Lending

We have a variety of loans to fit your personal needs. Because it matters to you, it matters to us.

Mortgages can be confusing for the first-time buyer or for the experienced homeowner. Whatever your borrowing needs, we are here to help. Because it matters to you, it matters to us.  Go to our Online Mortgage Lending Center for more information and educational resources.

Online Mortgage Lending Center

An Adjustable Rate Mortgage (ARM) may be the right fit if you plan to sell your home or refinance during the earlier years of your mortgage. Initial interest rates are generally lower, which changes over time based on an index. There are many types of initial fixed rate terms of adjustable rate mortgages.

Initial fixed rate terms start at 1 year and are available for 3, 5, and 7 year fixed rate terms.   After the initial fixed rate term ends, the interest rate could adjust annually thereafter for the remainder of the mortgage term.   There are rate caps that protect you against rapidly changing rates.  The initial/annual rate cap adjustment is limited to 2% per change with a lifetime cap of no more than 6% over the initial fixed term interest rate.

Talk with a member of our experienced lending team to determine if an ARM is the best choice for you.

Apply View Rates

A fixed rate mortgage provides you with an interest rate that remains the same for life of the loan.  This is a great choice for those who want the security of a monthly payment that doesn’t change. Fixed rate loans are one of the most popular loan options today. Choose your term – from 10 to 30 years.

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you.

Apply View Rates

FHA, VA, USDA Government Mortgages

USDA Rural Development Loans are backed by the US Department of Agriculture.   Applicants will need to qualify to know their household income and intended property location to determine if you pre-qualify for a USDA loan.  USDA loans do not require a down payment so you can buy a home now without waiting to save.  This loan does require Mortgage Insurance.  This is Insurance that protects the lender in the event that you fall behind on your payments.

Federal Housing Administration (FHA) Loans are a great choice for those who don’t have a sizable down payment or for those who are still working on their credit score.  FHA loans generally only require 3.5% down so you have the opportunity to buy your home sooner.  Mortgage insurance is required on all FHA loans.  This is Insurance that protects the lender in the event that you fall behind on your payments.

VA Loans are backed by the Department of Veteran Affairs and offer mortgage benefits to eligible servicemembers, veterans, and their spouses.  Applicants will need to provide a Certificate of Eligibility. Maximum loan amounts are determined by the property location.  VA loans do not require a down payment so you can buy a home now without waiting to save.  This loan does not require Private Mortgage Insurance saving you money each month.

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you and how to apply for a Government Loan.

New construction mortgages are known as “Construction/Permanent Mortgages” where you can take up to 12 months to build a home.  You can select a Fixed Interest Rate loan where the interest rate is locked in at the beginning of the project for the life of the loan; or you may select from one of our Adjustable Rate Mortgages Construction/Permanent Loans for lower initial interest rate flexibility!   You close only once when you begin the home build saving you money from other construction loans in the market that require two closings.

We offer many different types of renovation loans to improve your home!  From FHA’s 203k loan to our own renovation loan program, we have you covered on ways to improve your home!

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you and how to apply for a these types of Loans.

Mortgages

Mortgages can be confusing for the first-time buyer or for the experienced homeowner. Whatever your borrowing needs, we are here to help. Because it matters to you, it matters to us.  Go to our Online Mortgage Lending Center for more information and educational resources.

Online Mortgage Lending Center

Adjustable Rate Mortgage

An Adjustable Rate Mortgage (ARM) may be the right fit if you plan to sell your home or refinance during the earlier years of your mortgage. Initial interest rates are generally lower, which changes over time based on an index. There are many types of initial fixed rate terms of adjustable rate mortgages.

Initial fixed rate terms start at 1 year and are available for 3, 5, and 7 year fixed rate terms.   After the initial fixed rate term ends, the interest rate could adjust annually thereafter for the remainder of the mortgage term.   There are rate caps that protect you against rapidly changing rates.  The initial/annual rate cap adjustment is limited to 2% per change with a lifetime cap of no more than 6% over the initial fixed term interest rate.

Talk with a member of our experienced lending team to determine if an ARM is the best choice for you.

Apply View Rates

Conventional Fixed Rate Mortgage

A fixed rate mortgage provides you with an interest rate that remains the same for life of the loan.  This is a great choice for those who want the security of a monthly payment that doesn’t change. Fixed rate loans are one of the most popular loan options today. Choose your term – from 10 to 30 years.

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you.

Apply View Rates

FHA, VA, USDA Government Mortgages

USDA Rural Development Loans are backed by the US Department of Agriculture.   Applicants will need to qualify to know their household income and intended property location to determine if you pre-qualify for a USDA loan.  USDA loans do not require a down payment so you can buy a home now without waiting to save.  This loan does require Mortgage Insurance.  This is Insurance that protects the lender in the event that you fall behind on your payments.

