Buying a home is a very personal decision. When you work with Rockland Trust, we take that decision-and our relationship with you-as seriously as you do. That's why we offer you the widest possible choice of residential home mortgage programs.
Your interest rate remains the same for the term of the loan. Shorter terms generally have lower rates.
After an initial fixed-rate period, your interest rate adjusts annually to an index such as the one-year U.S. Treasury Bill or LIBOR, plus a margin. There are caps on the amount that the rate can adjust up and down at each adjustment. In addition, a lifetime cap limits the amount that the rate can adjust over the term of the loan.
If you're purchasing a "luxury" or higher-priced residence, you may require a jumbo mortgage. Jumbo mortgages are specialized home loans for amounts that exceed $417,000, the maximum loan amount established by Fannie Mae and Freddie Mac. Rockland Trust offers loans up to $2,000,000 for qualified buyers.
Looking to build? Rockland Trust offers financing solutions specifically designed for new home construction or remodeling of an existing home. We offer a collaborative approach between the buyer, builder, and Rockland Trust in order to make the construction of your home as seamless as possible. These loans feature competitive rates, a 12 month interest only payment period, and much more. Please call 800.222.2299 for more information.
If you're in the market for your first house or condo, Rockland Trust can help you arrange financing through programs such as Buy Cities, FHA, and Mass Housing. There may be limitations based on your income, but we'll work with you to determine the best loan program for your situation.
If you qualify, you can rely on Rockland Trust to meet virtually any home mortgage need. We offer programs for a range of special borrowing situations:
* Tax deductibility: Interest on any portion of the credit that is greater than fair market value of the house is not tax-deductible. You should consult a tax advisor regarding the deductibility of interest and charges.
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