Buying a Home

Buying a Home

Make a plan that works for you today and tomorrow.

Fixed rate mortgage or adjustable rate mortgage? Homebuyers in central Massachusetts and Worcester will find the best of both at Southbridge Savings Bank.

So what’s the difference?

Fixed rate mortgages

With a fixed rate mortgage, your interest rate stays the same for the life of your loan, and so does your monthly payment. As a result, you can budget your household expenses and savings more accurately over the long term. If you plan on staying in your home for a longer period of time, fixed rate is the way to go. (If rates go down, you can always refinance.)

Adjustable mortgages

Adjustable mortgages offer “starter” interest rates that are typically lower than fixed rates. After a certain time period (usually 3, 5 or 7 years), the rate adjusts to align more closely to current market rates. So if rates go down, so does your payment. If rates go up, you’ll pay more each month. Adjustable mortgages work great for buyers, such as many first-timers, who plan to move again in a few years. If you sell your home before the rate adjusts, you eliminate your risk of higher payments. If you don’t plan to move and rates go down, you can refinance to a fixed-rate mortgage.

Building a Home

If you build it, we'll help you with the financing.

Construction Mortgages

Building your own home has its own demands and challenges. If you're looking to build in the central Massachusetts and Worcester region, our new construction mortgage experts will be at your side through the entire process. With Southbridge Savings Bank, you'll have the money you need when you need it, at rates that add value to your dream home.  

See our current mortgage rates.

Calculate your payment.

Calculate your potential monthly payment with the NextDoor Lending mortgage calculator.

Talk to a Next Door Lending Mortgage Loan Originator and get all the information you need about getting into the home of your dreams with Southbridge Savings Bank. Call 800-939-9103 or visit your local branch.