Regional Loan Experts

We Offer These Mortgage Options

Fixed Rates

Secure Your Financial Future Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Depending on the loan type you can select a loan term that best suits your financial goals, 10, 15, 20, 25 or more years. While the lower term typically is a lower interest rate the payment is higher which means you are building equity in your home faster.

Fixed-Rate Mortgage Highlights

If you plan on staying in your home for a long time, a fixed-rate mortgage might be the right solution for you. Fixed rate mortgages provide the following benefits:

• Consistent monthly principal and interest payments and interest rates
• Protection from rising interest rates
• Different term length options
• Mortgage tax interest deduction*
• Different term length options *This does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

Adjustable Rate Mortgages (ARM)

Providing Flexibility for Homeowners An adjustable-rate mortgage (ARM) is a term option with an interest rate that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are likely to increases or decrease based on market fluctuations, which can also impact the monthly payment.

Adjustable-Rate Mortgage Highlights An ARM might be a good fit for you if you do not plan on staying in the home for a long period of time. Consumers who plan on selling their home within 5-7 years take advantage of an ARM since the initial introductory rate tends to be lower.

Highlights of an adjustable-rate mortgage include:

• Lower initial monthly principal and interest payments
• Rates and Payments may decrease based on the index rate

• Purchase Rehab loans with as low as 5% down
• Manufactured Homes

Renovation Loans

We see your vision! You have found a house that you can vision as your dream home with a little TLC. With a renovation loan, you can roll in the cost of renovations– saving you time and money. Getting you into your dream home sooner!

Home Equity Loans and Lines of Credit

Use the Value in Your Home If you already own a home, Home Equity Lines of Credit and Home Equity Loans are two options for putting the equity in your home to work for you. The equity that you’ve built is a financing vehicle for such things as:

• Making Home Improvements
• College Education
• Buying a New Car
• Purchasing a Second Home
• Debt Consolidation
• Starting a New Business

Our Lending Specialists can explain the nuances of each loan but essentially, with a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card.

Medical and Legal Professionals Mortgage Program

The Bank of Bennington understands the unique financing needs of doctors, attorneys and pharmacists. We have mortgage options to accommodate those unique needs by utilizing expanded underwriting guidelines.

Jumbo Mortgages

GO Big! A jumbo loan, or non-conforming mortgage, allows you to purchase a more expensive home, whether it be your primary home or your dream second home with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $424,100.

Jumbo Loan Highlights A jumbo mortgage might be the right fit for you if you have a low debt-to income ration and a higher credit score. Highlights of non-conforming loans include:

• Higher purchase limits allow borrower to purchase more house
• Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
• Convenience of one loan for the entire loan amount
• Fixed-rate or adjustable-rate mortgages (ARM)
   

Due to the complexity of jumbo mortgages, please contact our mortgage specialist Wendy Chenaille directly for an accurate rate quote. wchenaille@bennbank.com