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Loan Products |
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Enfield Federal Savings has been providing home financing and savings products to the residents of Connecticut and Western Massachusetts since 1916. We recognize that the only real difference between financial institutions is the people that serve you. Banking is still very much a people business, and at Enfield Federal Savings’ it is always on a first name basis.
Enfield Federal Savings offers a full array of financial products to meet the financing needs of our customers. Whatever your financing need may be – a home equity line of credit for home improvements or educational expenses, or a mortgage loan to purchase your dream home – Enfield Federal Savings is here to help. We take a common sense approach to underwriting. Our primary criteria for consumer credit products are the customer’s credit history and repayment capacity. We will process your loan request expeditiously after receipt of a completed application and all required financial information.
ENFIELD FEDERAL SAVINGS – the bank for all your financing needs.
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Click on the link below for a description of some of the products that are available at EFS.
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Fixed Rate Mortgage
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Adjustable Rate Mortgage (ARM)
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Construction Loans
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Home Equity Loans
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Home Equity Lines of Credit
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Auto Loans
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Personal Loans
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Fixed Rate Mortgage
This product offers principal and interest payments that are guaranteed to remain the same throughout the term of your loan. Several different terms are available for this product ranging from 15 years to 30 years. If you're looking for stable mortgage payments and plan to remain in your home for a long period of time, this is the mortgage for you.
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Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage (ARM) features a variable interest rate, which is periodically adjusted based on the change in a financial index such as One Year Treasuries, plus a margin that is established at closing. Interest rate changes are limited or capped at each adjustment and for the life of the loan.
Enfield Federal offers an ARM program at an attractive initial rate and allows for the rate to move up or down based on a predetermined margin and a defined index. The EFS ARM also includes an annual cap limiting the interest rate change from year to year as well as an overall cap limiting the interest rate increase over the life of the loan. EFS offers ARM programs with a fixed rate of 1 year, 3 years or 5 years. ARM loans usually start at a lower rate then fixed rate loans, which translate to greater purchasing power.
In today's mobile environment, adjustable rate mortgages provide flexible and attractive mortgage options to many borrowers. These loans are especially attractive to homebuyers who trade up in future years.
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Construction Loans
EFS offers a variety of construction-to-permanent loan options when you're planning on building a new single family home. Whether you're looking for a fixed rate or adjustable rate mortgage, we have the product to meet your homebuilding needs. Flexible terms and competitive interest rates make your payments affordable during the construction of your new home and after you move into your new home.
EFS offers a construction loan with "interest only payments" during the construction phase. Interest is only based on the portion of the loan as it is advanced. Upon completion of the home, the loan converts to a fully amortizing mortgage without the need of a second closing.
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Home Equity Loan
This product allows you to use the equity in your home to finance home improvements, an automobile purchase, a dream vacation, or those future educational needs. EFS offers a fixed rate home equity loan with fixed monthly payments and no closing costs and no fees. You have a choice of terms to pay it back, which range from 5 years to 15 years. The amount of the loan may be as low as $10,000.00 or as high as $150,000.00.
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HELOC (Home Equity Line of Credit)
EFS offers a line of credit product with no closing costs and no fees. The interest rate is tied to the prime rate and only changes as the prime rate changes. The interest rate is also capped at a lifetime maximum over the initial rate. The amount of the line may be as low as $10,000.00 or as high as $100,000.00.
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Auto/Recreational Vehicles
Are you looking for financing to purchase a new or used car, truck, motorcycle, or recreational vehicle? Enfield Federal offers a variety of financing terms available with flexible down payments depending on the age of the vehicle.
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Personal Loans
As an existing customer of Enfield Federal, you may qualify for a personal loan. An existing customer is defined as someone who has an existing deposit or loan relationship in good standing that has been opened for six months or more. This type of loan may be secured or unsecured. Loan amounts range from $3,000.00 to $10,000.00. with repayment terms from 12 to 48 months. Principal and interest payments remain the same for the term of the loan.
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