• The rate is fixed for the 3-year, 5-year or 7-year period
• After the initial fixed-rate period, the rate can be adjusted up or down depending on the one-year LIBOR rate (this is the “Index”)
• After the initial fixed-rate period, the rate can go up or down by as much as 5% the first year and 2% the following years (this is the “Periodic Cap”) plus a margin of 3.25%.
• The adjusted rate won’t ever go higher or lower than the initial fixed rate plus or minus 5% (this is the “Lifetime Cap”)

• The loan is paid over a 30-year period (this is the “Amortization Period”)
• To lower your monthly payment and qualify for a larger loan, a 40-year Amortization Period option is available
• If you think rates may go up between the time you apply and your loan closing date, you can lock-in your rate for 45 days by paying an amount equal to .5% of your loan amount (this is the “Rate Lock Fee”); the Rate Lock Fee is returned to you at your loan closing
• You can lower your initial rate by paying 1% or 2% of your loan amount (these are “Points”)

• Automatic Loan Payments from a Wainwright Checking or Savings Account
• Personal Relationship Package
• Home Equity Line of Credit
• Personal VISA Credit Card
• Online Banking with free Bill Payment

Make your banking easier and save hundreds of dollars by wrapping your personal accounts and loans together into one simple package. Get more convenience for less money with features like free checking, free worldwide ATM transactions, free overdraft protection transfer from a savings or money market account, and lots more!

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