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Have a good income and want to see what payments would be for different loan amounts? You can use the equity to secure low-interest financing on a loan to use for your next big purchase. Whether you’re considering home improvement- or consolidating debt, a home equity loan can provide you with the funds you need.
Therefore, these loans, depending on your own unique interest rates, can be very beneficial. Mortgage Adjustable Rate Loans provide an affordable way to purchase a home for many people given their minimal initial rate. The interest rate remains the same for an initial period of time, usually three to five years. While the Cape Cod Five Program provides a network of services, it doesn’t hand out loans. You need to be approved for a Cape Cod Five mortgage through a participating financial institution— and they decide the appropriate loan amount based on merit, financial standing and other considerations. In addition to no online application, there are no payment calculators on the site.
Which option is best for you?
This type of mortgage starts with a fixed interest rate and monthly payment amount for an agreed upon term, usually 3, 5, 7, or 10 years. Once the initial period has elapsed, the interest rate and monthly payments will increase or decrease each year based on market conditions. There are no common requirements for those who qualify for Cape Cod Five mortgage rates. However, since the program membership consists of credit unions and community banks, you can expect more favorable loan rates than those offered by larger national lenders. This loan option is available to qualified borrowers that want to build, rehabilitate, or relocate to a home within eligible rural areas. Department of Agriculture to stimulate the growth of rural communities and offers a fixed-rate mortgage with no down payment requirements.
His can-do attitude was refreshing (hate others “explanation” droning on). I began working with Pat when I was looking to find a larger location for my business. What I thought I was getting was a realtor, what I got was a whole lot more.
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I chose this loan because it would allow for longer amortization, which would be more in line with the average American homeowner. Shorter amortizations are more geared toward short-term borrowers and make sense for those whose financial situations may change more frequently. The Cape Cod Five Cents Savings Bank provides links to other websites for convenience and information purposes only. Users should be aware that when they select this link to an external website, they are leaving the Bank’s website. Cape Cod 5 is not responsible for the contents of any linked site or the contents of any link contained in a linked site. The inclusion of a link does not imply endorsement by the Bank or the site, its content, advertisers or sponsors.
For this reason, the bank’s lending agents are intimately familiar with the area’s unique regional demands and are prepared to address the challenges of living on the Atlantic shore. This customer-focused approach is one reason that Cape Cod Five has been recognized as MassHousing’s #1 Lender in Barnstable County for 11 consecutive years. Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Additional Resources
We have provided some mortgage tools that can help in your decision-making process. Keep in mind these tools are simply that – tools to give you some relevant information and provide needed assistance. Quoted rates and payments should not be considered a guarantee or any type of approval. This lender has serviced the Cape Cod region for over 160 years and has built a reputation as a customer-focused financial institution dedicated to the needs of coastal residents. The bank currently has anA+ rating from the Better Business Bureau, with only one customer complaint on-file over its entire operational history. With its small staff of 221 people, Cape Cod Five has helped thousands of Massachusetts residents obtain affordable mortgages, earning it accreditation as an Equal Opportunity Lender.
Users should be aware that when they select this link to an external website, they are leaving the Bank's website. In order to ensure that getting a mortgage remains a smooth procedure, most lenders run through a quality assurance programme. This programme is made up of a number of checks and tests, including Credit Report, a Work For a Living Test, an Employment Test, a Capacity Test, and a Policy Test. These tests are in place to ensure that the lender has a clear picture of the person applying for the mortgage. We were referred to them by someone who has a friend who was very happy with their service. They were there throughout every step of our new home purchase.
While we were in Dennis on vacation, we were allowed to use copying and fax services in their office. We were able to manage finalizing our Dennis purchase from our home in NY with no problems because Patrick was so helpful in arranging everything. Patrick always responded immediately to every email and text message we sent him. We have had multiple experiences with real estate brokers, and in comparison we have to say that Foran Realty has been the best so far when it came to honesty, integrity and professionalism. When ready, you should always consult with one of our mortgage loan officers for more specific information.
The bank’s website is packed with useful information and tools that can help borrowers make informed financial decisions, like the mortgage calculator and the adjustable-rate analyzer. Borrowers can secure rate quotes directly through the website without having to submit a social security number, though speaking to an agent directly is the best way to obtain an accurate estimate. Mortgage applications can be submitted through the website, which is helpful for homebuyers that don’t want to visit one of Cape Cod Five’s physical branches.
Proficient customer service doesn’t necessarily translate into low costs. Cape Cod Five has an overall cost rating of 3 out of 5 stars. The average cost of a 60% loan is about 13.5%, and this is actually between the averages for the different market segments. To save money, it’s always a great idea to consider getting a low FICO from a trusted lender. This will ensure that you get the best possible rate and save money on interest payments.
Therefore, the risk of a change in interest rates is a potential concern. The Massachusetts Housing Finance Agency is the leading provider of housing assistance in the state of Massachusetts. The Agency’s primary mission is to make affordable housing available to low- and moderate-income families throughout the state. The Agency is responsible for monitoring, supervising, and administering several different programs, including the Home Loan Program. The mortgage market in Cape Cod can vary greatly between lenders. Some lenders can have their own unique qualifications for mortgage approval.
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