Buying a home is one of the most important financial decisions you will ever make. At South Shore Savings Bank, we understand that buying- and financing - a home can be very intimidating. Having a bank that will take the time to understand your needs, explain the home financing process, and work with you to find the loan program that best fits your needs can help reduce your anxiety and simplify the financing process.

Home Financing Programs at South Shore Savings Bank

Fixed Rates

The interest rate is fixed, and therefore your monthly principal and interest payment is fixed, for the entire term of the loan.

Adjustable Rates

Adjustable-rate loans generally have a lower initial interest rate than fixed-rate loans, and help maximize the loan amount for which you will qualify. The initial rate is generally fixed for a specific period, after which it will adjust based on the index rate. Your interest rate and monthly payment may increase - or decrease - during the term of your loan. Adjustable-rate loans usually include interest rate caps that limit the amount the interest rate can increase or decrease at each adjustment, as well as over the life of the loan.

Jumbo Loans

When your financing needs require a larger loan, we offer loans to $1,500,000 with either fixed rates or adjustable rates.

First Time Homebuyer Programs

Purchasing your first home can be very exciting and nerve-racking.  We’re here to alleviate some of those nerves.  Our Mortgage Account Executives will explain each step as they guide you through the home buying process.

First time homebuyers may be able to take advantage of our home financing plans designed specifically for first time homebuyers. Some of the features include low down payments, more flexible income qualifying ratios, greater loan terms, and reduced closing costs. We are also an active participant in MassHousing's first time homebuyer loan programs.

Construction/Permanent Loans

These loans generally require only one closing, since they automatically become permanent mortgages at the completion of construction. Our construction/permanent loans are available for new construction, as well as for renovation and rehabilitation purposes. And, they are available with fixed or adjustable rate options.

Reverse Mortgages

A Reverse Mortgage from South Shore Savings Bank could be the best financial decision you ever make. A reverse mortgage gives you peace of mind as it allows you to convert your home’s valuable equity in cash without having to make monthly loan payments.  Click here for more information on reverse mortgages.

We offer many additional programs and options:

• Loans on investment property - 1 to 4-family, including condominiums
• Second home and vacation property financing
• Various point options on most programs to let you tailor the best rate for you
• Interest rate lock-ins
• Customized repayment terms

Start with a Pre-Approval

The best way to start looking for your new home is to get pre-approved for a mortgage loan. 

Apply for pre-approval.

Meet our Mortgage Account Executives

Our team of Mortgage Account Executives are experts in their field.  They know the mortgage industry, and they know your hometown so they can help you through each step of the home buying process from the pre-approval to the closing.   They are available to meet with you by appointment – days, evenings, or weekends – at a location convenient for you. 

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