Purchasing a home is a major event. If you’re buying your first home, upsizing, downsizing or financing a vacation home, Collinsville Bank – A Division of Northwest Community Bank has loan options for you. We make the process as smooth and convenient as possible. You work directly with decision-makers. We listen, look at the big picture—and consider much more than your credit report.
Mortgages & Home Equity Loans
Collinsville Bank - A Division of Northwest Community Bank Mortgage & Home Equity Loans
Mortgages & Home Equity Loans
From first and second mortgages to home equity lines of credit, we can assist you in making the choices that are most beneficial to you.
Fixed Rate Mortgages
Our traditional 10-, 15-, 20-, and 30-year loans are great options.
Features include:
- Same payment every month
- Interest rate fixed for life of loan
- Options to fit your needs
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Adjustable Rate Mortgages
Lower interest rates at the beginning of these loans make these mortgages affordable and convenient.
Features include:
- Low rate at beginning of term
- Fixed rate at beginning of term, variable rate thereafter
- Options to fit your needs
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Home Equity Loans
Whether you would like to remodel your home, finance a college education or take that dream vacation, tapping into the equity in your home can help you implement your plans.
Features include:
- Fixed rate options
- Options to fit your needs
- Available on owner-occupied, one to four family homes
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Home Equity Lines of Credit (HELOC)
With a Northwest Community Bank Home Equity Line of Credit you’re able to utilize the equity in your home.
A HELOC requires interest-only payments during a 10-year period.
Features include:
- Revolving line of credit
- Variable rate options
- Interest only during the first 10 years
- Options to fit your needs
MAXIMUM ANNUAL PERCENTAGE RATE (rate cap) of 18%. Rate can vary monthly. Other terms and conditions may apply and are subject to change. Subject to credit approval.
Community First Mortgage for First-Time Homebuyers
First Time homebuyer program for homes purchased within the local communities listed below.
- One no fee rate or paydown modification over the life of your loan. You choose when the time is right for you.
- $1,000 closing cost credit
- Reduced Rates
- Limited special grant programs available
- Fixed and variable options available
- Up to 97% LTV (PMI required on LTV over 80%)
- Available for homes purchased in the following towns only;
- Avon, Barkhamsted, Berlin, Bethlehem, Bloomfield, Bridgewater, Bristol, Burlington, Canaan, Canton, Colebrook, Collinsville, Cornwall, East Granby, Falls Village, Farmington, Goshen, Granby, Hartford, Hartland, Harwinton, Kent, Lakeville, Litchfield, Morris, New Britain, New Hartford, New Milford, Newington, Norfolk, North Canaan, Plainville, Plymouth, Rocky Hill, Roxbury, Salisbury, Sharon, Simsbury, Southington, Suffield, Terryville, Thomaston, Torrington, Warren, Washington, Watertown, West Hartford, Wethersfield, Winsted, Windsor Locks, Windsor, and Woodbury.
- Personal service from a mortgage specialist with expertise in working with first-time homebuyers.
- 1st time homebuyers purchasing a home in any CT town not listed above, please refer to Our Neighbors Mortgage for First-Time Homebuyers Program.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Our Neighbors Mortgage for First-Time Homebuyers
First time homebuyer program for homes purchased in any town in CT not listed in the Community First program.
- Discounted rates for borrowers below the HUD defined Median Household Income
- Appraisal fee waived.
- Fixed and variable options available
- Limited special grant programs available
- Up to 95% LTV (PMI required on LTV over 80%)
- Personal service from a mortgage specialist with expertise in working with first-time homebuyers.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Refinance Mortgages
Refinancing your current mortgage is ideal for saving money and accessing equity.
Depending on your current interest rate, your savings over the term of the loan could be significant.
Here’s how:
- See what cash out options are available
- Lower your interest rate
- Lengthen or shorten term on an existing loan
- Choose from Fixed and ARM options
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Land Loans
When you’re thinking of building a new home, deciding about the kind of home you like, you want to find just the right place to build it.
A land loan helps you purchase the site for your future home. A Northwest Community Bank land loan offers:
- 1 year fixed rate with variable rate thereafter
- Interest rate caps at 2% per review and 18% lifetime
- Interest rate adjustments cap at 2% annually and a 6% lifetime cap over original rate
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Construction to Permanent Loans
Perfect for building and financing your new home.
