Benefits to Borrowing with Piscataqua Savings Bank
There are many advantages to choosing Piscataqua Savings Bank as your mortgage provider over a national bank or online mortgage lender. At Piscataqua Savings Bank, we never have to check with “corporate” or third party underwriters in another state because most of our loans are true portfolio loans. That means your loan originates with us, is retained by us, and all your payments are made here.
If you choose a nationwide bank or online lender, your mortgage may be sold multiple times over the lifetime of your payments, which can result in confusion and the greater possibility of missed payments due to misunderstanding. At Piscataqua, you’ll work with one loan officer throughout the whole process, so there’s never any confusion about your next steps or where your mortgage stands.
Borrowing with Piscataqua Savings Bank also has the advantages of low closing costs, and there are no processing, underwriting or document preparation fees.
If you’re new to the mortgage process, you might be wondering which loan or line of credit is right for you. Below you’ll find an outline of some of our most popular offerings with an explanation of the benefits of each type of loan or line of credit.
Mortgage Loans
A mortgage loan allows you to finance the purchase or refinance of a home. Piscataqua Savings Bank offers a range of mortgage options to fit your goals and financial situation.
Fixed-Rate Mortgage
- Interest rate remains the same for the life of the loan
- Monthly payments stay consistent, ideal for predictable budgeting
- Long-term stability and peace of mind
Adjustable-Rate Mortgage (ARM)
- Lower initial interest rate for a set period
- Rate adjusts periodically based on market conditions
- May save money if you plan to sell or refinance early
Non-Conforming Fixed-Rate Mortgage
- Used for properties or loan sizes that fall outside GSE guidelines
- Ideal for larger purchases or unique property types
Home Equity Loans & Lines of Credit
With a home equity loan, the borrower uses the equity of their home as collateral. The borrower receives the loan as a lump sum. A line of credit functions similar to a credit card; the borrower has a set limit on the line and can take out as much or as little as they need at a time. A line of credit offers greater flexibility for someone whose expenses aren’t set in stone, while a home equity loan may be better suited to a pre-determined expense and repayments can be budgeted for monthly similar to a fixed-rate mortgage.
Piscataqua Savings Bank offers traditional home equity loans as well as a program called HELP (Home Equity Line Plus) that allows you to “lock in” the interest rate and monthly payment on a portion of your home equity line. The balance of your line remains available in case you need it in the future.
Piscataqua Savings Bank even offers a unique GreenLine Loan with a lower rate for purchases relating to energy-efficient improvements. This can be applied towards home improvements such as heat pumps and solar panels, but can also be applied towards the purchase of an electric vehicle.
Consumer Loans
In addition to home loans, Piscataqua also offers a range of consumer loans to suit many needs. The Bank offers automobile loans, and both secured personal loans (secured by your savings or certificate of deposit (CD) account) and unsecured personal loans (meaning no collateral is necessary).
Unique Lending Offerings
We also offer custom lending options to meet unique needs:
- Blanket Mortgages: Finance two properties under one loan
- Loan Modifications: Reduce your interest rate for a flat fee without refinancing
- Construction Loans: Single-close program, no need to refinance after construction, save on closing costs and simplify the process
- Investment Property Loans: Purchase and finance rental properties
Piscataqua Savings Bank Mortgage Options
At Piscataqua Savings Bank, we take pride in being one of the Seacoast’s leading home mortgage lenders. We’re a family bank first—where our customers matter most and communication is essential. Our loan officers realize a mortgage is right only when individually tailored for each customer. We specialize in offering solid advice that is carefully composed around your particular circumstances. Learn more about our home mortgage lending program here, call (603) 436-5250 to speak with a loan officer, or visit us in person at 15 Pleasant Street in Portsmouth, NH.
Want to get started online? Click here if you’d like to start the process online, we’ll be in touch on the next business day to discuss your needs.
Lender NMLS# 406100
Member FDIC | Equal Housing Lender
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