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Loans

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Danversbank has a variety of loan options to help you finance your new home or vehicle, or to pay for your home renovations, college tuition, etc.

Mortgages

Residential Mortgage Programs

Throughout its history, Danversbank has been committed to helping customers become homeowners. Offering a variety of innovative and competitively priced financing programs, our experienced Mortgage Officers will provide fast approval, then guide you through the often-times confusing process. If that isn’t convenient enough, you can try our Mortgage Calculator, Online Application or visit our Frequently Asked Questions.

 

Jumbo Mortgage Offerings
Danversbank can make owning your dream house a reality — regardless of the purchase price. Our Jumbo Mortgages that can be structured as 1-Year, 3/1, 5/1, 7/1 or 10/1 ARMS(1) or 30-Year Fixed programs.

Jumbo Mortgage Special
  • 30 & 15 year fixed rates for loan amounts up to $1,000,000
  • Purchase financing up to 90%
  • Available for purchase or refinance transactions
  • Local servicing
  • Check rates, apply online or contact us by email or telephone at 978-624-1152

Fixed and Adjustable Rate Mortgages

Depending on your situation, Danversbank offers a variety of loan options and payment terms from which to choose, including both Fixed and Adjustable Rate Mortgage (ARM) plans(1). Whether you are buying or refinancing an existing residence, we have a product or term specifically suited to your unique needs. Choose from:

 

  • 10-, 15-, 20-, 30- and 40-year Fixed
  • 1-Year, 3/1, 5/1, 7/1 or 10/1 ARMs(1)
  • 40-Year, 5/1 ARM(1)
  • 5/1, or 10/1 Interest-Only ARMs(1)
  • Non-Owner Occupied Mortgages(3)
First-Time Homebuyer Services
Danversbank has been assisting homebuyers since 1850; we know how confusing the mortgage process can be, especially the first time. That’s why we offer a variety of different programs such as those offered through MassHousing(2) (Massadvantage 97 and 40-Year Fixed) and Fannie Mae(3) (My Community Products) as well as our own First-Time Homebuyer 5/1 ARM(1).
 
Construction Loan Programs
If you’re planning on building a new home, Danversbank’s mortgage professionals can assist you during the process. We offer a 1-Year loan, which upon completion has a built-in option to modify to permanent financing. We also offer a 5/1 ARM(1) single closing Construction Loan that allows you to secure a low rate the first year of construction and for four years thereafter.
 
Reverse Mortgage Loans
With a Danversbank Reverse Mortgage, you can convert the equity you’ve established in your home into cash, without repaying the loan until you move or the property is sold. Available to senior citizens (62 or older), this product is designed to provide primary or supplemental income for your later years. A Reverse Mortgage is not the ideal solution for everyone, so we’ll take the time to understand your situation and help you make the most informed decision.
 
Home of the Brave
We are the only North Shore lender partnering with MassHousing for their Home of the Brave Program. It’s an affordable, no down-payment mortgage program for Veterans of the U.S. Armed Services that can be used for either a new purchase or a refinance.
 
Home Saver Foreclosure Prevention Programs
Danversbank is pleased to offer MassHousing’s Home Saver program – a counseling and loan product that helps borrowers who are experiencing difficulty repaying their mortgage. It’s a proactive step that you can take before your mortgage becomes unaffordable and before foreclosure becomes a real possibility. We also designed a Subprime Relief Loan to help homeowners who have a subprime loan they want to refinance out of before their payments increase. This specialized product was developed specifically in response to conditions in the marketplace, and the problems some homeowners are facing after falling prey to the subprime hype of a few years ago. 
 
(1) Rate may increase after consummation.
(2) Reduced closing costs, restrictions apply.
(3) Some restrictions apply.

To see more about mortgage rates, payment amounts and other program information, enter our Online Mortgage Center, or contact a specialist in our Residential Mortgage and Consumer Lending Center at 978-624-1152.

Consumer Loans

Danversbank can help you achieve your goals with one of the following Consumer Loan products:

  • Creditwise Home Equity Line of Credit*
    Now you have two options for accessing your Danversbank Home Equity Line of Credit: paper checks, or the new CreditwisedirectSM Debit MasterCard. You can use it at stores, just as you would any other debit card, and purchases are drawn directly from your equity line. What could be easier? Contact Nellie Homen-Penick at 978-739-0260 for more information or to apply.
  • Home Equity Loan*
  • Automobile Loan*
  • Boat & RV Loan
  • Collateral Loan*
  • Private School and College Tuition Loans

*Save .25% on the interest rate of your loan, if you opt to have your monthly payments auto-debited from a Danversbank deposit account.

For more information, contact a Customer Support Representative at 800-771-8200, or a specialist in our Residential Mortgage & Consumer Lending Center at 978-624-1152.

 

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