The Wealth Builder Home Loan

Wealth Builder Home Loan logo

Build equity faster with Androscoggin Bank.

The Androscoggin Wealth Builder Home Loan is an innovative product that builds equity in homes at a much higher rate.

15-Year Wealth Builder Home Loan

We offer a 15-year Wealth Builder Home Loan that builds equity in homes at a much higher rate than a traditional 30-year mortgage. It opens up the benefits of a shorter mortgage without the usual barriers to having a 15-year loan, like high down payments and out-of-reach monthly payments (see example, below).

This mortgage has some very compelling features and options, like:

  • A loan-to-value of up to 103%.
  • Similar buying power as a 30-year mortgage.
  • No down payment other than points paid to reduce the initial rate.
  • Financing of points offered.
  • No private mortgage insurance (PMI).
  • Greater underwriting flexibility and options than current government loan programs.
  • Available to repeat and first-time homebuyers.
  • Available for refinances and new homes.
  • Generous closing-cost allowance if the points are financed.

20-Year Wealth Builder Home Loan

We also offer a 20-year Wealth Builder Home Loan that builds equity in homes at a fast pace. It opens up the benefits of a shorter mortgage without out-of-reach monthly payments (see example, below).

This mortgage has some very compelling features and options too, like:

  • A loan to value of up to 103%.
  • Similar buying power as a 30-year mortgage.
  • Greater underwriting flexibility and options than current government loan programs.
  • Available to repeat and first time home buyers.

These loans have a lot of options and can be personalized to meet your unique needs. Please note that you must work with a loan officer to apply for a Wealth Builder Home Loan. We ask that you work through a Mortgage Officer, because at this time, you cannot apply for one of these unique loans through our online application process.

Find your Lender Today.

NerdWallet    has a short write up on the Wealth Builder Home Loan -- Read it here.

A 15-year Example.

1.75% fixed rate for first 7 years and 5.00% final 8 years.

For a $175,000 example of a typical extension of credit with all terms applicable for a home loan of 180 months, you would pay 3 points, which is $5,250, and have a 1.75% fixed interest rate for the first 7 years of the loan.

For years 8-15, the rate is 5.00%. These rates are current as of 02/24/16. Both of these rates are fixed rates. The payments would be $1,106.11 for 84 months and then $1,253.60 for 96 months. The APR for the life of the loan is 3.15% in this example. The payments do not include taxes and insurance premiums, if applicable. The actual payment obligation will be greater with taxes and insurance costs.

In this example the borrower would pay the points and closing costs. There is an option to finance the points over the life of the loan and have Androscoggin Bank pay $2,000 toward closing costs. Please discuss these options with a lender.

A 20-year Example.

2.99% fixed rate for first 7 years and 5.25% for remaining 12 years.

For a $175,000 example of a typical extension of credit with all terms applicable for a home loan of 240 months, you would pay 2 points, which is $3,500 and have a 2.99% fixed interest rate for the first 7 years of the loan.

For years 8-20, the rate is 5.25%. These rates are current as of 02/24/16. Both of these rates are fixed rates. The payments would be $969.67 for 84 months and then $1109.11 for 156 months. The APR for the life of the loan is 4.501% in this example. The payments do not include taxes and insurance premiums, if applicable. The actual payment obligation will be greater with taxes and insurance costs.

In this example the borrower would pay the points and closing costs. Please discuss other loan options with a lender.

Please note: Every application is unique. Credit application and requirements apply. All offers of credit are subject to credit approval. Our Wealth Builder Loans are only available for single-family, detached homes in Maine. Available for purchase loans. The 15-year version is also available for refinance loans with no cash out.