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Home ownership is the "American Dream." Not only do we feel proud when we own our home, but as we increase the equity in the property, we build a valuable asset. Whether you are buying your first house, stepping up to a bigger home, buying a vacation cottage or refinancing your present residence, Millington Savings Bank has a mortgage loan to satisfy your needs. Millington Savings Bank is an Equal Housing Lender.
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Fixed Rate Mortgages
Eliminate the uncertainty of interest rates from year to year. Lock-in rates up to 30 years. Bi-Weekly programs are also available.
Adjustable Rate Mortgages
Increase your purchasing power by choosing an ARM product. 1 year term available, with 2/6 caps, 2.50% margin, and uses the US Treasury 1 Year Constant Maturity as an index.
Balloon Mortgages
Take advantage of lower rates on a 30 year amortized loan. No need to pay for lock-in of 30 years, if you plan on staying a shorter time. Terms of 3 or 5 years, and flexible amortizations are available. At the end of each term, Millington Savings Bank will offer extensions for those loans in good standing.
Bi-Weekly Mortgages
A loan on which the borrower makes 26 half-monthly payments (every 14 days) a year, resulting in earlier loan retirement and lower total interest costs than a fully amortized loan with regular monthly payments.
Fixed Rate Home Equity Loans
Make the most of your home equity with an Equity Loan from Millington Savings Bank. You'll enjoy great fixed rates and flexible terms. And you'll have money to use for any purpose.
These fixed rate consumer loans have a minimum term of five years and a maximum of 30 years. The minimum loan amount is $5,000.; the maximum, $250,000. Interest may be 100% tax deductible (please consult your tax advisor).
Home Equity Line of Credit
The Millington Savings Bank Home Equity Line of Credit enables you to borrow for any purpose. A college education. A wedding. Bill consolidation. Pay off your credit cards. Even buy a new or used car. Your line of credit is available for anything you wish to use it for. Credit limits are based on a maximum 80% Loan to Value. Requests
over $250,000, please speak directly to a loan representative. You pay no interest until you write your check of $500 or more to access your line. Your variable interest rate is adjusted monthly. It is based on the highest U.S. Prime Rate published in The Wall Street Journal "Money Rates" table.
When your goal is to build your dream house the way you want it to be, come to MSB and talk to our experienced construction loan officers. Although financing for home construction is getting harder to find, MSB still offers a full range of services for the future homeowner. Interest rates are highly competitive and loan approval is fast. Funds are distributed at regular intervals during the construction process.
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