Address: 11350 McCormick Road Executive Plaza 2, Suite 200, Hunt Valley, MD 21031
States They Lend In: Maryland, New York, Pennsylvania, Delaware, New Jersey
Since 1905, Eastern Savings Bank, unlike traditional lenders, has created financing solutions for clients who have been shut out of the conforming market. As a residential and commercial portfolio real estate lender, we specialize in helping secure financing for clients with unique situations. Serving the Mid-Atlantic market – Maryland, New York, Pennsylvania, Delaware and New Jersey - we offer flexible, in-house underwriting. Best of all, when your loan closes with Eastern Savings Bank we will maintain the servicing; in other words, we won’t sell your loan – we will always be your lender!
We are a true portfolio lender with an experienced team of lenders and resources dedicated to understanding your unique situation and providing real solutions in a timely manner.
TYPES OF LOANS
Hybrid ARM (5/1 ARM, 7/1 ARM, 10/1 ARM)
These increasingly popular ARMS—also called 5/1, 7/1 or 10/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
30-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. It is important to note that this product has a 10 year call feature. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
15-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
Jumbo mortgages are loans which exceed limits set by Fannie Mae and Freddie Mac. As of 2015, the limit for much of the country is $417,000. In higher cost markets, loan limits can be as high as $721,050 for a single unit home (duplexes and triplexes have higher limits). Since these loans cannot be purchased by the two government- sponsored enterprises, jumbo mortgages can be more costly and deemed to be more risky for lenders to originate making the interest rates higher than those of smaller loan amounts. At Eastern Savings Bank we offer jumbo loans up to $3 million (call for higher loan amounts). Our rates are competitive due to expertise and resources. Higher jumbo loan amounts may be available. So, if you're looking for a jumbo mortgage it is important that you speak with a mortgage professional regarding your specific situation and your overall mortgage needs.
A commercial mortgage is a loan secured by a commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property. At Eastern Savings Bank we have the resources and the knowledge to help you with your commercial mortgage needs. Providing funding for retail, mixed-use, multi-family, developed land, single family construction, and investor purchases and rehabs.
How to Get a Loan
Since 1905, Eastern Savings Bank has helped thousands of people with a variety of custom-designed loan programs. We specialize in providing financing that matches your particular situation.
As a residential and commercial portfolio real estate lender, we specialize in conventional fallout mortgages in the Mid- Atlantic market – Maryland, New York, Pennsylvania, Delaware, and New Jersey. Our focus is on providing mortgages for self-employed borrowers, investor rehab projects, purchase money loans, refinance, jumbo mortgage loans, construction and commercial mortgages.
Our philosophy is simple, we are looking for strong credit worthy borrowers who have the willingness and ability to pay their mortgage but might not have the detailed documentation to do so. As a portfolio lender we understand the need for creative financing to overcome the overwhelming challenges and requirements presented by conventional lenders. We also know that speed and attention to detail are critical.
At Eastern Savings Bank we make getting a mortgage quick and simple. When you apply online or contact us directly we will have an experienced loan officer assigned to your application to help you throughout the process - someone whom you may speak with directly at any time.
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