Finding the right mortgage is a crucial step in your journey to homeownership or land investment. At The Savings Bank, we offer a range of mortgage products tailored to meet diverse financial needs. Whether you’re a first-time homebuyer or looking to invest in land, understanding your options is key. Let’s explore the mortgage solutions available at The Savings Bank, designed to help you achieve your property goals.
Explore Adjustable-Rate Mortgages (5/1 ARM)
For those seeking initial lower interest rates, the 5/1 Adjustable-Rate Mortgage (ARM) could be an attractive option. These mortgages typically offer a fixed interest rate for the first five years, after which the rate may adjust annually based on market conditions. To delve deeper into the specifics of our 5/1 ARM and how it can benefit you, please visit: https://www.thesavingsbankohio.bank/product/adjustable-rate-mortgage.html.
Secure Stability with a 15-Year Fixed Mortgage
If predictability and a quicker path to full ownership are priorities, consider a 15-Year Fixed Mortgage. These mortgages provide a consistent interest rate over the life of the loan, ensuring stable monthly payments and allowing you to build equity faster. Currently, The Savings Bank offers a 15-Year Fixed Mortgage with an Interest Rate of 5.875% and an Annual Percentage Rate (APR) of 6.040%.
For example, a $160,000 loan would entail 179 monthly payments of $1,339.39, followed by a final 180th payment of $1,339.23. Keep in mind that these figures exclude taxes and insurance, which will increase your total payment. Rates and APR are subject to change and are influenced by factors such as creditworthiness and loan-to-value ratio. This APR is effective as of February 28, 2025, assuming an 80% loan-to-value.
Plan for the Future with a 30-Year Fixed Mortgage
The 30-Year Fixed Mortgage remains a popular choice for its lower monthly payments spread out over a longer term. This option provides long-term financial predictability with a fixed interest rate throughout the 30-year period. The Savings Bank currently features a 30-Year Fixed Mortgage with an Interest Rate of 6.625% and an APR of 6.728%.
Illustratively, a $160,000 loan is structured with 359 monthly payments of $1,024.50 and a final 360th payment of $1,021.53. As with the 15-year option, these payments do not include taxes and insurance. Interest rates and APR are subject to change and depend on borrower qualifications and loan specifics. The displayed APR is effective February 28, 2025, based on an 80% loan-to-value.
Invest in Land with a Residential Land Loan
Looking to purchase land for your future home? The Savings Bank also offers Residential Land Loans. These loans can finance the purchase of land, providing a pathway to building your dream home. Currently, the Interest Rate for a Residential Land Loan is 7.75% with an APR of 7.890%, requiring a 15% down payment.
A $127,500 land loan, for example, is structured with 119 monthly payments of $1,046.71 and a final balloon payment of $88,264.70. It’s important to note the balloon payment structure, where a significant portion of the principal is due at the end of the loan term. These payments are also exclusive of taxes and insurance. Rates and APR are subject to variation based on credit profile and loan terms. The APR is effective as of December 30, 2024, assuming an 80% loan-to-value.
Your Trusted Partner in Financing
The Savings Bank is committed to providing transparent and reliable mortgage solutions. As a Member FDIC and Equal Housing Lender (NMLS
