First Time Homebuyers

If you've never bought a home before, we know it can feel intimidating. At The Bank of Bennington, we will help you purchase your home with ease! We will guide you through the entire process from start to finish.

Education Is Power

Our program comes with a Homebuyer Education course that's a jiffy to complete and will teach you what you need to know to buy a house. In addition, we will reimburse you the $99 cost of the Homebuyer Education course at closing!

Lock and Shop

Lock in a great rate with our Lock and Shop program. Once approved, you are able to lock in the current rate for 90 days. Lots of good reasons to lock in with us while you shop!

• It's not just locking in the best loan rate, it's about protecting your home buying power. With a locked rate, you will not erode the amount you can borrow.
• A rate increase can also lead to a higher down payment.
• It generally takes 6-8 weeks from signing a contract to closing, giving ample time for rates to go up 1/4 point or more.

Fixed Rates

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.

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)

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

USDA (Rural Housing)

With flexible requirements, USDA loans feature:

• 100% financing + required guarantee fee = 102% of the appraised value
• Low FICO score requirements
• Low interest rates
• Low closing costs
• Gift funds can be used for closing costs
• 30-year, fixed-rate mortgage

USDA Loan Eligibility

Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:

• Property must be located in a USDA designated rural area
• Maximum loan limits vary based on location
• Household members can have a total income of up to 115% of the medial income for the area
• Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis

Renovation Loans

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

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

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 $806,500.

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 one of our mortgage specialist listed above for more information and an accurate rate quote.