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Full Service Lending is part of Gorham Savings Bank's HomeBank Advantage
At Gorham Savings Bank, we understand that a new home mortgage is one of the biggest investments you'll ever make. We offer a full range of thoughtful and creative mortgage solutions, designed to make it easy every step of the way.

• Personalized attention
• Timely, local decisions
• Banking professionals who know you by name
• Available through all branches - and if you can't come to us, we'll come to you!

In addition to conventional financing, we also offer loans through MSHA (MaineHousing), FHA (Federal Housing Administration) and products with an RD (Rural Development) Guaranty or PMI (private mortgage insurance).

To learn more or apply for one of these products, please Contact Us.

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Selected Mortgage Rates
Pre-Approvals
Fixed and Adjustable Rate Mortgages
Rapid Amortization Mortgages (RAM)
Construction Loans
First-Time Homebuyer
Reverse Mortgages



ONLINE PRE-APPROVALS
With a pre-approved mortgage, you're much better prepared to shop for a home:

  • You'll have a clear idea of what you can realistically afford in terms of price, down payment, legal fees and other expenses.
  • Real estate agents will serve you better because they know you're a serious buyer. You can then go ahead and make an offer to purchase.
  • Because you have all the financial facts in hand, your purchase commitment is far more likely to be one you can live with comfortably.

After we receive your final offer to purchase, your mortgage can be quickly processed, subject to satisfactory property appraisal and final underwriting. A pre-approved mortgage puts you under no obligation and is available to you at no cost.

So, apply online today with our quick, convenient and secure online
pre-approval application and be one step closer to owning a new home.

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FIXED AND ADJUSTABLE RATE MORTGAGES
At Gorham Savings Bank, we have many fixed rate and adjustable rate mortgage plans available at attractive pricing to meet your personal financial goals and objectives.

Fixed Rate Mortgages

• Many programs and terms available
• Attractive rates fixed for the life of the loan
• Flexibility of selecting the loan term that is right for you
• Security of selecting a payment that meets your budget
• Comfort of knowing that the payment is fixed for the life of the loan
• Low closing costs
• Local decisions

Adjustable Rate Mortgages

• Variety of plans available to meet your specific needs
• Attractive initial interest rate
• Lower initial monthly payment to meet your budget
• Low closing costs
• Local decisions

 

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RAPID AMORTIZATION MORTGAGES (RAM)
Here's a way to own your home, free and clear, faster than with a conventional mortgage - and you may save on interest, too. Consider a Rapid Amortization Mortgage (RAM) from Gorham Savings Bank:

• Fixed rate
• Automatic payments available
• Less time, less money
• Choice of convenient monthly or bi-weekly payment options
• Flexibility in your choice of payment options
• Local decisions and local servicing

There are two types of RAM programs, each designed to meet individual needs and requirements. Speak with our Gorham Savings Bank Mortgage Team about which RAM plan works best for you.

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CONSTRUCTION LOANS
We've designed a construction loan program that truly takes the hassle out of financing the construction of your new home. Think of it as a permanent mortgage with a construction loan built right in. As with all our mortgage products, if you can't come to us, we'll come to you! A Construction Loan from Gorham Savings Bank features:

• One closing. Many banks require two closings - we save you time and hassle with just one
• New - longer term with a fixed rate
• Great rates
• No points, low closing costs
• Project assistance from one of the experienced construction loan administrators that we work with
• Local decisions and local servicing

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GORHAM SAVINGS BANK
FIRST-TIME HOMEBUYER PROGRAM
Owning a home is an American dream - and we want to help make it come true for as many of our customers as we can. The Gorham Savings Bank First-Time Homebuyer Program offers qualified homebuyers these special features:

• Local decisions and local servicing
• Low down payment
• Attractive rates and no points
• No maximum income limits
• Flexible loan terms

Gorham Savings Bank is a true community bank. We generally do not lend beyond the State of Maine.

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REVERSE MORTGAGES
Simply put, a Reverse Mortgage is a unique financial tool that enables homeowners age 62 and over to tap into their home's equity, receiving either a monthly income, a lump sum of cash or a line of credit. There are no income or credit qualifications and there is no repayment until the homeowner permanently leaves the home. The borrower retains full ownership of the property.

To learn more about how a Reverse Mortgage may benefit you, check out the Reverse Mortgage Calculator or contact us today.

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