One loan with two stages—for when you find that perfect property and want to build your dream home. We make the process easy, so you can make your financial plans and focus on settling in.
Features include:
- Construction funding and permanent funding in one loan
- Interest-only payments for up to 18 months during construction
- Fixed, ARM, and jumbo options
- Lock into long-term financing up front
- Up to 90% Loan to Value financing with Private Mortgage Insurance for qualified borrowers
Please contact Jennifer Ives-Groebl (NMLS MLO#532621), Vice President, Mortgage Loan Officer at (860) 393-9145 to discuss construction loan interest rates and options.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Jumbo Loans
Our traditional Jumbo 10-, 15-, 20-, and 30-year loans are perfect for the homebuyer looking to finance their dream home or existing homeowner looking to consolidate debts.
Features include:
- Fixed rate and adjustable rate products
- Up to 90% Loan to Value financing with Private Mortgage Insurance for qualified borrowers
- Options to fit your needs
Please contact Jennifer Ives-Groebl (NMLS MLO#532621), Vice President, Mortgage Loan Officer at (860) 393-9145 to discuss construction loan interest rates and options.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Housing Our Workforce (HOW) Program
Eligible homebuyers can receive up to $25,000 towards down payment and eligible closing costs.
The Housing Our Workforce (HOW) Program available through Northwest Community Bank is funded by the Federal Home Loan Bank of Boston (FHLBank Boston). Eligible homebuyers are able to receive a grant for 10% of the sales price up to a maximum of $25,000 (the lesser of the two).
Eligibility and Requirements:
- Households must earn more than 80% and up to 120% of the current area median income (AMI).
- First-time homebuyers must complete a homebuyer-counseling course administered by an experienced homeownership counseling agency.
- Property must be an owner-occupied primary residence.
- No repayment required after five years.
The number of available grants is limited and awarded on a first-come, first-served basis. Contact our mortgage lenders for more information and to see if you qualify.
This program is similar to the Equity Builder Program (EBP), but with higher income limits and purchase price limits. Compare How Program to Equity Builder Program.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Equity Builder Program (EBP)
Grant funds of up to $30,806 towards down payment and closing costs may be available for Qualified First-time Home Buyers
The Equity Builder Program (EBP) available through Northwest Community Bank provides funding up to $30,806 per property that can be used for down-payment assistance, customary closing costs (including single premium PMI), home-buyer-counseling costs not covered by another funding source.
Eligibility and Requirements:
- Households must earn no more than 80 percent of the current area median income (AMI), adjusted for family size, for Hartford or Litchfield County, or depending on the location of the new home.
- First-time homebuyers must complete a homebuyer-counseling course administered by an experienced homeownership counseling agency.
- Borrowers must be first-time home-buyers.
- Property must be an owner-occupied primary residence.
- No repayment required after five years.
This program is similar to the Housing Our Workforce (HOW) Program, but with lower income limits and more allowable uses of grant funds. Compare How Program to Equity Builder Program.
Other terms and conditions may apply and are subject to change. Subject to credit approval.
Lift Up Home Ownership Grant Program
Eligible 1st time homebuyers of color can receive up to $50,000 towards down payment and eligible closing costs.
The Lift Up Home Ownership program is a Special Purpose Credit Program available through Northwest Community Bank and funded by the Federal Home Loan Bank of Boston (FHLBank Boston) that is designed to increase the opportunity for Black or African American, American Indian/Alaska Native, Hispanic, or Latino, Asian, and Native Hawaiian/Pacific Islander borrowers that are first-time homebuyers to purchase a home in the New England region by providing enhanced down-payment and closing-cost assistance in the form of a grant up to $50,000.
Eligibility Requirements:
- At least one borrower must self-identify as one of the following;
- American Indian or Alaska Native
- Asian
- Black or African American
- Hispanic or Latino
- Native Hawaiian or Other Pacific Islander
- Households must earn less than 120% of the current area median income (AMI)
- Borrowers must be first time homebuyers and must complete a homebuyer counseling course administered by an experienced housing counseling agency.
- Minimum borrower contribution $1,000
- Property must be an owner-occupied primary residence.
- No repayment required after 5 years.
The number of available grants is limited and awarded on a first-come, first-served basis. Contact our mortgage lenders for more information and to see if you qualify.
Other terms and conditions may apply and are subject to change. Subject to credit approval.