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Mortgage

Mortgage Options

Your situation is unique, just like your existing or dream home. Fortunately, you can find a great mortgage option with AbbyBank. We have a variety of loan product options and our mortgage loan officers will learn more about your situation to recommend the best option that fits your needs. Contact one of our Mortgage Loan Officers to see how we can help your financial mortgage needs.

Loan interest paid on home mortgages is normally deductible for personal income tax purposes. Check with your tax advisor to determine deductibility. Contact an AbbyBank Mortgage Loan Officer for information on any of the loan types listed here.

Fixed Rate Mortgages* Mortgage Calculators

Fixed Rate Mortgages guarantee your loan rate will not change for the life of your loan. We offer several loan terms that can fit your needs and personal financial situation. During the life of the loan, you can call AbbyBank with questions because we service the loan locally. We offer mortgage calculators to help you understand how loan terms and amounts will affect your payment and down payment schedules. Interest paid is normally deductible for personal income tax purposes. Check with your tax advisor to determine deductibility.

Adjustable Rate Mortgages (ARM)*

With an adjustable rate mortgage (ARM), the loan rate is fixed for an initial period of time after which it resets peridocially, such as annually. The loan rate is based on a benchmark plus an additional spread. For example, on a 6/1 thirty year ARM, the rate is fixed for the first six years, then resets annually for the next 24 years. 

Land Purchase Loans*

Are you looking at purchasing land to build a future home? We can help! AbbyBank offers a very competitive option for your land purchasing needs. 

Construction Loans*

Are you looking at building a new home? We can help! AbbyBank offers a very competitive construction loan option that can help your building needs. 

Home Equity Loans*

Home Equity Loans allow additional borrowing over the amount of the first mortgage and can be used for vehicle purchases, home improvements, etc. These loans are made based on the equity in the borrower's residence. Equity is the difference between the amount borrowed against the residence and the value of the residence.

A Home Equity Line of Credit (HELOC) allows you to borrow and repay on a revolving basis against the equity in your home. Interest is tied to Prime Rate and adjusts annually. Monthly interest payments are required. There is a $25.00 annual fee.

Need Help?

AbbyBank does offer many resources to better your financial lifestyle. On our Educational Resource page, we offer some free financial tools, videos on credit scores and many more financial resources or organizations that can help you. You can also sign up for our free Financial Lifestyle eNewsletter to receive information on current events, financial tips and current financial news.  In addition, we offer many financial calculators that can help you plan for mortgages, savings, retirement, taxes, etc.

*All AbbyBank loans are subject to credit approval.

Frequently Asked Questions

How can I make my loan payments?

We offer several options for you to make your loan payments:

  • A Coupon Book provides you with monthly coupons you can return with your payment and a convenient stub to record the date and amount of your payment. Great option if you mail in your payment by check.
  • Automatic Funds Transfer (AFT) allows you to schedule your payment to be automatically withdrawn from another AbbyBank deposit account.
  • Automated Clearing House (ACH) allows your payment to be automatically withdrawn from a deposit account at another financial institution.
  • eBanking lets you make payments anytime online or set up scheduled payments from another AbbyBank deposit account at your convenience.
  • You may always come to the bank in person to make your loan payment.

How do I qualify for a loan?

All loans are subject to credit approval. We review your credit report, employment history, collateral and ability to repay. We also need to know if you intend to apply individually or jointly with another person. If joint, we review credit and income of both parties. There is no cost to apply. See our Mortgage Qualifier Calculator to know more about your unique situation.

How much will my payment be?

Your payment is determined by the amount you borrow, the interest rate on the loan and the term of the loan. The interest rate and term are determined when you qualify for the loan and is based on your credit standing. Visit our Mortgage Calculator to help you understand your situation better. Do you have questions about all of the different costs of buying your home? Check out this short video from the Consumer Financial Protection Bureau called owning a home that helps explain those costs.

What should I know about down payment for a mortgage loan?

The bigger your down payment, the less you need to borrow.  There are other benefits to a bigger down payment, but there are also several options for low down payment loans.  There are even down payment assistant programs available from time to time for borrowers who meet certain income guidelines.  Your AbbyBank Mortgage Loan Officer can give you the low-down on available down payment options! Looking for more helpful information? Check out this short video from the Consumer Financial Protection Bureau that talks about your down payment decision.

What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance (PMI) allows the consumer to have a mortgage without having 20% equity in their home and/or down payment. PMI does have additional costs for the consumer on the loan.

What is Hazard Insurance?

Home Owners Insurance typically covers hazards to the home and personal belongings within the home and/or liability.  Therefore if you have Home Owners Insurance, you technically have Hazard Insurance.  It is important that you discuss the policy and pricing options with your insurance agent to have the best plan that fits your needs.

Is a long term loan the better option?

The length of time that you choose for your loan depends on your personal situation, income and preferences. If you prefer to pay the least amount of interest and have enough income to pay more per month, a shorter term loan is better for you. If you prefer to pay less per month and want to have the loan for a longer period of time, a longer loan term is better for you. Use our Mortgage Calculator to learn the differences between short and long term loans.

How do I know if refinancing will save me money?

To know if your situation will benefit by refinancing, you need to consider and compare the overall situation. You will need to know the new rate, term, closing costs, principal amount left on loan, appraised value, etc. Go to our Mortgage Refinance Break Even calculator to help you make a good comparison.

Should I rent or purchase a home?

We have a great Rent vs. Buy calculator to use as a basic comparison tool to understand the financial expenditures that go along with home purchases. You will need to look at home purchase price, monthly mortgage payment, property taxes, home insurance, association or maintenance fees, inflation, etc. to know what is the best option for you.

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