Savings Bank of Danbury offers financing on properties located within its lending area.
View our highly competitive rates, get more information or apply now at our Mortgage Resource Headquarters.
Fixed Rate Mortgages
Fixed Rate Mortgages are designed for individuals who plan on living in their home for a long time or for those with a fixed monthly income. With a Fixed Rate Mortgage, the interest rate does not change over the life of the loan; down payments can be as low as 5% of the purchase price.
Adjustable Rate Mortgages
Adjustable Rate Mortgages are best for individuals who anticipate rising incomes and intend to live in their house for a shorter period of time. Adjustable Rate Mortgages (ARMs) offer lower initial interest rates by sharing the future risk of higher rates between a borrower and a lender. Interest rates are usually lower than for a Fixed Rate Mortgage, and adjust periodically over the life of the loan. Annual and lifetime caps are available.
CHFA First Time Homebuyers Mortgages
CHFA (Connecticut Housing Finance Authority) Mortgages provide low mortgage rates to First Time Homebuyers. Qualified borrowers may be eligible to finance up to 100% of the purchase price including closing costs. The interest rate is fixed, providing for a steady reliable payment.
Renovation Mortgages allow borrowers to refinance their existing mortgage to include additional borrowed monies for the purpose of renovation. During construction, you pay interest only on the amount of funds that have been disbursed. Once renovations are completed, the loan automatically converts to a permanent amortizing mortgage. Choose from any one of our Fixed or Adjustable Rate Mortgage products for your Renovation Loan.
Construction Mortgages allow borrowers to finance the cost of the land and the construction cost of the home up to 80% of the total appraised value of the land and construction cost. Choose from any of our Adjustable or Fixed Rate Mortgage programs.
Lot Loan Mortgages
Lot Loan Mortgages are designed for the purposes of financing property that you are not yet ready to develop. These amortizing mortgages may be converted to a construction or permanent mortgage when you are ready to begin building. If you are planning construction on your new home within the year, a short-term, interest-only land loan is also available.