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Loans and Credit

Find the Right Mortgage Match

Despite the recent housing market crisis, it’s an excellent time to purchase or refinance a home. For those buying their first home, prices in many areas have come down to earth, putting home ownership within reach for many more people. The question then becomes: Which mortgage is right for you?

From our decades of mortgage experience, we know that one program does not fit all. That’s why you need someone you can trust to help you figure it out. For example, despite their bad rap in the media, adjustable rate mortgages (ARMs) can be the right solution for many people, particularly those who plan to be in their homes for less than seven years or so. Further, ARMs provide lower rates — and therefore lower monthly payments — for those who are on a tight budget.

On the other hand, many people who think they’ll be in their homes for 10 years or more might opt for a little higher rate and the peace of mind that comes from a fixed-rate mortgage. The key, then, is to make sure you find a mortgage lender who takes the time to understand your specific situation, and who will explain all of the programs available and how they work. Keeping borrowers fully informed — and on solid financial ground — is the goal of Millbury Savings Bank.

If people aren’t sure they can even qualify for a mortgage, we’ll help them take steps that put them in the best possible position to get approved. For example, we’ll help obtain copies of their credit reports and assist them in rectifying any incorrect information — even walk borrowers through the process of contacting creditors to repair their credit delinquencies.

The mistake many people make is assuming they know what programs they can and can’t qualify for, or opting for a program that doesn’t make sense for their particular situation. Our best advice? Call us first. We always take the time to sit down and explain everything in clear, plain language. Our priority is to make sure every borrower clearly understands every aspect of a particular program before they apply. Many of our mortgage customers come back to us time and time again, and tell us it’s because we treat them fairly and give them peace of mind. It’s the biggest compliment we can receive!”

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