Chelsea Groton Bank offering First-time Home Buyer Discount – $500 Off Closing Costs

Chelsea Groton Bank logoBuying a home can be quite the process from a financial perspective, especially if it is the first time owning real estate. Potential first-time homebuyers must have a keen understanding of how much they can afford in a new home in terms of the monthly mortgage payment and additional expenses that are due at the time the home is purchased. It is often these ancillary costs that add up to a significant amount for first-time buyers. Fortunately, there are several programs available through financial institutions to help first-time homebuyers purchase a home without breaking the bank.

The Offer

For a limited time, Chelsea Groton Bank is offering up to $500 off closing costs for qualified first-time homebuyers. The bank is making the offer available to prospective buyers who utilize a Chelsea Groton mortgage to finance their new home purchase, so long as the home is the primary residence of the borrower. The $500 closing cost discount is applied at closing of the home purchase.

First-time homebuyers may have the discount on closing costs applied to the application fee, the flood zone certification fee, document preparation fee, construction inspection fee, the lender’s title insurance premium, attorney’s fees, or government recording charges. The total closing cost discount cannot exceed the closing costs due, and it may not be applied toward the credit report fee charged by the bank.

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All applicants listed on a Chelsea Groton Bank mortgage loan application will be evaluated based on the credit history, including a track record of on-time payments and other outstanding credit obligations. Additionally, borrowers may be required to provide proof of income or employment, and a home appraisal is required.

Chelsea Groton Bank offers a variety of mortgage loan options for qualified borrowers, each with interest rates, fees, and repayment terms specific to the homeowners.

About Chelsea Groton Bank

Chelsea Groton Bank is the largest mutual bank in Eastern Connecticut, with a history dating back more than 160 years. The bank offers a variety of deposit accounts, financial literacy courses, and personal and commercial lending solutions to its customers. Chelsea Groton Bank operates 15 full-service branch locations throughout Connecticut, as well as a vast network of fee-free ATMs.

Prospective first-time homeowners interested in the $500 closing cost discount offered by Chelsea Groton Bank may gather more information or apply by visiting any full-service branch location, by contacting a mortgage specialist at 1-860-448-4174, or by visiting the bank online.

Posted on October 12, 2017 by in Mortgages,

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01/12/2018