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loans, lines & mortgages   loan rates >details
adjustable rate mortgage
  • Rate is fixed for a specific period and then adjusts annually thereafter
  • Initial fixed rate periods of one, three, five or seven years available
  • After initial fixed rate period, rate can adjust up or down by 4% for the first adjustment and by 2% the subsequent years, with a lifetime maximum adjustment cap of 6%
  • Thirty or forty year amortizations available
  • Available as a Jumbo Mortgage for loans of $417,000 or more
fixed rate mortgages

  • Rate is fixed for the entire term of the loan
  • Terms of ten, fifteen, twenty, thirty or forty years available
  • Point options available to reduce rate
  • Available as a Jumbo Mortgage for loan amounts of $417,000 or more
fixed rate mortgages

  • Rate is fixed for the entire term of the loan
  • Fixed Monthly Payments
  • Terms of ten, fifteen, or twenty years available
  • No closing costs
  • Rate lock fee refunded at closing (if applicable)
affordable mortgages
  • First Time Homebuyers: No Closing Costs
  • Refinances: $500 Credit to Closing Costs
  • The Affordable Mortgage has a periodic cap of 1% and a lifetime cap of 6%
  • Family Income Limit: $66,000 (Excluding projected multi-family rental income)
  • 5/1-Year ARM: Fixed 5 years, then can change annually based on one year T-Bill plus a margin of 2.75%
  • Maximum loan amount $300,700
1st time home buyer

  • Family Income Limit: $96,700
  • $1,000 Credit towards closing costs
soft second mortgage

  • Household Income Limit: Varies by community and family size
  • No Private Mortgage Insurance (PMI); instead a 2nd mortgage payment of interest only for the first ten years
  • No points
  • Rate is lower than conventional 30-year mortgage
municipal mortgage

  • Family Income Limit: $113,535
  • Up to 100% Financing
  • Potential credit toward closing costs based on income
  • 5/1 ARM Rate at .125% discount
10/20 interest-only jumbo motrgage

  • Provides the option to pay interest only for the first ten years
  • $417,000 minimum loan amount
  • Chose either a one, three, five or seven year Adjustable Rate Mortgage
  • Twenty year amortization
home equity line of credit

  • Special limited time offer: 4.49% APR fixed rate guaranteed until 9/30/08* (for Personal Relationship Package customers with automatic payments from a Wainwright checking account)
  • After initial promotional rate period, rate for customers with a Personal Relationship Package and automatic payments from a Wainwright checking account is:
    • Lines under $200,000: Wall Street Journal Prime Rate - .5% for the life of the line*
    • Lines $200,000 and over: Wall Street Journal Prime Rate - 1% for the life of the line*
  • Revolving line of credit allows the flexibility of drawing and repaying principal amounts during the initial draw period
  • Interest is only paid on the outstanding principal balance (interest paid may be tax deductible, please consult your tax advisor)
  • Flexible repayment options include interest-only payments during the initial draw period; additional principal payments may be made anytime
home equity loan

  • Choose a term from 5 to 15 years
  • Possible tax deductible interest payments (See your tax advisor)
  • Fixed rate for the term of the loan. 25% rate reduction for loan payments automatically deducted from a Wainwright checking account
interest-only home equity loan
  • Choose to pay only the interest each month
  • Choose a term from 5 to 15 years
  • Rate fixed for the first five years then adjusts monthly to Prime - 1/2%
  • No application fee, no closing costs
  • $50,000 minimum
  • Requires automatic monthly payments from a Wainwright checking account
  • Tax deductible interest payments! While you can no longer deduct interest paid on credit cards, personal loans and car loans, you may be able to deduct interest payments made on Home Equity Lines within the guidelines of the law (Please consult you tax advisor for further information)
  • Use it for any financial need! Consolidate your debt, buy a new car, fix up the house, or finance a college education
  • To estimate your Home Equity credit borrowing potential, contact us today
green loan
  • Reduced rate home equity loan for energy efficient home improvements such as the installation of solar or wind power, energy efficient windows, new septic system, insulation, improvements using recycled materials and more
  • A .50% reduction on regular Home Equity Loan rates with automatic payments from a Wainwright checking account; .10% rate reduction without automatic payments
  • No closing costs
  • To apply: Call 800-444-BANK (2265), email consumerloans@wainwrightbank.com or stop by any branch location
auto loans
  • New and Used Auto Loans with flexible terms are available [a new auto has never had a title issued but has a Certificate of Origin]
  • For purchases from auto dealers only -- no refinancing of loans from other lenders
  • Vehicle must be titled in Massachusetts
  • 10% down payment required for new cars; price based on Sales Contract after all rebates
  • 20% down payment required for used cars; maximum loan amount based on the lower of the purchase price or NADA average retail value
  • To apply: Call 800-444-BANK (2265), e-mail consumerloans@wainwrightbank.com or stop by any branch location
personal unsecured loans
personal line of credit
  • $1,000 minimum
  • Can be used as automatic overdraft protection when linked to a Wainwright checking account
  • Checks can be ordered to access the line directly
  • To apply: Call 800-444-BANK (2265), e-mail consumerloans@wainwrightbank.com or stop by any branch location
 
 

*Wall Street Journal Prime Rate is 5.00% as of 4/30/08; a combined $5,000 deposit and loan balance will waive Personal Relationship Package monthly fee; maximum Annual Percentage Rate (APR) is 18%; rates subject to change after consummation; 1-4 family primary residences only; not available for homes currently for sale or intended to be sold within 6 months of loan closing; property insurance required; promotional offer is for new loans only and not for refinancing of existing loans with Wainwright Bank; limited time offer may be withdrawn at any time; consult tax advisor regarding deductibility of interest; no closing cost feature based upon a sufficient property valuation to support the loan amount requested; market appraisal fee, if applicable, will range from $300-$700; a prepayment penalty may apply for lines closed within the first 24 months.

Please note: Our lending area for loans & mortgages is primarily Eastern Massachusetts.

 
Wainwright: banking on Valuespersonal banking options
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Wainwright Bank & Trust Company, 63 Franklin Street, Boston, MA 02110     Call 617-478-4000 or 1-888-428-BANK