Savings Bank offering home mortgage loans for purchase, refinance and more!

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM
3-5	5/1 ARM, 3/1 ARM
5-8	7/1 ARM, 5/1 ARM
8+	Fixed Rate

Loan Programs	Advantages	Disadvantages

Fixed Rate Mortgages
	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages
	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

First Time Buyer Programs
	Lower down payment Easier to qualify Sometimes you may get lower rate	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs
	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs
	No closing costs Less money required to close	Higher rates Higher payments

Home Equity Line of Credit
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

Hyde Park Savings Bank - Lending Center - 1920 Centre Street - West Roxbury, MA 02132
Phone: (617) 360-6587 Fax: (617) 325-8410