Michele Welch
VP, Mortgage Loan Officer
1342 Liberty Street
Office: (413) 626-5626
mwelch@westfieldbank.com
Annual Percentage Rates (APRs) are accurate as of September 19, 2024. All rates are subject to change without notice.
Westfield Bank NMLS ID 439933
Fixed Rate Mortgages
| Program | Term | Purpose | Interest Rate | APR | Points | Payment Per $1,000 Borrowed1 | Apply |
|---|---|---|---|---|---|---|---|
| First Time Homebuyer Program "WB First"* | 30 Years | Purchase | 5.875% | 6.011% | 0 | $5.92 | Apply Now |
| Conventional | 30 Years | Purchase or Refinance | 5.990% | 6.170% | 0 | $5.99 | Apply Now |
| Conventional | 30 Years | Purchase or Refinance | 5.750% | 5.979% | 1 | $5.84 | Apply Now |
| Conventional | 20 Years | Purchase or Refinance | 5.750% | 5.929% | 0 | $7.02 | Apply Now |
| Conventional | 15 Years | Purchase or Refinance | 5.500% | 5.723% | 0 | $8.17 | Apply Now |
| Conventional | 10 Years | Purchase or Refinance | 5.250% | 5.563% | 0 | $10.73 | Apply Now |
| Second Home | 30 Years | Purchase or Refinance | 6.250% | 6.390% | 0 | $6.16 | Apply Now |
| Second Home | 30 Years | Purchase or Refinance | 6.000% | 6.233% | 1 | $6.00 | Apply Now |
| Investment2 | 15 Years | Purchase or Refinance | 6.500% | 6.899% | 1 | $8.71 | Apply Now |
| Investment2 | 30 Years | Purchase or Refinance | 7.000% | 7.252% | 1 | $6.65 | Apply Now |
| Land Loan** | 3 Years | Purchase | 6.500% | 6.500% | 0.50 | Interest Only | Apply Now |
| Permanent Construction (Loan amounts <$1,000,000) | 30 Years | Construction | 6.000% | 6.126%4 | 0 | $6.00 | Apply Now |
| Permanent Construction (Loan amounts ≥$1,000,000) | 30 Years | Construction | 6.250% | 6.306%5 | 0 | $6.16 | Apply Now |
*A first time homebuyer is an individual who has had no ownership in a principal residence during the 3-year period preceding the date of the purchase of the property.
**The Land Loan is interest only for 3 years with a balloon payment at the end of the 3 years for the full principal balance.
Adjustable Rate Mortgages (ARM)³
| Program | Term | Purpose | Interest Rate | APR | Index | Fully Indexed Rate | Points |
Monthly Payment per $1,000 Borrowed |
Monthly Payment per $1,000 after First Adjustment |
Apply |
|---|---|---|---|---|---|---|---|---|---|---|
| 6/1 Adjustable Rate | 30 Years | Purchase or Refinance | 6.125% | 7.066% | 4.080% | 7.625% | 0 | $6.08 | $7.01 | Apply Now |
| 7/3 Adjustable Rate | 30 Years | Purchase or Refinance | 6.250% | 6.753% | 3.460% | 7.000% | 0 | $6.16 | $6.71 | Apply Now |
| 10/1 Adjustable Rate | 30 Years | Purchase or Refinance | 6.375% | 6.933% | 4.080% | 7.625% | 0 | $6.24 | $6.94 | Apply Now |
| Permanent Construction 7/3 Adjustable Rate (Loan amounts <$1,000,000) | 30 Years | Construction | 6.250% | 6.772%4 | 3.460% | 7.000% | 0 | $6.16 | $6.66 | Apply Now |
| Permanent Construction 7/3 Adjustable Rate (Loan amounts ≥$1,000,000) | 30 Years | Construction | 6.500% | 6.834%5 | 3.460% | 7.000% | 0 | $6.32 | $6.68 | Apply Now |
The Annual Percentage Rate (APR) on all Adjustable Rate Mortgages (ARMs) may increase after closing. The interest rate may increase during the life of the loan which may result in a higher monthly payment.
Maximum Conforming Loan Amounts
| 1 Unit - $766,550 | 2 Unit - $981,500 | 3 Unit - $1,186,350 | 4 Unit - $1,474,400 |
|---|
The program description is not an offer to extend credit. The extension of credit is dependent upon your credit history, loan-to-value ratio, and other factors. Unless otherwise noted, Annual Percentage Rates (APR) and payments assume a $200,000 mortgage, 20% down payment and 30 year term. Except where noted for Investment Loans, Interest Rates stated are for primary residences only. Loans with loan-to-value ratios greater than 80% require private mortgage insurance.
1The monthly payment per $1,000 borrowed does not include taxes and insurance. If applicable, taxes and insurance will increase your payment. 2Investment loans are for non-owner occupied residential real estate. 3Adjustable Rate Mortgage interest rates are based on a margin plus an index rounded to the nearest 1/8th of 1 percent. The initial interest rate may be discounted until the first review period. The margin is currently 3.50%. The index is the most recent weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 1 year or 3 year, as made available by the Board of Governors of the Federal Reserve System. For example, the 6/1 Adjustable Rate Mortgage has a fixed period of six years and every year thereafter the index would adjust to the most recent weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 1 year. ARM Caps: 2% per adjustment/6% lifetime. 4The APR and payments assume a $400,000 mortgage, 20% down payment and 30 year term. 5The APR and payments assume a $1,000,000 mortgage, 20% down payment and 30 year term.
Vice President and Mortgage Loan Officer Michele Welch has been in the mortgage industry since 1999, spending time in roles covering all aspects of the job. She understands that purchasing a home can be overwhelming, but takes pride in her ability to make it a quick and hassle-free process. Her accolades include being named the 2017 Greater Boston Realtors Association Affiliate of the Year as well as the 2018 & 2020 Realtors Association of Pioneer Valley Affiliate of the Year.
Michele understands the best loan programs for all types of buyers and especially enjoys helping single women obtain homeownership as a Certified Divorce Lending Professional. She is a resident of Springfield, MA, and is an active volunteer with Revitalize CDC, Christina's House, and the Western Mass Food Bank.