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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 $726,200
  • 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 $1,500.00 – 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 ($98.00)
  • 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
  • Methuen
  • Middleton
  • 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
“Love the tellers at the Lynnfield Center location. Very professional and caring.”

From our customers
“Love Lakeside. Mario and staff always greet me by my first name.”

From our customers
“The employees are knowledgeable, reliable, industrious as well as kind and personable.”

From our customers
“Their community involvement has made a huge difference in Wakefield over the years.”

From our customers
“Always helpful whether in the branch or online!”

From our customers
“I found your online banking system very user-friendly. I also would like to mention that the staff in the Wakefield branch are professional and very helpful.”

From our customers
“Banking with The Savings Bank was with me for several years & it will always be my bank forever!!”

From our customers
“The whole banking center experience is excellent. The website is superior to most for my wants/needs to obtain and store on MY own computer our home banking records.”

From our customers
“I basically never have to go to the bank to deposit a check. it can be done from my phone saving me time, trips and gas which means I can focus on other important tasks.”

From our customers
“I mostly use the Methuen branch. All of the tellers have been wonderful and the branch manager is fabulous.”

From our customers
“I am older and appreciate the ease of banking online. I always get good service at the branches I visit.”

From our customers
“Competent, knowledgeable, customer-focused, and very warm and friendly employees.”

From our customers
“I love it here!! Best service all around.”

From our customers
“Such a great support center when you need help, and the technology has kept up. I use Zelle which solved a banking problem I had had for years. The team in Greenwood is absolutely excellent! Thank you all.”

From our customers
“Great people. Great service. Convenient.”

From our customers
“I spoke to Theresa today and she was incredibly helpful! That is why I bank with you! The personal touch is what makes the difference!”

From our customers
“Bank personnel are always so willing to help. They always greet us with a smile. In this world today, it makes us feel good!”

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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