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Types of Loans

Conventional Fixed Rate
The traditional fixed rate mortgage has a set interest rate and monthly principal and interest payments that never change over the life of the loan. Several loan terms are available.

USDA Mortgage
These loans are guaranteed by the federal government and are available in USDA eligible towns to borrowers who meet the maximum income guidelines of the program. They require no minimum down payment and are fixed rate loans that fully amortize over their term.

MassHousing Mortgage
These loans are available for Massachusetts properties that meet the maximum loan amount and income guidelines set by MassHousing. They are available with low down payment options and fixed rates.  MassHousing is also a great option for eligible first time homebuyers.

FHA Mortgage
These loans are insured by the federal government and are great options for any borrower who needs to obtain a mortgage with less than 20% down payment. FHA offers both fixed rate and adjustable rate options for qualifying borrowers.

VA Mortgage
These loans are insured by the federal government and are also an option for qualifying veterans who need to obtain a mortgage with no minimum required down payment. Both fixed rate and adjustable rate options are available under the VA program.

Adjustable Rate Mortgages (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
These mortgages, also called Hybrid ARMS, can offer the best of both worlds: initial fixed rate period and payment ranging from 3 to 10 years followed by a 1 year adjustable rate for the remaining loan term. For example, a “5/1 ARM” has a fixed payment and interest rate for the first five years and then turns into a traditional 1 year adjustable rate mortgage - meaning the interest rate and payment can change every 12 months after the fixed period ends. All Hybrid ARMS have interest rate caps that limit interest rate and payment changes at each interest rate change and over the life of the mortgage.

Chattel Loans
Chattel loans are personal property loans secured by a manufactured home and offered in bank approved manufactured housing parks. They are fixed rate loans with various terms. Many of our approved parks cater to occupants who are over 50 years of age. Ask us about our current list of approved chattel home parks.

Home Equity Line of Credit (HELOC)
A home equity line of credit is a revolving line of credit that allows you to borrow, repay and re-borrow funds. This is a monthly adjustable rate loan. HELOCs range from $10,000 to $300,000 depending on the equity in your property and borrower qualification.

Home Equity Loan (Fixed Rate 2nd Mortgage)
A home equity loan is a fully-amortizing fixed rate 2nd mortgage with various terms. The minimum home equity loan is $10,000 and the maximum is $300,000 depending on the equity in your property and borrower qualification. Monthly payments remain constant for the term of the loan.

BRIDGEWATER SAVINGS BANK NMLS #403265
756 Orchard Street, Raynham, MA  02767
Direct:  (508) 884-3300
Toll Free:  (800) 356-8622
loans@bridgewatersavings.com
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