If you’re shopping for a mortgage in Madison, CT, you’ve probably started to feel like all banks offer the same things. Sure, some may offer a slightly better mortgage interest rate, while others offer incentives and bonuses for making your monthly payments regularly. But not all banks will help you through the mortgage application forms with care and caution. You want someone to work with who will answer any question you could have. Plus, you want to know that there’s someone local who can continue to answer questions, even after the loan has been granted.
If you need a mortgage loan for the construction of a home or remodeling your existing home, it’s a good idea to talk to someone in Madison, CT about what is reasonable to risk. Your payments should be easy for you to maintain and you should always go for a fixed interest mortgage. Home equity loans can also have fixed interest rates. This type of loan uses the equity in your property as collateral for the loan. There are also tax advantages with this loan. Always ask a tax expert before committing to any kind of mortgage or loan, to be sure that it will be beneficial.
Some banks offer home equity credit lines. This is an option that lets you pay for things with a credit card or checks, and the balance is loaned to you against your home equity. For up to five years you pay monthly adjustable rates and interest-only payments. You may also have the option to make payments to your principal balance. When you reduce the balance you then again can write checks against the home equity line of credit. Always remember if there is balances remaining after five years the amount will be amortized over the next 15 years. That being said it is important to pay your payments on time.
There are a number of banks in Madison, CT that can help you find the right mortgage or loan for your situation. Find a bank that takes pride in helping you hold on to your money and investments. There are different types of loans out there and not all of them will be right for you. The many options can be confusing if there’s no one to explain it to you in simple, clear English. Customer service is just as important as products when it comes to mortgages.
The Essex Savings Bank has been around for over a century. It was founded by people who wanted to keep their money close and have a great trustworthy bank here in Madison, CT. If you want a mortgage from a great, honest bank, then Essex Savings Bank is the bank for you.