Federal Housing Administration (FHA) Loans are a great choice for those who don’t have a sizable down payment or for those who are still working on their credit score.  FHA loans generally only require 3.5% down so you have the opportunity to buy your home sooner.  Mortgage insurance is required on all FHA loans.  This is Insurance that protects the lender in the event that you fall behind on your payments.

VA Loans are backed by the Department of Veteran Affairs and offer mortgage benefits to eligible servicemembers, veterans, and their spouses.  Applicants will need to provide a Certificate of Eligibility. Maximum loan amounts are determined by the property location.  VA loans do not require a down payment so you can buy a home now without waiting to save.  This loan does not require Private Mortgage Insurance saving you money each month.

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you and how to apply for a Government Loan.

New Construction and Renovation Loans

New construction mortgages are known as “Construction/Permanent Mortgages” where you can take up to 12 months to build a home.  You can select a Fixed Interest Rate loan where the interest rate is locked in at the beginning of the project for the life of the loan; or you may select from one of our Adjustable Rate Mortgages Construction/Permanent Loans for lower initial interest rate flexibility!   You close only once when you begin the home build saving you money from other construction loans in the market that require two closings.

We offer many different types of renovation loans to improve your home!  From FHA’s 203k loan to our own renovation loan program, we have you covered on ways to improve your home!

Talk with a member of our experienced lending team to determine what mortgage option is the best choice for you and how to apply for a these types of Loans.

As a qualified homeowner, you can capitalize on the equity you’ve built in your home with a home equity loan or home equity line of credit. It could be one of the smartest and simplest ways to get the money you need to do the things you want.

When you’re considering a home equity loan, there are many things you need to consider; how much money you need, what you need the loan for, what payment amounts can you afford, etc. Whether you want to make home improvements, refinance an existing mortgage or home equity loan, consolidate debt, or take a dream vacation, the first step is finding a loan that’s right for you.

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, view our comparison chart.

Go to our Online Mortgage & Home Equity Lending Center for more information and to view our educational resources.

Our Equity Advantage home equity line of credit is a variable rate revolving credit line. Use your line simply by writing a check to access cash as needed. Our EquityAdvantage account lets you fix a portion of your outstanding home equity line credit (if you choose). You choose the terms for each Fixed Rate Loan Option to fit your needs. In other words, you’re in control! And, interest may be tax deductible, consult your tax advisor.

  • Access funds by check
  • $45 annual fee (waived for first year)
  • $10,000 minimum line
  • Flexible payment options
  • Fixed Rate Loan Option – fix all or a portion of your outstanding line balances
  • 1-4 family owner occupied (no condos)

Apply View Rates

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, visit your local branch, or call us at 860.889.7381. We’re here to help!

Borrow a defined amount for a specific period of time. Your payments and your interest rate are fixed, so you’ll have the stability of knowing what your payments are each month. And, interest may be tax deductible, consult your tax advisor.

  • Fixed interest rate
  • Fixed monthly payment
  • Flexible repayment terms
  • $10,000 minimum loan
  • No closing costs
  • 1-4 family owner occupied (no condos)

Apply View Rates

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, visit your local branch, or call us at 860.889.7381. We’re here to help!

A Reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need.  Unlike traditional home equity loans or conventional forward mortgages, this product does not require repayment of any kind until the home is sold, or you permanently leave the residence.

How do you qualify for a reverse mortgage?

  • Borrowers need to be a least 62 years of age
  • You need to own, or be purchasing, a home where you will live as your primary residence.  There may be mortgages and/or liens on the house that will be refinanced.
  • Financial Assessment Review

A Reverse Mortgage helps you live the retirement lifestyle you deserve, while being able to stay in the comfort of your own home.   For more information on how a reverse mortgage may be beneficial to your financial future, please contact Mandy Ruggiero, Reverse Mortgage Specialist at 860.919.0978

Home Equity Loans

As a qualified homeowner, you can capitalize on the equity you’ve built in your home with a home equity loan or home equity line of credit. It could be one of the smartest and simplest ways to get the money you need to do the things you want.

When you’re considering a home equity loan, there are many things you need to consider; how much money you need, what you need the loan for, what payment amounts can you afford, etc. Whether you want to make home improvements, refinance an existing mortgage or home equity loan, consolidate debt, or take a dream vacation, the first step is finding a loan that’s right for you.

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, view our comparison chart.

Go to our Online Mortgage & Home Equity Lending Center for more information and to view our educational resources.

Equity Advantage Line of Credit

Our Equity Advantage home equity line of credit is a variable rate revolving credit line. Use your line simply by writing a check to access cash as needed. Our EquityAdvantage account lets you fix a portion of your outstanding home equity line credit (if you choose). You choose the terms for each Fixed Rate Loan Option to fit your needs. In other words, you’re in control! And, interest may be tax deductible, consult your tax advisor.

