Whether you’re a first time homebuyer, looking to build or to buy a
second home, or want a rental property, you’ve come to the right
place. Buying a home is an important and complex process – financing
it doesn’t have to be.
By taking the time to listen, we will work with you to select the
best loan that fits your needs – not ours. Our local decision-making
offers fast, convenient service. Best of all, we will speed up the
pre-approval process to give you, and the real estate agents you are
working with, real bargaining power to find your dream house.
And for any homebuyer with a borrowing situation that may not fit
the standard guidelines, Rockland Savings Bank, FSB is
the perfect fit. We keep a certain percentage of our mortgage loans
right here in our Portfolio. This allows us the maximum amount of
flexibility in crafting loan packages for customers whose loans may
not qualify for the secondary market. That’s something you don’t
find at many banks these days.
What you need to bring
You will need to provide the following documentation with your
application package in order to apply for a mortgage loan with us:
Photo Identification
Property Information (Deed or Purchase and Sales Agreement)
Income Verification (W-2’s, pay stubs or tax returns)
Copies of most recent bank and investment account statements
Tax bill and proof of Homeowner’s insurance (Refinance only)
The traditional loan, a fixed rate mortgage, offers the peace of
mind of a fixed interest rate for the life of the loan. There are
many fixed rate options. Choosing a shorter term will increase the
monthly payment, but it allows you to quickly build up equity in
your home. You also save on interest expense over the life of the
loan.
Secondary Market:
Lowest available fixed rate from Rockland Savings Bank, FSB
Competitive rates and closing costs
Rapid, local decision making using state of the art software
These loans adjust annually, after the initial fixed rate period.
These loans are considered Hybrid ARMs. After the initial fixed rate
period – these loans will adjust based on the One Year Treasury
Index and a margin. There are both annual caps and lifetime caps
which limits how much the interest rate can change. This gives you a
safeguard against wild fluctuations.
Secondary Market:
3/1 and 5/1 ARMs – fixed intro period for either 3 or 5
years
Rate Caps – 2/5 margin 2.5 over One Year Treasury
Lowest rates available – the lower initial interest rate
provides more affordability
Rapid, local decision making using state of the art software
You can select from a variety of construction mortgage loan programs
to build your new dream home. Choose between a one-time closing or
interim construction financing. Whatever your needs, we can help
make your dream home a reality.
Competitive rates and closing costs
Reduced closing cost package for modular/manufactured homes
Local construction disbursements – faster payment to
contractor
Interim construction loans allow for monthly interest only
payments
Please contact us for Construction rates and terms
We are an approved Maine State Housing Lender. Available only to
first-time homebuyers*, these fixed rate loans have a reduced
interest rate and low down payment options, and help with closing
costs with the Maine Assist program. Certain income and home price
requirements apply. For more information on program requirements,
please contact www.mainehousing.org for details.
MSHA’s definition of first-time homebuyer is an applicant
that has not had ownership interest in their primary residence
over the last three years. Prior to three years ago is OK.
There are also loans available with 0%, 3% and 5% down payment
requirements for non-first-time homebuyers. They are made possible
both with Private Mortgage Insurance and Government Guarantee
options. Government insured programs allow for expanded eligibility
criteria, low down payment options, creative sources of funds for
loan costs and flexible credit standards to make qualifying easier.
Check out our State and Federal program rates terms.
Rural Development – Allows 100% financing in designated
rural areas. Income limits apply. They have a 2% Guarantee fee
in lieu of a down payment: which may be financed. Closing costs
may be a gift or paid by the seller.
Veterans Administration – Allows 100% financing of purchases
of a primary residence up to the current year’s VA loan limit
for qualified Veterans. Full time, National Guardsman and
Reservists qualify. The funding fee is based on whether you were
a full time or a reservist and is financed. Closing costs may be
gifted or paid by the seller.
Federal Housing Authority – Allows 97% financing on
purchases on a primary residence. Down payment and closing costs
may be a gift. The home must meet special appraisal
qualifications. There are no income limits but there are loan
limits by County. There is both a one-time up front fee which is
financed and a monthly guarantee fee.
Private Mortgage Insurance – Allows 95%-97% financing. There
are no income or loan limits for private mortgage insurance.
Premiums are paid monthly in the mortgage payment. Monthly
premiums are based on the loan size and credit score. Down
payment monies must come from the applicants. Closing costs may
be a gift or paid by the seller.
