About

Charles River Bank offers a variety of loan products tailored to meet the financial needs of all of the residents in the assessment area. The Bank product offering includes:

Owner Occupied Residential Mortgage Loans
We are pleased to provide Owner Occupied Residential Mortgage Loans on new or existing single unit and 2 – 4 unit residences. Applicants can select from a fixed rate conventional mortgage loan. Also available are various adjustable rate mortgages with a maximum term of 30 years and a no closing cost product.

Generally, mortgage loans may require a maximum Loan-to-Value (LTV) of 80%. For those borrowers with a smaller down payment, the Bank will provide up to 97% LTV financing with our portfolio mortgages. Minimum credit scores, borrower contribution and debt-to-income ratios must conform to FNMA guidelines. A LTV greater than 80% requires Private Mortgage Insurance (PMI).

Construction Mortgages
The Bank also offers Construction Mortgages to finance the construction of residences. This type of mortgage loan becomes a permanent mortgage loan upon completion of the construction of the property.

Non-Owner Occupied 1-4 Family Residential Mortgage Loans
Non-Owner Occupied Residential Mortgage Loans are also offered by the Bank with a maximum LTV of 80% of fair market value.

Home Equity Line of Credit
Also available is a Home Equity Line of Credit (HELOC) up to a maximum combined loan to value (CLTV) of up to 80% if Charles River Bank holds the first mortgage or 75% if we do not hold the first mortgage.. A Home Equity Line of Credit is an open-end account with a variable rate of interest. The HELOC may range from a minimum line of credit of $10,000 to a maximum line of credit of $250,000.00. Borrowers should seek the advice of a tax consultant to determine eligibility of deductibility of interest paid on these loans.

Home Equity Loan
Charles River Bank offers a Home Equity Loan, with a maximum term of 20 years up to a maximum combined loanto-value of 80% or 75% if we do not hold the first mortgage. The bank offers a fixed or variable rate Home Equity Loan fixed principal and interest payment, minimum loan amount of $10,000 and maximum loan amount of $250,000.00.

Savings or Term Deposit Account Secured Loan
Customers may use their Passbook Savings or Term Deposit Account to secure a loan with the Bank. The Bank will lend up to 95% of the balance on deposit and the monthly minimum payment is interest only.

Automobile Loans
The Bank offers financing on both new and used automobiles (up to 5 years old). The maximum term for new automobiles is 72 months and the maximum term for used automobiles is 60 dependent on the age of automobile.

MassSave Loans
The bank offers MassSave loans for the installation of qualified energy-efficient improvements to owner occupied and investment properties. These are zero percent interest rate loans with a maximum of $25000 unsecured or up to $50,000 with a UCC filing.

Land Loans
Financing of land is for interim financing therefore the maximum term of the loan is 3 years. The maximum LTV on a Land Loan on a buildable lot shall not exceed 70% and on raw land, the maximum LTV will not exceed 65%.

Commercial Real Estate Loans
The Bank offers a variety of commercial real estate loans for those borrowers investing in owner and non-owner occupied real estate

Overdraft Line Of Credit
The Bank offers an Overdraft Line of Credit product to non-business customers linked to a customer’s checking account. The maximum line is generally $1,500.00 but may be increased on an individual basis using standard underwriting procedures.

Basic Banking Program
The Bank participates in the MA Bankers Association “Basic Banking Program”, providing affordable products. 

FNMA Home Ready Program
Charles River Bank is an approved lender under the FNMA Home Ready program that provides funding at market or below market rates to low and moderate-income residents of Massachusetts. Programs are available to first time homebuyers of one to four family residences, as well as refinance opportunities. FNMA’s mission is to provide affordable housing programs to those residents whose income falls into specific income limits established by county. A borrower may put as little as 0% percent down with credit score and debt-to-income ratio floors and caps. Eligibility criteria are adjusted in accordance to the loan-to-value, loan purpose and type of collateral. Private Mortgage Insurance is obtained through a Private Mortgage Insurance company at reduced premiums. Credit counseling is required for all first time homebuyers and those who are purchasing a 2-4 owner-occupied dwelling.

Equity Builder Program
The bank offers borrowers with at or below 80% of the area median income up to $29,000 to be used for downpayment, closing-cost, and home-buyer counseling cost assistance.

FHLB HOW (Housing Our Workforce)
Loan Program HOW offers matching grants to households earning more than 80% and up to 120% of the area median income to help them with down payment assistance. Borrowers can receive up to $25,000.00.

Small Business Administration (SBA) Lender
Charles River Bank is an approved SBA lender. The Bank provides financing to qualified small business owners with annual revenues under $1 million dollars.