  • Access funds by check
  • $45 annual fee (waived for first year)
  • $10,000 minimum line
  • Flexible payment options
  • Fixed Rate Loan Option – fix all or a portion of your outstanding line balances
  • 1-4 family owner occupied (no condos)

Apply View Rates

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, visit your local branch, or call us at 860.889.7381. We’re here to help!

Fixed Rate Home Equity Loan

Borrow a defined amount for a specific period of time. Your payments and your interest rate are fixed, so you’ll have the stability of knowing what your payments are each month. And, interest may be tax deductible, consult your tax advisor.

  • Fixed interest rate
  • Fixed monthly payment
  • Flexible repayment terms
  • $10,000 minimum loan
  • No closing costs
  • 1-4 family owner occupied (no condos)

Apply View Rates

Not sure which home equity product is right for you? To learn more about the differences between home equity loans and lines, visit your local branch, or call us at 860.889.7381. We’re here to help!

Reverse Mortgages/HECM

A Reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need.  Unlike traditional home equity loans or conventional forward mortgages, this product does not require repayment of any kind until the home is sold, or you permanently leave the residence.

How do you qualify for a reverse mortgage?

  • Borrowers need to be a least 62 years of age
  • You need to own, or be purchasing, a home where you will live as your primary residence.  There may be mortgages and/or liens on the house that will be refinanced.
  • Financial Assessment Review

A Reverse Mortgage helps you live the retirement lifestyle you deserve, while being able to stay in the comfort of your own home.   For more information on how a reverse mortgage may be beneficial to your financial future, please contact Mandy Ruggiero, Reverse Mortgage Specialist at 860.919.0978

Consumer Loans

Consumer loans with fixed rates and terms to fit your budget are available to qualified buyers to fill any of your personal needs. Before you purchase that car, or any other major item, reach out to us.

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Unsecured Personal Loans. Minimum loan amount is $1,000. Maximum $15,000. Maximum term is 60 months.

We also offer Unsecured Home Improvement Loans for your home improvement projects. Minimum loan amount is $3,000. Maximum $50,000. Terms from 36 months to 144 months. Other terms and conditions may apply.

Apply View Rates

At Eastern Connecticut Savings Bank we offer a variety of vehicle loans. Looking to finance a car or truck? Whatever your need, we’re here to help. Our rates are low and our application process is simple.

Apply View Rates

Low interest rate loans secured by your Eastern Connecticut Savings Bank Passbook Savings or Certificate of Deposit Account

How to Apply View Rates

With Overdraft Protection from Eastern Connecticut Savings Bank, you have access to funds to cover the occasional overdraft, (up to your pre-established credit limit). You can also use your card at any ATM or retail outlet where MasterCard is accepted. It’s like having a Line of Credit on your Checking Account! Credit approval is required. Certain fees apply.

Apply View Rates

Choosing the right credit card is easier than ever with these options from Eastern Connecticut Savings Bank. No matter which card you choose, you’ll enjoy important features like:

  • EMV smart chip technology for added security
  • Mobile purchasing capability for added convenience
  • And much, much more!

Learn More

Already have an Eastern Connecticut Savings Bank Credit Card? Existing customers can access their account online

Login

 

Consumer Loans

Consumer loans with fixed rates and terms to fit your budget are available to qualified buyers to fill any of your personal needs. Before you purchase that car, or any other major item, reach out to us.

Learn More

Personal / Home Improvement Loans

Unsecured Personal Loans. Minimum loan amount is $1,000. Maximum $15,000. Maximum term is 60 months.

We also offer Unsecured Home Improvement Loans for your home improvement projects. Minimum loan amount is $3,000. Maximum $50,000. Terms from 36 months to 144 months. Other terms and conditions may apply.

Apply View Rates

Vehicle Loans

At Eastern Connecticut Savings Bank we offer a variety of vehicle loans. Looking to finance a car or truck? Whatever your need, we’re here to help. Our rates are low and our application process is simple.

Apply View Rates

Collateral Loans

Low interest rate loans secured by your Eastern Connecticut Savings Bank Passbook Savings or Certificate of Deposit Account

How to Apply View Rates

Overdraft Protection Line

With Overdraft Protection from Eastern Connecticut Savings Bank, you have access to funds to cover the occasional overdraft, (up to your pre-established credit limit). You can also use your card at any ATM or retail outlet where MasterCard is accepted. It’s like having a Line of Credit on your Checking Account! Credit approval is required. Certain fees apply.

Apply View Rates

Visa® Personal Credit Card

Choosing the right credit card is easier than ever with these options from Eastern Connecticut Savings Bank. No matter which card you choose, you’ll enjoy important features like:

  • EMV smart chip technology for added security
  • Mobile purchasing capability for added convenience
  • And much, much more!

Learn More

Already have an Eastern Connecticut Savings Bank Credit Card? Existing customers can access their account online

Login

 

Questions?

Talk with a member of our experienced lending team, visit your local branch or call us at 860.889.7381 for more information, or to complete an application.