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Frequently Asked Questions

Yes, North Shore Bank offers first-time homebuyers great rates on a variety of flexible mortgage programs – even if you can’t afford a big down payment or high monthly payment.

Just as important, our local mortgage professionals are happy to personally assist you. We can explain your home financing options, refer you to proven real estate agents or use our experience and local contacts to help you get comfortable with the home buying process.

Here are a few smart ways to get started:  

Buying your first home can be intimidating, but we’re here for you every step of the way – providing exceptional service and clear, helpful answers to all your questions. With more than 90 years of service to our neighbors, North Shore Bank truly is “The Bank of You.”

 

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You’ll find a variety of home financing options on our mortgage home loans page, including:

  • Fixed rate mortgages that securely lock in one low interest rate and monthly payment over the life of your loan
  • Adjustable rate mortgages that can make a great home more affordable with lower upfront payments 
  • Primary home mortgages with terms ranging from 3 to 30 years 
  • Home equity loans and lines of credit that let you finance improvements or get needed cash, using the value of your current home 
  • No closing cost loans and non qualified mortgage loans
  • Multi-family and commercial mortgage loans

 

Finding the best mortgage also means finding the best terms, so talk to one of our loan professionals for answers and advice. Is a 10-year term a better fit for you than 30 years – or do you want a smaller down payment and lower monthly payment? Do you like the security of fixed rates, or can an adjustable rate mortgage help you afford the home you really want?

 

We can walk you through all the possibilities. Simply call 877.672.2265. There’s no obligation – just good advice you can trust. You can also get pre-approved in as little as a few minutes. It’s easier than you think!

 

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Visit our mortgage rates page and you can see our loan options at a glance. But keep in mind that a smart mortgage is a lot more than numbers, terms and APRs.

Because mortgage rates can vary daily and are subject to change, connecting with us is the easiest way to make sure that you have the latest information. More important, we can sit down together and discuss the many factors that affect your overall loan cost. For example, locking in that “lowest possible rate” could ultimately cost you more in interest points.

To find the best loan and not just the best rate, simply:

Talk to a North Shore Bank mortgage professional or get pre-approved online in minutes. You’ll learn how much home you can comfortably afford – and you might be pleasantly surprised!

 

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As you review your mortgage options, one basic question is: Do you want the lowest monthly payment, or is it your goal to own your home as quickly as possible?

Our most popular 30 year and 15 year fixed rate mortgages, for example, both have advantages You’ll pay less each month with a 30 year term. On the other hand, a 15 year mortgage can reduce your interest costs by more than half over the life of the loan.

Why you might prefer a 30 year term

  • You can only afford a lower monthly payment
  • You’re younger and expect to earn income over the entire term 
  • You can maximize your mortgage interest tax deduction

 

Why you might prefer a 15 year term

  • You’ll own your home free and clear sooner
  • You want to pay off your home before retiring or sending children to college 
  • You’ll pay less interest over the life of the mortgage

 

You can try our mortgage and loan calculators to compare terms for fixed and adjustable rate mortgages. Talk to a loan professional at North Shore Bank to discuss the terms that fit you best. We can help make your choices clear.

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When you close on a mortgage, you may have the option of paying points in exchange for a lower interest rate that can reduce your monthly loan payments. If you’re not sure what points are or how they can affect your mortgage costs, here are some basics to help you decide.

A point is basically a measure of prepaid interest, equal to 1% (one point) of the total loan. For a $100,000 mortgage, that means an upfront cost of $1,000 per point.

Generally points are worth the cost if:

  • You can save more on payments over the life of the loan than by putting the money into a bigger down payment
  • You intend to stay with your home (and your mortgage) for a long time

 

You can use our mortgage points calculator to calculate your own savings. For example, paying two points to get a 4% rate on a $100,000 mortgage could save you $2,000 over 10 years. But if your plan is to sell your home after only four or five years, you’re better off putting the money into your down payment.

For all your mortgage options, contact a loan professional today or call 877.672.2265. At North Shore Bank we’ll help you maximize the value of your mortgage.

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