Mortgages
Our experienced team is ready to provide you with step-by-step assistance.
We can help you choose the best way to finance your home purchase
Watertown Savings Bank offers both fixed-rate and adjustable-rate mortgages. If you've made a decision, you can complete much of the application process online through our Borrower Portal. But if you're still considering the best option for your financial situation, we invite you to contact our lending team for information and guidance.
Fixed-Rate Mortgages
- Competitive rates
- Loan terms of 15, 20 or 30 years
- Stable monthly payments for the life of the loans
- Easy prequalification process lets you house-hunt with confidence
- Refinancing options available
Adjustable-Rate Loans
- Choice of 5/1, 5/5 or 10/5 adjustable-rate loans
- The first numeral indicates the number of years borrowers enjoy a lower rate
- The second numeral indicates how frequently (in years) that loan rates can be adjusted after the initial period ends
- Loan caps limit rate increases in any one year and over the life of the loan
- Refinancing options available
Other Resources
- Ask about a program that provides federal grants of up to $17,000 for qualified first-time homebuyers. Funds can be used for down payments and closing costs.
- To ensure you have the documents needed to complete the application, please use our Mortgage Loan Checklist.
- Take a look at Fixed or Adjustable - Which Mortgage is Right for Me? It's a brief, but helpful overview of the different mortgage products we offer.
View our listing of Mortgage Loan Originators.
Loan Info and Payment Example
Fixed Rate Mortgages Disclosure Information
Interest rates are tiered based on amount borrowed. A Fixed Rate Mortgage means the interest rate is fixed for the term of the loan.
Example: A $250,000.00 fixed rate mortgage financed for 30 years at an interest rate of 6.625% would yield an APR* (Annual Percentage Rate) of 6.699% and 359 Payments of $1600.78 and 1 Final Payment of $1598.14
*The APR (Annual Percentage Rate) in this example reflects all pre-paid costs and odd days interest with no points. The borrower will pay cost of the survey, title insurance, attorney fees, appraisal fee, flood zone determination fee, credit report fee, underwriting, mortgage recording tax, abstract re-date and other applicable related costs. Please see our schedule of fees for details. Homeowner’s insurance will be required as well as flood insurance for applicable areas. All loans are subject to credit approval. Approval restrictions may apply.
First Time Home Buyers: If you qualify under the guidelines as a First Time Home Buyer, the application fees and loan administration fees are waived.
NY Notice of Right to Select Own Attorney
You may also file complaints and obtain further information about Watertown Savings Bank by contacting us directly, or by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at www.dfs.ny.gov. Watertown Savings Bank is registered with NYSDFS.