Michele Welch
VP, Mortgage Loan Officer
47 Palomba Drive, Enfield, CT
Office: (413) 626-5626
mwelch@westfieldbank.com
Annual Percentage Rates (APRs) are accurate as of June 2, 2023. All rates are subject to change without notice.
Westfield Bank NMLS ID 439933
Fixed Rate Mortgages
| Product | Interest Rate | Annual Percentage Rate (APR) | Points | Payment Per $1,000 Borrowed1 |
|---|---|---|---|---|
| 10 Year Fixed Rate | 5.875% | 6.175% | 0 | $11.04 |
| 15 Year Fixed Rate | 6.000% | 6.213% | 0 | $8.44 |
| 20 Year Fixed Rate | 6.250% | 6.422% | 0 | $7.31 |
| 30 Year Fixed Rate | 6.500% | 6.633% | 0 | $6.32 |
| 30 Year Fixed Rate | 6.250% | 6.351% | 1 | $6.08 |
First Time Homebuyer Program - "WB First"
| Product | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 |
|---|---|---|---|---|
| 30 Year Fixed Rate | 6.375% | 6.507% | 0 | $6.24 |
A first-time homebuyer is an individual who has no ownership in a principal residence during the 3-year period preceding the date of the purchase of the property.
Adjustable Rate Mortgages
| Product | Term | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 | Payment per $1,000 After First Adjustment1 |
|---|---|---|---|---|---|---|
|
5/1 Adjustable Rate2 Index 5.150%-Caps 2%, 6% |
30 Years | 6.000% | 7.634% | 0 | $6.00 | $7.18 |
|
7/3 Adjustable Rate2 Index 4.090%-Caps 2%, 6% |
30 Years | 6.125% | 6.973% | 0 | $6.08 | $6.91 |
|
10/1 Adjustable Rate2 Index 5.150%-Caps 2%, 6% |
30 Years | 6.250% | 7.150% | 0 | $6.16 | $7.17 |
Construction Loans (loan amounts up to $999,999)
| Product | Term | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 | Payment per $1,000 After First Adjustment1 |
|---|---|---|---|---|---|---|
| Fixed Rate4 | 30 Years | 6.500% | 6.569% | 0 | $6.33 | N/A |
|
7/3 Adjustable Rate2,4 Index 4.090% - Caps 2%, 6% |
30 Years | 6.500% | 7.290% | 0 | $6.33 | $6.98 |
Construction Loans (loan amounts of $1,000,000+)
| Product | Term | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 | Payment per $1,000 After First Adjustment1 |
|---|---|---|---|---|---|---|
| Fixed Rate3 | 30 years | 6.750% | 6.820% | 0 | $6.49 | N/A |
|
7/3 Adjustable Rate2,3 Index 4.090% - Caps 2%, 6% |
30 years | 6.750% | 7.267% | 0 | $6.49 | $7.00 |
3The Annual Percentage Rates (APR) and payments assume a $1,000,000 mortgage, 20% down payment and 30 year term.
4The Annual Percentage Rates (APR) and payments assume a $400,000 mortgage, 20% down payment and 30 year term.
Land Loans
| Product | Term | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 |
|---|---|---|---|---|---|
| 3 Year Fixed Rate | 3 Years | 7.125% | N/A | 0.50 | Interest Only |
Investment Loans
| Product | Term | Interest Rate | Annual Percentage Rate (APR) | Points | Payment per $1,000 Borrowed1 |
|---|---|---|---|---|---|
|
3/3 Adjustable Rate** Index 4.090% |
20 Years | 7.000% | 7.315% | 1 | $7.75 |
| 15 Year Fixed Rate | 15 Years | 7.000% | 7.391% | 1 | $8.99 |
| 30 Year Fixed Rate | 30 Years | 7.500% | 7.751% | 1 | $6.99 |
** Investment loans are for non-owner occupied residential real estate. Adjustable Investment Rate Mortgage interest rates are based on a margin plus an index rounded to the nearest 1/4th of 1 percent. The margin is currently 4.50 percent. The index is the most recent weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 3 years, as made available by the Board of Governors of the Federal Reserve. For example, the 3/3 Adjustable Rate Mortgage has a fixed period of three years and every three years thereafter the index would adjust to the most recent weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 3 year.
General Disclosures Applicable to All Mortgages
Unless otherwise noted, Annual Percentage Rates (APR) and payments assume a $100,000 mortgage, 20% down payment and 30-year term.
Loans with loan-to-value ratios greater than 80% require private mortgage insurance.
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.
1 The monthly payment per $1,000 borrowed does not include taxes and insurance. If applicable, taxes and insurance would increase your payment.
Disclosures applicable to all Adjustable Rate Mortgages (ARM)
The APR on all ARMs may increase after closing. The interest rate may increase during the life of the loan which may result in a higher monthly payment.
2 Adjustable Rate Mortgage interest rates are based on a margin plus an index rounded to the nearest 1/8th of 1 percent. The margin is currently 3.50 percent. The index is the most recent weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 1 year, 3 year as made available by the Board of Governors of the Federal Reserve System. For example, the 5/1 Adjustable Rate Mortgage has a fixed period of five 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.
Maximum Conforming Loan Amounts
1 Unit - $726,200
2 Unit - $929,850
3 Unit - $1,123,900
4 Unit - $1,396,800
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.