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Community Lending

Are you in the process of searching for or buying a new home and are challenged by the amount of cash needed for a down payment, and affordability? The Savings Bank provides options to help you purchase a home and build credit.

Programs designed to make buying a home, building equity, or financing improvements easier and more affordable.

Community Mortgage

First-Time Homebuyer

If you are a First-Time Homebuyer looking for guidance to homeownership, our mortgage specialists will help you make your first home purchase with confidence. We offer flexible terms and more affordable down payment options.


  • No purchase price limit
  • No form of ownership in residential property in the last 3 years
  • Copies of last two years’ signed federal tax returns required
  • 1 to 4 family owner-occupied
  • No Construction Loans
  • Condo Complex must be an established, existing project; no new construction allowed
  • Condominiums must have a 50% owner occupancy ratio, a minimum of 600 square feet of livable space, and a minimum of 2 units in the association

Maximum Funding

  • 95% with PMI on 1 family property and condominium with a maximum loan amount of $766.500
  • 95% with PMI on 2 family property with a maximum loan amount of $800,000
  • Any loan that requires Private Mortgage Insurance (PMI) must meet all guidelines established by the MI company including credit scores, property type & financial reserves
  • 89% with NO PMI on a 1 and 2 family property with a maximum loan amount of $800,000
  • 80% with NO PMI on a 3 and 4 family property with a maximum loan amount of $1,000,000

Reduced Closing Costs

  • Approximately $1,335.00 – Includes attorney fee, plot plan, MLC and recording fees
  • No appraisal fee, no credit report fee, no points, & no application fee
  • Reduced title insurance: $2.00 per $1,000 for lenders coverage only -if you purchase an owners title insurance policy, cost will be higher
  • Tax service fee ($88.00)
  • Hazard tracking fee ($80.00)
  • Employment/income verification fee ($200.00)
  • Flood certificate fee ($14.50)
  • Real Estate Tax Escrow and PMI
  • 60-day rate lock – Other rate lock options are available

MassHousing Partnership

The Savings Bank proudly offers MassHousing Partnership’s One Mortgage product. Please call for more information.

City/Town Employee Loan Program

We offer a City/Town Employee Loan Program that is available to full-time employees who work in our Community Reinvestment Act (CRA) Assessment Areas. This program applies to both purchases and refinances of your primary residence.

CRA Assessment Areas:
  • Andover
  • Lawrence
  • Lynnfield
  • Melrose
  • Middleton
  • Methuen
  • North Reading
  • Reading
  • Saugus
  • Stoneham
  • Wakefield
  • Wilmington

Mortgage Loans
Available for First-Time Homebuyers and City/Town Employees

  • Free appraisal
  • Free credit report
  • Reduced closing costs

Home Equity
Available for City/Town Employees

  • Home Equity Line of Credit
    – No attorney fee
    – No flood certificate fee
    – No credit report fee
    – No automated value fee
    – No recording fee
  • Fixed-Rate Equity Loan
    – .25% discount on our already competitive rate

Where we lend

We are happy to consider a real estate loan request for properties located anywhere in the Massachusetts counties of Middlesex, Essex, Worcester, Suffolk and Norfolk, as well as, properties located anywhere in the New Hampshire counties of Rockingham, Hillsborough, and Cheshire.

From our customers
Friendly, helpful, and pleasant tellers in the Greenwood, Wakefield branch!

From our customers
“I feel you excel in all areas but I am very appreciative of the kindness with which I have been treated all these years, by everyone at the TSB, whether in person or on the phone.”

From our customers
“I like the real hometown feel you get with The Savings Bank. Staff at ALL branches are wonderful, making the personal interaction very pleasant.  I have been banking with you since 1978 and have never had even one issue.”

From our customers
“Love everything!”

From our customers
“The people I encounter at Lakeside and Main Street are always helpful and friendly. I enjoy that they actually care about me even though I am not one of your bigger clients.”

From our customers
“I stay with TSB because I know if I have an issue, I can reach out to an actual person and get help. It is what separates TSB from the big banks.”

From our customers
“Just great!”

From our customers
“Love the employees at the North Reading Office. They are so friendly and helpful.  The teller and the customer service representative are the BEST!!”

From our customers
“Love the personal connections with the bank personnel.”

From our customers
“The staff in the Methuen office could not be kinder.”

From our customers
“Your staff is the best.”

From our customers
“I’ve used TSB for approximately 40 years. They have always been helpful and kind. Never had an issue. Love banking with TSB and all of the wonderful employees.”

From our customers
“I have been banking here for a number of years. I love this bank! Customer service is awesome. Anytime I had a problem it was resolved professionally.”

From our customers
“I feel you excel in all areas but I am very appreciative of the kindness with which I have been treated all these years, by everyone at the TSB, whether in person or on the phone.”

From our customers
“I have been banking with TSB for many years and I am very satisfied with them. Why wouldn’t you want to come and bank there?”

Talk to The Savings Bank

To find out how The Savings Bank can help you achieve all your financial goals, visit one of our offices, use our contact form, or call us at 800-246-2009.

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