Mortgages and Home Equity Loans

The right options for all your home loan needs

When it's time to apply for a mortgage, refinance, or access your property's equity, having a friendly, knowledgeable banking professional guide you through the process makes a world of difference. At Collinsville Bank - A Division of Northwest Community Bank, our loan officers are ready to listen and help create a solution tailor made for you. We offer a wide variety of options, with flexible terms and down payments as low as 5%.

Mortgages

Fixed Rate Mortgages

Perfect if you're planning to own long term

Our 15 and 30 year fixed rate mortgages are competitively priced and we make the application process easy! Enjoy the peace of mind that your mortgage rate will not change for the length of your loan!

  • Security of a "no surprises" fixed cost every month
  • Interest rate fixed for life of loan
  • Jumbo financing available
  • Competitive rates

* Other terms and conditions may apply. Subject to credit approval.

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Adjustable Rate Mortgages (ARMs)

Perfect for those with a shorter ownership horizon

Our Adjustable rate mortgages (ARM) are perfect for individuals who aren't sure they will be in their home for a long time. With lower rates than our fixed mortgages a Collinsville Bank - A Division of Northwest Community Bank ARM is a great option!

  • Initial rates lower than fixed rate
  • Flexible options: 1, 3, 5, and 7-year terms available
  • 2% annual rate increase cap
  • 6% lifetime rate increase cap

* Other terms and conditions may apply. Subject to credit approval.

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Refinance Mortgages

Perfect for saving money and accessing equity

Mortgage rates are holding steady at incredibly low rates - if you haven't refinanced your home now is the time to do so. These rates won't last forever. Depending on your current interest rate, your savings over the term of the loan could be significant!

  • Cash out options available
  • Lower your interest rate
  • Lengthen or shorten term on an existing loan
  • Fixed and ARM options available

* Other terms and conditions may apply. Subject to credit approval.

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Jumbo Mortgages

Perfect for large purchases

A jumbo mortgage is any loan exceeding the government loan limits for a specific area. Limits vary within the State of Connecticut, but a loan which exceeds $548,250.00 for single unit properties is typically considered a jumbo mortgage.

  • For loans greater than $548,250.00
  • Competitive rates
  • Also available for construction projects
  • Fixed and ARM options available

* Other terms and conditions may apply. Subject to credit approval.

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Other Home Loan Options

Home Equity Loans

Use equity to improve and add value to your property

Thinking of buying a second home, financing a college education, or doing a remodel on your home? Perhaps a home equity loan is for you. Unlike the line of credit, a home equity loan is one lump sum with a fixed term for repayment with both fixed and adjustable rate options.

  • Security of principal and interest payments
  • Fixed and ARM rates available
  • No closing costs option available
  • No annual fee

* Other terms and conditions may apply. Subject to credit approval.

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Home Equity Line of Credit (HELOC)

Unlock the equity in your home for virtually any purpose

Because sometimes you just need the security of knowing there is "cash on hand" in case of emergencies. Our home equity line of credit or HELOC, allows you to use what you need when you need it and pay interest only on what you've spent.

  • Low variable rate options
  • Interest only payments during 9-year, 9-month draw period
  • Automatically converts to 15-year ARM after draw period
  • Low annual fee
  • Easily transfer money online from your Home Equity Line of Credit to your Collinsville Bank - A Division of Northwest Community Bank deposit account

* Other terms and conditions may apply. Subject to credit approval.

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Construction to Permanent Loans

Perfect for building your dream home

Looking to build your new home - a Collinsville Bank - A Division of Northwest Community Bank construction loan is what you are looking for. No need to refinance after you are done - we make the process easy, so you can concentrate on choosing cabinets, countertops, paint colors and trim designs vs. worrying about your mortgage!

  • One closing: No need to restart the process after construction
  • Interest only payments for up to 12 months during construction
  • Fixed, ARM, and jumbo options
  • Lock in long term financing up front

* Other terms and conditions may apply. Subject to credit approval.

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Land Loans

Perfect when you've found your dream home site

Have you had your eye on that gorgeous plot of land waiting for your vacation home to be built on? Talk to our specialists about a land mortage - with several options and lengthy repayment terms, Collinsville Bank - A Division of Northwest Community Bank can help make your dream become a reality!

  • Financing with as little as 25% down
  • Created for approved building lots only
  • Fixed and ARM options
  • Terms up to 10 years

* Other terms and conditions may apply. Subject to credit approval.

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Homeownership Assistance Programs

Housing Our Workforce (HOW) Program

We are pleased to announce that FHLBank Boston has adjusted HOW in an effort to help homebuyers facing the current competitive real estate market. Eligible homebuyers can now receive up to $15,000 in down payment assistance.

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 now be able to receive a 1.5-to-1 matching grant of the borrower's down payment up to $15,000 on applications submitted July 1st and later.
For example, if a borrower puts down $10,000 they can receive $15,000.

Eligibility and Requirements:

  • Households must earn more than 80% and up to 120% of the area median income (AMI).
  • 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, but with higher income limits, purchase price limits, and a singular focus on down payment assistance. Compare How Program to Equity Builder Program.

* Other terms and conditions may apply.

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Equity Builder Program (EBP)

Grant funds of up to $15,000 towards down payment and closing costs may be available for Qualified First-time Buyers

The Equity Builder Program (EBP) available through Northwest Community Bank provides funding up to $15,000 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 median income, adjusted for family size, for Hartford or Litchfield County, depending on the location of the new home.
  • 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.

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