Residential Loans

Ready to make a big move?
We're here to help.

House hunting in Massachusetts or southern New Hampshire? You'll focus first on floor plans and front porches, lot sizes and local schools. But at some point, you’ll need to turn your attention to how you’re going to pay for that perfect place. With so much at stake, it’s nice to work with people who have done this for decades.

Meet Our Residential Lenders

At the Institution for Savings, we’re ready to guide you through the mortgage process and provide a loan you can live with for the long run.

Important Information to Know Before You Apply

Fixed-rate Mortgage Loans

With a fixed-rate mortgage loan, your monthly payment will stay the same for the life of the loan, making it easier to plan your finances well into the future.

Choose loan terms of 10, 15, 20 or 30 years
Attractive rates and low closing costs
Convenient online application
Refinancing options available
We service our mortgages locally, so you can direct any questions or concerns directly to us.

Adjustable-rate Mortgage Loans

Adjustable-rate mortgage loans have an interest rate that may change periodically depending on changes in a corresponding financial index that's associated with the loan. Generally speaking, your monthly payment will increase or decrease if the index rate goes up or down.

ARM loans are usually named by the length of time the interest rate remains fixed and how often the interest rate is subject to adjustment thereafter. For example, in a 5/1 ARM, the "5" stands for an initial 5-year period during which the interest rate remains fixed while the "1" indicates that the interest rate is subject to adjustment once every year thereafter.

Choose loan terms of 5 or 7 years.
A good option if you plan to move before the end of the introductory fixed-rate period, want an initial monthly payment lower than a fixed-rate mortgage usually offers and/or anticipate interest rates may go down in the future.
We service our mortgages locally, so you can direct any questions or concerns directly to us.

Home Equity Loans

Make your home work for you! Our home equity loans are available in a variety of terms and empower you to take on a big remodeling project, make major purchases, finance education or more!

Attractive rates and low closing costs
Ideal for consolidating higher interest debt
No restrictions on use of funds
Convenient online application

Home Equity Line of Credit

Access your money only when you need it by writing checks against your available approved credit line. Our home equity lines are ideal for covering education costs, paying unexpected bills, taking a trip and more!

Borrow funds for 10 years with interest-only payments during the 10-year draw period followed by a 10-year repayment period. (For additional information, ask one of our loan officers for a copy of Home Equity Line of Credit Plan Disclosure.)
Convenient online application

First-time/Affordable Homebuyer Loans

Buying your first home can be daunting....and that is why we are here to help you navigate the journey and explain all the mortgage options available.

First-Time/Affordable Homebuyer Loan

Our First-time/Affordable Homebuyer Loan is a great option for first-time homebuyers purchasing an owner-occupied condominium or single-family primary residence in Essex County.

First-Time/Affordable Homebuyer Rates

First-Time Homebuyer Education Class

A First-time Homebuyer Education Class is recommended for all first-time homebuyers and required for some of our programs. As an added incentive, Institution for Savings will provide a closing cost credit to all applicants who complete an approved CHAPA certified course and close their loan with the Bank.

We have also partnered with the local First-time Homebuyer Education providers listed below to offer an additional closing cost credit of the standard course fee when you complete one of their courses. Simply provide the course completion certificate and proof of payment to receive the added benefit at closing.

Merrimack Valley Housing Partnership

For information about live classes held via Zoom, please visit mvhp.org or contact MVHP directly at 978-459-8450.

Gloucester Housing Authority
Contact a homeownership advisor directly at 978-281-4770 x110
or via email at abeaton@ghama.com.

What Our Mortgage Customers Say...

"Kate made the first-time homebuying process a breeze. We appreciated the personal touch of working with a local lender and found the rates to be more competitive than the larger banks we quoted."	“Josh worked with us diligently over many months to help us get a mortgage for a townhouse that was under construction. He helped keep us on track so we were able to close on time with no last-minute surprises!”	“Andrea took the time to ensure we understood the entire process and was always willing to explain things until we were comfortable. This was the smoothest loan that I've ever done and I would never work with anyone else!”
“Working with Nancy was a dream come true! As a real estate agent, it was wonderful to work with a lender that went above and beyond in the interest of my client. She not only secured the lowest interest rate, but also positioned him to receive a sizable grant."	"I cannot say enough good things about our experience with Dave and the IFS. Aside from a very competitive rate, Dave was available for any and all questions all the way through the process (and even after we closed!). He is detail-oriented, always follows through, and delivers on his promises."	“Jeff was diligent, thoughtful, and accommodating which was appreciated as first-time homebuyers. He walked us through the mortgage process while being fully transparent about every cost associated. ... and he attended our closing to make sure things went smoothly.
	"Sandy made the process efficient and seamless. Very responsive and informative from start to finish. Not once did I reach out and get her voicemail. The loan was closed in less than a month!”