Mortgage Loans

Mortgage Loans

Buying a home is one of the biggest and most important decisions you'll ever make. But you're not alone. At Chicopee Savings Bank we offer much more than just a home loan.

We're based right here in Massachusetts and can provide you with close, personal attention to guide you to the financing option that's right for you. Plus, when you're happily living in your new home, we'll be right here to service your loan locally.

Summary
  • Competitive interest rates
  • Fixed and adjustable rate mortgages (ARMs)
  • Flexible term options
  • Pre-approval available
  • 0.25% off interest rate for first time homebuyers*
  • Personal focus on customer service
  • Experienced loan officers
  • Local approvals and underwriting
  • Refinancing available
  • Quick decisions
  • Easy to apply

Use our mortgage calculator here.

*With automatic payment from a Chicopee Savings Bank checking account. New accounts must be opened prior to closing.

Mortgage Options

Fixed Rate Mortgages

A fixed rate mortgage offers the security of monthly principal and interest payments that never increase for the life of the mortgage. Repayment terms up to 30 years are available for 1-4 family, owner-occupied homes.* Best of all, lending decisions and servicing of loans are managed locally.

Adjustable Rate Mortgages (ARMs)

We also offer a variety of adjustable rate mortgages with flexible terms that can be selected for 1-4 family, owner-occupied homes, and condos. After the fixed rate term expires, your interest rate or payment may increase. NOTE: Private Mortgage Insurance (PMI) is required on loans that are above 80% of the appraised value or the sale price, whichever is less.

Investment Property Loans

We offer residential investment real estate mortgages for non-owner occupied, 1 - 8 family residences for terms up to 20 years with no origination fee. Monthly payment (principal, interest, taxes and hazard insurance) cannot exceed 75% of the rental income from your investment property. For larger investment properties, contact the Commercial Lending Division.

Permanent Construction Mortgages

We offer variable rate mortgages to suit your construction needs. You'll have only one closing, no inspection fees, no title rundown fees during construction, and an interest-only payment requirement during the 12-month construction period. NOTE: Your total mortgage request cannot exceed 80% of the appraised value of the property.

Land Loans

Purchasing land to build a home? Borrow up to 70% of the sales price or the appraised value, whichever is less. At the end of the three-year term, the balance can be rolled into your Chicopee Savings construction loan.