Home-Purchase Mortgage

Achieve your dream of owning a home with the easy, comfortable financing!

We know buying a home and getting a mortgage can be confusing and stressful.  But it doesn’t have to be that way!  Let the friendly, experienced Lenders at Kennebec Federal Savings help you secure the home financing package that’s right for you and your goals.

Apply Online Meet Our Mortgage Team See Mortgage Rates Contact Us

We’ll answer all your questions, compare the pros and cons of each option, and make sure you end up with the mortgage that best fits your situation. Throughout the process, you’ll enjoy these key benefits:

  • No application fee
  • Approval in minutes, not days
  • Reduced paperwork
  • Option to “lock” interest rate at application
  • Competitive interest rates
  • Local decision-making

Get Pre-Approved Today!

Let us pre-approve you before you start your home search, so you can confidently make an offer on your dream home. We can help you determine how much house you can afford and help you choose a mortgage that best fits your needs. Our fast, FREE pre-approval program gives you an advantage when shopping for a home. You’ll feel secure making an offer on a home with a pre-approval certificate in your hand!

Residential Mortgage Rates

One crucial way we’ll help you is by fully explaining the difference between fixed-rate and adjustable-rate mortgages. Here are some of the key differences:

  • Fixed-Rate Mortgages: A fixed-rate mortgage offers the security and stability of a fixed interest rate and a loan payment that never changes. This may be a good choice if you plan to stay in your home for seven years or longer.
  • Adjustable-Rate Mortgages (ARM): An adjustable-rate mortgage (ARM) may be your best option if you prefer lower initial monthly payments, or plan to relocate or trade up within a few years. You can select from the following ARM products to meet your financing needs:
    • 1-Year ARM - The interest rate and monthly payment adjust every 12 months. The interest rate change is “capped”, so the rate cannot change more than 2% per adjustment and 6% over the life of the loan.
    • 3/3 ARM – The interest rate and monthly payment adjust every 36 months. The interest rate change is “capped”, so the rate cannot change more than 2% per adjustment and 6% over the life of the loan.
    • 5/1 ARM – The interest rate and monthly payment are fixed for the first 60 months, then adjusted every 12 months. The interest rate change is “capped”, so the rate cannot change more than 2% per adjustment and 6% over the life of the loan.

Preliminary Information Needed for Your Loan Application

  • Employer(s) name, address, and phone number for the past 2 years
  • W-2’s for the past 2 years
  • Pay stubs covering wages for the most recent 30-day period
  • Last 2 statements for all deposit accounts—checking, savings, investment, IRA, etc.
  • If self-employed, the last 2 years’ signed and dated personal and business tax returns (if applicable) with all schedules attached
  • If you currently rent, the landlord’s name and address for the past 2 years.

Types of Mortgages Available

  • First-Time Home Buyer: We’ll make it easier for you to buy your first home, with financing programs specifically for first-time homebuyers, including FHA, VA, Rural Development,  and Maine State Housing loans with low and no down payment options. Learn More. 
  • Seasonal/Second Home: Purchase your dream getaway.  Whether your dream is a lakefront camp, hunting cabin, or ski lodge, you can turn to KFS!   Get pre-approved so you can confidently make an offer on your getaway home.  We’ll answer all your questions, go over your options, and provide a pre-approval certificate you can take to your realtor and use in your home-buying negotiations.
  • Investment Properties: Whether your multi-unit building is owner-occupied or not, you can finance 1-4 family investment properties with KFS! 
  • Mobile Homes with Land:   Purchase  a mobile home on land owned (or to be owned) by you. Fixed and adjustable rate mortgage options are available with as little as 10% down payment and terms up to 30 years. 
  • Land Purchase:  Sometimes your dream home starts with the land to build it on.  Or maybe you just want to purchase land for recreational use.  Either way, our land loans are simple, convenient and flexible.  You can benefit from either an adjustable-rate loan (up to 30 years) or fixed-rate loan (up to 15 years).
  • Construction Loan:  A One- Closing Construction Loan from KFS combines construction and permanent financing in one loan, saving you the cost of a second closing.   Learn More.

Apply Online Meet Our Mortgage Team Contact Us

 

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