Mortgage Loan Programs

Unlock your potential with the right financing for you. We know borrowing money can be stressful, so Abington Bank makes it easy to compare terms and find a loan that helps make the process simple and stress-free.

Fixed Rate Mortgages

If you’re a prospective home buyer who would be more comfortable with a set monthly payment for the term of your loan, lock in a fixed rate for your home financing.

Features:

  • Consistent mortgage payments
  • Flexible terms
  • Zero point options available

Adjustable Rate Mortgages

An adjustable-rate mortgage (ARM) usually starts at a lower rate than a fixed-rate loan, which translates to a lower payment for greater purchasing power. This introductory fixed-rate period is then followed by rate fluctuations based on a predetermined margin and a defined index. Interest rate changes are limited, or capped, at each adjustment and for the life of the loan. For more information, contact one of our Mortgage Lenders.

Features:

  • Start with lower payments that will adjust to market conditions at a future specified date
  • Periodic and lifetime caps are provided to protect you from market fluctuations
  • Flexible terms
  • Zero point options available

Home Equity

Do you have equity in your home? You may have access to the money you need to consolidate bills, pay off high interest credit cards, accomplish a home improvement project or take that well-deserved vacation.

Home Equity Line of Credit Features

  • No standard closing costs
  • Lines as low as $10,000 or as high as $250,000 are offered
  • Interest paid on your line may be tax-deductible (consult your tax advisor or accountant)
  • The interest rate is tied to the prime rate and will only change as the prime rate adjusts

Home Equity Loan Features

  • No standard closing costs
  • Varying terms available
  • Fixed interest and payments for the life of the loan

First-Time Home Buyer

As a first-time home buyer, you may qualify for advantages such as reduced closing costs, a low down payment, zero points and flexible qualifying guidelines. Products are available for 1 -4 family homes and condos. Let’s explore your options together and find the financing solution that can make your plans possible.

Features

  • Reduced closing costs
  • Low down payment
  • Flexible qualifying guidelines
  • Zero point options available

Construction Loans

Planning on building a new home? Our construction loan offers special benefits, flexible terms and competitive interest rates to help make your payments affordable while the home is being built and after you move in. Upon completion of the project, the loan will convert to a fully amortizing mortgage – without the need of a second closing.

Features

  • One closing
  • Adjustable rates
  • Flexible terms
  • Zero point options available

Flexible Mortgage Programs

Homeownership is part of the American dream. Abington Bank offers a variety of mortgage programs to help make the path to home ownership possible for low- and moderate-incomes families.

Affordable Housing Program

Our Affordable Housing Program features a 7/3 adjustable-rate mortgage that starts out with a low fixed rate for seven years, which is then adjustable every three years thereafter. What’s more, the program requires as little as 3% down*.

In general, adjustable-rate mortgages are a good choice if you:

  • Plan to move or sell your house before the end of the fixed-rate period, so you aren’t concerned about possible rate increases.
  • Want an initially lower starting rate and monthly payment than a fixed-rate mortgage typically offers.
  • Believe that interest rates may decrease in the future.

*Click on View Rates for more information.

2021 Equity Builder Program/Housing Our Workforce Program

Abington Bank participates in the Federal Home Loan Bank of Boston’s 2021 Equity Builder Program (EBP) and Housing Our Workforce (HOW) programs. These programs provide grants through approved lenders that assist lower income homebuyers with certain costs associated with buying a home.

Equity Builder Program (EBP):

For 2021, we’re eligible to receive up to $150,000 in grants to borrowers through this program, depending on availability of funds.*

  • Qualified borrowers purchasing an owner-occupied primary residence can receive up to $15,000 in assistance toward down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
  • To qualify, household income must be at or below 80 percent of the area median income of the new home.

*Buyers must complete a homebuyer counseling and education program. Funds are limited and available on a first-come, first-served basis. Loans subject to credit approval.

Housing our Workforce (HOW) Program

For 2021, we’re eligible to receive up to $100,000 in grants to borrowers through this program, depending on availability of funds.*

  • Qualified borrowers purchasing an owner-occupied primary residence are eligible to receive up to $10,000 in a two-to-one match of down payments made at the time of purchase.
  • To qualify, household income must be more than 80 percent but less than 120 percent of the area median income of the new home.

*Buyers must complete a homebuyer counseling and education program. Funds are limited and available on a first-come, first-served basis. Loans subject to credit approval.