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Mortgage Questions & Answers

Whether you’re considering becoming a homeowner or you’ve been living in your home for a while, you may have questions regarding home loans. We asked our very own mortgage loan experts to answer some of the most common questions on this topic.

How much equity is there in my home?

The amount of equity you have in your home can easily be calculated using the loan to value (LTV) ratio. Your LTV ratio is calculated by taking total mortgage debt (this includes any second mortgages and any other home loans) and dividing it by the current appraised value of the home. At Pentucket Bank we lend up to 80% of the value of your home so after you calculate your current LTV know that you can borrow up to 80%. 


Mortgage Balance: $125,000.00

Home Value: $300,000.00

$125,000.00 ÷ $300,000.00 = 42% loan to value

$115,000.00 in available equity

What terms does Pentucket Bank offer? What are the rates?

Pentucket Bank offers conventional loans for 30 year, 20 year, 15 year, and 10 year mortgage terms at some of the lowest rates in the market! All these terms are available in JUMBO loans as well… at the same rate! To view the current rates CLICK HERE.

What type of properties does Pentucket Bank finance?

Pentucket Bank is here to help. We are willing to work with you to finance most residential properties including primary residences, second homes and investment properties (single family, multi-family, and condos).

What is the basic process for applying for a loan? Where do I begin?

With the right help, applying for a loan can be a simple and painless process. It starts with finding appropriate loan options that meet your needs. After your research is complete and you have found a trustworthy loan officer, the loan process starts with applying for a loan. At Pentucket Bank, this can be done over the phone, online or in person.It is helpful to make sure you have all your paperwork in order. At your initial meeting it could be helpful to bring some of your financial information with you to be prepared. This would include:

  • Last 30 days’ worth of paystubs
  • 2 years of W2’s
  • 2 years of tax returns
  • 2 months of most recent bank statements
  • Most recent real estate tax bill and homeowners insurance (if applicable)
 At this time your loan officer will be able to set an expectation of what to expect throughout the loan process and answer any questions you may have. We’ll work with you to make sure all requirements are met and everything stays on time for the closing date. This process can seem overwhelming but rest assured your Mortgage Loan Officer will be there every step of the way ready to help.

What type of loan programs does Pentucket Bank offer?

Here at Pentucket Bank, we offer various conventional loan products to help you fulfill your current needs. We also offer more specialized loan programs such as: Our First Time Home Buyers Program, Low to Moderate Income program and Home of The Brave for qualifying veterans.

Do you sell your mortgages?

At Pentucket Bank we are with you every step of the way. We will always retain servicing of your loan, so you can always reach us locally for any questions during the life of your loan.

Still have some questions?

Come down to our branches for one of our Mortgage Advisors Day! Our experienced Mortgage Loan Officers will be on site during lobby hours to meet with you and answer any home loan questions. Or, send us an email or call us today at (978) 372-7731.

Thursday, August 17th

Friday, August 18th