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About Institution for Savings
Institution for Savings (NMLS #2478201) offers HELOC loans to customers in Massachusetts. As one of the oldest and most stable mutual banks in the country, with over 200 years of history and $5 billion in assets, Institution for Savings combines a strong commitment to community involvement with comprehensive financial education programs for various segments of the population. Institution for Savings has 15 physical locations and operates in one state. It was founded in 1820 and has headquarters in Newburyport, Massachusetts.
- Long history of financial stability
- Comprehensive financial education programs
- Only available in Massachusetts
- Potentially high origination fees
- High minimum credit score requirements
Institution for Savings rates
Disclosures from Institution for Savings indicate that its rates for 30-year fixed-rate mortgages range from 5.99% to 6.625% as of the time of publishing. For reference, the national average 30-year fixed-rate mortgage is 6.46%, according to Freddie Mac.
Institution for Savings publishes its current rates for loans on its website. For the most accurate rates based on your individual situation, contact Institution for Savings or get prequalified on its website.
Mortgage rates vary based on your credit history, the type of loan, the loan amount, your down payment and the loan term.
Institution for Savings loan types
Institution for Savings only offers a variety of mortgage products, including:
- Conventional
- HELOC
- First-time homebuyer
Institution for Savings loan maximum
The maximum loan you can get with Institution for Savings depends on the type of loan you apply for and your financial qualifications. In general, the maximum loan-to-value (LTV) ratio you can get through Institution for Savings is 80% through a conventional loan.
In most of the country, conforming loan limits in 2024 are $766,550 for single-unit properties. In Alaska and Hawaii, the limit is $1,149,825. Limits in high-cost counties in the other 48 states can be above $766,550 but are never higher than $1,149,825.
Institution for Savings requirements
Below are the basic requirements borrowers must meet to take out a loan with Institution for Savings.
Institution for Savings minimum credit score
The minimum credit score requirement for a loan from Institution for Savings depends on the type of loan you apply for:
- 620 for a HELOC loan
- 720 for a conventional loan
- 680 for a first-time homebuyer loan
Even if you can’t meet these credit score requirements, you might be able to apply for a nonqualified mortgage through another lender. Note that this will likely result in a higher interest rate.
Institution for Savings minimum down payment
The minimum down payment for Institution for Savings depends on the loan type:
- 0% for a HELOC loan
- 20% for a conventional loan
- 5% for a first-time homebuyer loan
Conventional loans typically require a higher credit score and down payment than you need for a government-backed mortgage, but individual cases may differ.
Institution for Savings maximum debt-to-income ratio
Institution for Savings recommends that all borrowers have a debt-to-income (DTI) ratio of no more than 43%. Institution for Savings’s maximum DTI ratio depends on the loan type and your financial situation.
For reference, most lenders issue conventional loans to those with a DTI ratio below 36%, but some mortgage lenders and loan types allow for a DTI ratio of up to 45%. Some FHA-insured loans may even allow for a DTI ratio of up to 50%.
Institution for Savings application process
Institution for Savings’s application can be completed online, by phone or in person. Be prepared to provide information about your income and assets so that Institution for Savings can determine how much you can borrow.
Institution for Savings application features
Features | Availability |
---|---|
Online application | Yes |
Mobile document upload | Yes |
Physical branches | Yes |
Publishes minimum rate on website | No |
Rate lock | Yes |
Prequalification (no hard credit pull) | Yes |
Certified approval letter | Yes |
» LEARN: How to get a mortgage
Institution for Savings costs and fees
You can expect to pay from 0.5% to 1.5% of the loan amount in origination fees as part of your closing costs with Institution for Savings. This fee can vary, but we recommend that you plan to spend between 2% and 5% of your loan amount in closing costs on top of your down payment.
Companies | Purchase options | Refinancing options | Minimum credit score |
---|---|---|---|
Institution for Savings | HELOC | Cash-out, rate, term | 620 |
Network Capital | Conventional, FHA, VA and refinancing | Cash-out, rate and term | 580 to 620 |
Guaranteed Rate Mortgage | Conventional, FHA, VA, ARMs, interest-only, jumbo and HELOC | Cash-out, rate and term | 580 to 620 |
Institution for Savings FAQ
Is Institution for Savings legit?
Yes, Institution for Savings is a legitimate mortgage lender. It was founded in 1820 and has 15 locations in the U.S.
What type of loans does Institution for Savings offer?
Institution for Savings provides HELOC, conventional and first-time homebuyer loans.
How do you apply for a loan from Institution for Savings?
You can apply for a loan from Institution for Savings online, by phone or in person.
Where is Institution for Savings available?
Institution for Savings has physical locations in one state and operates in one state: Massachusetts.
A link has directed you to this review. Its location on this page may change next time you visit.
Institution for Savings Company Information
- Company Name:
- Institution for Savings
- Address:
- 93 State St.
- City:
- Newburyport
- State/Province:
- MA
- Postal Code:
- 01950
- Country:
- United States
- Website:
- www.institutionforsavings.com
