If you’ve been thinking about buying a home but are concerned about today’s interest rates or saving enough for a down payment, you may have more financing options available than you realize.
One program worth highlighting this month is Greenfield Savings Bank’s annual “Buy in July” Mortgage Special, which has helped area homebuyers for decades. This year’s program includes several valuable incentives designed to assist both first-time buyers and repeat purchasers.
Today’s Buyers Have More Financing Options Than They Think
Many people assume their only mortgage option is a traditional 30-year fixed-rate loan. While that’s still an excellent choice for many buyers, today’s lending environment offers a variety of financing solutions, including:
❖ Fixed-rate mortgages
❖ Adjustable-rate mortgages (ARMs)
❖ Down payment assistance programs
❖ Closing cost assistance
❖ First-time homebuyer programs
❖ Limited-time financing promotions
The best mortgage isn’t always the one with the lowest advertised interest rate. It’s the loan that best fits your financial situation, long-term goals, and how long you expect to own your home.
Greenfield Savings Bank’s Buy in July Program
This July, Greenfield Savings Bank is offering several incentives that may help qualifying buyers purchase a home sooner. Program highlights include:
❖ Up to $25,000 in down payment assistance for eligible borrowers
❖ Additional 1/8% interest rate reduction for borrowers using the Down Payment Assistance Program
❖ 1/2% rate reduction for qualifying first-time homebuyers
❖ 1/4% rate reduction for qualifying repeat homebuyers
❖ $750 closing cost credit
❖ No application fee
❖ No points
❖ Interest rate protection if rates decrease before closing, subject to program guidelines
The featured Buy in July mortgage is a 30-year loan with the interest rate fixed for the first seven years, followed by annual adjustments thereafter. As with any mortgage program, eligibility requirements apply, so buyers should speak directly with a loan officer for complete details.
Timing Matters
Special financing programs often have application deadlines and purchase contract requirements.
If you’re thinking about buying this summer, don’t wait until you’ve found the perfect home before exploring your financing options.
Talk With a Local Lender Before You Start House Hunting
Meeting with a local loan officer beforehand can help you:
❖ Understand your buying power
❖ Compare available loan programs
❖ Estimate your monthly payment
❖ Learn whether you qualify for down payment assistance
❖ Strengthen your offer once you find the right home
Every buyer’s financial situation is unique, making it worthwhile to explore all available financing options before beginning your home search.
Thinking About Buying?
Whether you’re purchasing your first home or your fifth, understanding today’s financing opportunities could save you thousands of dollars over the life of your mortgage.
If you’re considering buying a home in Franklin or Hampshire County, I’d be happy to connect you with experienced local lenders who can explain the programs currently available and help determine which financing option best fits your needs.
Buying a home is one of the biggest financial decisions you’ll make. Having the right financing—and the right team—can make all the difference.
Corinne Fitzgerald
FITZGERALD Real Estate
Serving Franklin County and Beyond
Call or Text: 413-320-9509
Corinne@FITZGERALD-RealEstate.com
FITZGERALD-RealEstate.com
