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Types of Loans

Berkshire Bank Home Lending offers a variety of loans programs to meet your needs.

We offer loans that are closed and held in our own portfolio as well as loans that are sold to the secondary market.

The benefit to you is more lending options for you to choose from for your home.

 

Fixed Rate Mortgages

Fixed rate mortgages offer a predictable payment for the life of your loan.

Features:

►  Fixed monthly principal and interest payments.
►  Purchase and refinance transactions available.
►  Options available in 10, 15, 20 and 30 year terms.

 

Adjustable Rate Mortgages (ARMs)

An Adjustable Rate Mortgage, is comprised of two distinct components; an initial period where the rate is fixed followed by a remaining term where the rate can adjust on a periodic basis, typically every 12 months.   After the initial fixed period the interest rate may be adjusted each period based upon a specific financial index plus a margin.  Rate adjustments are subject to periodic and lifetime caps which cap the rate over the life of the loan. 

Features:

►  An initial fixed-rate period of 1, 3, 5, 7 or 10 years.
►  Rate may adjust annually following the initial fixed-rate period based on the terms
      of the loan and market rates at the time of adjustment.
►  Adjustable rate is capped and cannot exceed the lifetime cap.
►  Available only as a 30-year term.
►  Available for purchases or refinancing.

 

Government Loans

Government loans are insured by the federal government and are available from Federal Housing Authority (FHA), the U.S. Department of Veterans' Affairs (VA) and US Department of Agriculture-Rural Development (USDA-RD). Homebuyers may find that a government loan is a perfect fit.

Features:

►  Guaranteed by a federal government agency.
►  Fixed and adjustable rate mortgage options.
►  15 & 30-year terms available for fixed rate mortgages.
►  For purchases or refinancing, subject to limitations.

 

Construction-to-Permanent Loans

Our Construction-to-Permanent loan program is available for single family new construction or renovations. We offer the convenience of one loan to build and permanently finance your home. You choose your own builder, design your home as we guide you through the financing process.

Features:

►  One-time Closing construction-to-permanent loan.
►  Available as a fixed-rate or adjustable-rate.

Berkshire Bank
24 North Street, PO Box 1308, Pittsfield, MA  01202
Toll Free:  (800) 773-5601
EncompassBusinessAdmin@berkshirebank.com
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Berkshire Bank Institution NMLS Registry Number – 506896.
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