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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

First Time Homebuyers Program.

Buying your first home is a monumental moment in your life. Savings Bank of Danbury makes it easier for first-time homebuyers to realize their dreams of homeownership by offering low CT mortgage rates through the Connecticut Housing Finance Authority (CHFA). 

Construction & Home Improvement Loans.

Savings Bank of Danbury offers construction loans and home improvement loans with low interest rates to help you save money on your project. Our flexible options allow you to choose the mortgage that works best for you, whether you are interested in doing home improvements or building a new home. 

Government Programgs

Savings Bank of Danbury offers low CT mortgage rates by participating in various government programs designed to make homeownership more attainable for more people. 

Home Equity Lines of Credit

Whether you have a home remodeling project in mind or need money for debt consolidation or other uses, Savings Bank of Danbury offers home equity lines of credit throughout CT to qualified borrowers. We help you take advantage of the equity you've built up in your home. 

Savings Bank of Danbury NMLS #792391
220 Main Street, Danbury, CT  06810
Office:  (203) 830-4390
info@sbdanbury.com
Copyright © 2017 Savings Bank of Danbury. Member FDIC
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