Mortgage Rates
Rates are subject to change without notice.
The information provided on this page is for comparative purposes only. Click on the “Personalized Rate Quote” button in the left side bar for your personalized rate as your rate may be better or worse, depending on your personal circumstance. Interest rates, APR’s and terms may change at any time and without prior notice. Your actual interest rate, APR, payment, terms and costs could be different. Get an official Loan Estimate before choosing a loan. Your interest rate, APR, fees, and terms may differ based on when your interest rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, loan to value ratio, etc. The payment examples do not include mortgage insurance. The actual payment will be higher if mortgage insurance is required on your loan. The payment examples do not include amounts for taxes and insurance premiums. Your actual payment obligation will be greater considering taxes and insurance premiums. Not all loan programs are represented in this comparison. Other programs are available.
Fixed Rate Mortgages - Conforming Loans2
Effective Date: Tuesday, September 29, 2020
| Program | Rate | Points | APR1 | Monthly Payment per $1,000 |
|---|---|---|---|---|
| 30 Year Fixed | 3.000% | 0 | 3.044% | $4.22 |
| 30 Year Fixed Hometown Heroes3, 4 | 2.875% | 0 | 2.919% | $4.15 |
| 30 Year Fixed First Time Homebuyer3, 5 | 2.875% | 0 | 2.919% | $4.15 |
| 20 Year Fixed | 2.875% | 0 | 2.937% | $5.48 |
| 15 Year Fixed | 2.625% | 0 | 2.705% | $6.73 |
| 10 Year Fixed | 2.625% | 0 | 2.742% | $9.48 |
Fixed Rate Mortgages - Jumbo
Effective Date: Tuesday, September 29, 2020
| Program | Rate | Points | APR1 | Monthly Payment per $1,000 |
|---|---|---|---|---|
| 30 Year Jumbo | 3.625% | 0 | 3.641% | $4.56 |
| 15 Year Jumbo | 3.250% | 0 | 3.278% | $7.03 |
For rates on Adjustable Rate Mortgages please see
Personalized Rate Quote.
ALL RATES, TERMS, AND CONDITIONS SUBJECT TO CHANGE WITHOUT NOTICE.
1 For all Conventional loans including Hometown Heroes and First Time Homebuyers, Annual Percentage Rate (APR) is based on a $240,000.00 loan with 20% down, and for Jumbo Loans APR is based on a $700,000 loan with 20% down, for purchase money or no-cash out refinance loan, assuming a FICO of 740, and a 30 day rate lock period. A lower down payment or lower FICO score may affect your rate. Private Mortgage Insurance (PMI) required on all loans with Loan-to-Value (LTV) greater than 80%, PMI will increase APR. Payment examples do not include tax escrow and insurance. Additional rates and fees may be assessed due to type of loan, FICO score, type of property, and LTV. The 2020 maximum conforming loan limit for one-unit properties is $510,400. All loan balances greater than the conforming limit are considered Jumbo loans.
2 A conforming loan is a mortgage loan that meets guidelines and limits set annually by the Federal Housing Finance Agency (FHFA) which governs the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Government National Mortgage Association (GNMA or Ginnie Mae), and the Federal Home Loan Bank (FHLB).
3 South Shore Bank allows loans with LTVs as high as 95%, and multiple rate lock periods for all programs, including Hometown Heroes and First Time Homebuyers. Please contact your loan officer for more specific details on loan qualifications.
4 Hometown Heroes loans are available to healthcare workers including, Doctors, Nurses (including RN, LPN, APN's), therapists including Physical and Occupational. Pre K – 12th Grade teachers, administrators, and counselors for both public and private schools. Additionally, First Responders including Fire, Police, and EMS personnel are eligible. LTV maximum is 95% and FICO minimum is 660.
5 First Time Homebuyer loans are available to borrowers who are purchasing their first home or have not owned or been part owner of a home for more than 3 years. South Shore Bank will cover the cost of the appraisal on all First Time Homebuyer loans. LTV maximum is 95% and FICO minimum is 660.
