| Fixed Rate Monthly Residential Mortgage |
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Fixed-rate monthly residential mortgage loans are available for the purchase or refinancing of owner-occupied, one-to-four family properties. Financing is available up to 80% of the purchase price or the value of the real estate. Loans with down payments of less than 20% can be obtained with mortgage insurance through the Mortgage Guaranty Insurance Corporation (MGIC). The principal and interest payment remains the same during the life of the loan with a fixed-rate residential mortgage.
Try our automatic payment deduction from a Kennebec Savings Bank checking account for a convenient method of making your payments. As an added benefit to our customers, Kennebec Savings Bank provides a free personal checking account to you if you have an automatic payment deduction from your checking account! As with all Kennebec Savings Bank residential mortgages, there are no application fees and low closing costs. In addition, there are no prepayment penalties or fees.
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| Fixed Rate Biweekly Residential Mortgage |
Fixed-rate biweekly residential mortgage loans are available for the purchase or refinancing of owner-occupied, one-to-four family properties. Financing is available up to 80% of the purchase price or the value of the real estate. Loans with down payments of less than 20% can be obtained with mortgage insurance through the Mortgage Guaranty Insurance Corporation (MGIC). The principal and interest payment remains the same during the life of the loan with a fixed-rate residential mortgage.
The biweekly mortgage allows for easy budget planning and no check-writing. It also will result in substantial interest savings and will take years off the life of the mortgage. One half of a monthly mortgage payment is made every two weeks by an automatic deduction from your Kennebec Savings Bank checking account.
As an added benefit to our customers, Kennebec Savings Bank provides a free personal checking account to you if you have an automatic payment deduction from your checking account! As with all Kennebec Savings Bank residential mortgages, there are no application fees and low closing costs. In addition, there are no prepayment penalties or fees.
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| First-Time Homebuyers |
Kennebec Savings Bank also offers a first-time homebuyer fixed-rate residential mortgage (monthly or biweekly payment option) with reduced down payment requirements. It has the all the same features as the fixed-rate mortgage, but with a more flexible down payment requirement, in order to assist first-time homebuyers in completing their primary residence purchase.
Minimum down payment requirements on a single family home are 3%. The requirements for a two family home are 5% with 10% for a three or four family residence.
The principal and interest payment remains the same during the life of the loan with a fixed-rate residential mortgage.
Interest rates offered to First-Time Homebuyers are the same rates posted for our monthly and biweekly fixed-rate mortgage products. Try our automatic payment deduction from a Kennebec Savings Bank checking account for a convenient method of making your payments. As an added benefit to our customers, Kennebec Savings Bank provides a free personal checking account to you if you have an automatic payment deduction from your checking account! As with all Kennebec Savings Bank residential mortgages, there are no application fees and low closing costs. In addition, there are no prepayment penalties or fees.
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| Adjustable-Rate Residential Mortgage |
An Adjustable-Rate Mortgage (ARM) features a variable interest rate which is periodically adjusted. ARMs may provide the security, flexibility and affordability prospective home buyers desire. These loans are especially attractive to home buyers who plan to trade up in future years. Generally, initial interest rates are lower than on fixed rate mortgages.
Kennebec Savings Bank offers both one and three year ARMs for the purchase or refinancing of owner-occupied or non-owner occupied real estate and for investment/income-producing properties (1-4 family units) and land.
As with fixed-rate mortgages, ARM financing is available up to 80% of the purchase price or the value of the real estate, (85% for first-time homebuyers);75% for non-owner occupied and investment/income producing properties and 65% for land only loans.
Try our automatic payment deduction from a Kennebec Savings Bank checking account for a convenient method of making your payments. As an added benefit to our customers, Kennebec Savings Bank provides a free personal checking account to you if you have an automatic payment deduction from your checking account! As with all Kennebec Savings Bank residential mortgages, there are no application fees and low closing costs. In addition, there are no prepayment penalties or fees.
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| Residential Construction Loans |
For customers who are having their home built by a general contractor, Kennebec Savings Bank offers a residential construction loan program, with both fixed and adjustable-rate options. Construction loans require payment of interest only during a six-month construction phase, and then your mortgage transfers automatically to a regular residential mortgage (monthy or biweekly fixed-rate or adjustable-rate) without a second closing or additional costs.
We will mail you a monthly bill for your interest only payment during the six-month construction phase; then your payments can be automatically deducted from your Kennebec Savings Bank checking or statement savings account. Your personal checking account is free with automatic payment deduction from your checking account.
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| Purchase Plus Improvements |
Financing is available for the purchase and rehabilitation of an owner-occupied, one-to-four family property. You may select from a monthly or biweekly fixed rate or from a 1-year or 3-year ARM. Financing is available up to 80% of the acquisition cost (purchase price plus cost of improvements). Loans with down payments of less than 20% can be obtained with mortgage insurance through the Mortgage Guaranty Insurance Corporation (MGIC).
Funds for improvements are placed into a Bank controlled escrow account at the loan closing, and are disbursed as improvements are progressively made.
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| Second Homes |
| Kennebec Savings Bank provides financing on Second Homes purchases or refinances. You may select from a monthly or biweekly fixed rate or from a 1-year or 3-year ARM. Financing is available up to 75% of the purchase price or the value of the real estate.
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| Land Loans |
| Kennebec Savings Bank provides financing on Land only purchases or refinances. You may select from a 1-year or 3-year ARM. Financing is available up to 65% of the purchase price or the value of the real estate.
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| Mobile Homes with Land |
| Kennebec Savings Bank provides financing on Mobile Homes with land purchases or refinances. You may select from a 1-year or 3-year ARM. Financing is available up to 75% of the purchase price or the value of the real estate.
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