient improvements. This can be applied towards home improvements such as heat pumps and solar panels, but can also be applied towards the purchase of an electric vehicle.
Consumer Loans
In addition to home loans, Piscataqua also offers a range of consumer loans to suit many needs. The Bank offers automobile loans, and both secured personal loans (secured by your savings or certificate of deposit (CD) account) and unsecured personal loans (meaning no collateral is necessary).
Unique Lending Offerings
Piscataqua Savings Bank also offers blanket mortgages, which is a term for one mortgage that encompasses two pieces of real estate. We also offer loan modifications, which means for a flat fee we can reduce your interest rate if rates improve without having to go through the process of refinancing.
One of Piscataqua Savings Bank’s most popular offerings is our construction loan. We offer a single close construction program, meaning we don’t require the buyer to refinance their loan into a permanent ammortizing loan. This prevents our borrowers from having to pay closing costs twice. Piscataqua Savings Bank also offers investment property loans, which are loans in which the primary use of the property purchased will be as a rental.
Piscataqua Savings Bank Mortgage Options
At Piscataqua Savings Bank, we take pride in being one of the Seacoast’s leading home mortgage lenders. We’re a family bank first—where our customers matter most and communication is essential. Our loan officers realize a mortgage is right only when individually tailored for each customer. We specialize in offering solid advice that is carefully composed around your particular circumstances. Learn more about our home mortgage lending program here, call (603) 436-5250 to speak with a loan officer, or visit us in person at 15 Pleasant Street in Portsmouth, NH.
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Lender NMLS# 406100
Member FDIC | Equal Housing Lender
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