From renter to homeowner—now’s your moment.
If you’re a first-time homebuyer, you may qualify for Newburyport Bank’s 40-year mortgage. This special loan program extends your monthly payments over 40 years, making homeownership easier and more affordable than with other programs. As a community bank, we believe everyone deserves the opportunity to journey well into their first home.
- Monthly house payments are lower than other traditional loan programs.
- You may qualify for a larger loan amount.
- You get personalized support from our local loan officers.
- You can lock in your rate with this fixed-rate mortgage
Get a mortgage that fits you.
At Newburyport Bank, we support your homeownership journey—and our 40-year mortgage option is designed to help you get there with lower monthly payments and added flexibility. Whatever your goal, we’re here to help you achieve it.
Contact a loan officer to learn more about this loan.
Why a 40-year?
A 40-year mortgage allows you to make lower monthly payments on your home than you would if you had a traditional 30-year mortgage, because your payments are distributed over 40 years. Those reduced payments free up your budget so you can focus on what matters most. Also, since this is a fixed-rate mortgage, once you lock in your rate, your principal and interest payments stay the same over the entire 40 years.
How does a 40-year mortgage work?
With this extended-term financing solution, your payments are spread over four decades, instead of the typical three decades, so you pay less each month. Our loan officers will get you pre-approved quickly so you know how much house you can afford.
Should I do a 40-year or a 30-year?
While a 40-year mortgage may provide reduced monthly payments and greater flexibility in your budget, you'll end up paying more interest over the life of the loan than you would with a 30-year or lesser term mortgage. Also, the longer your term, the longer it takes to build equity. If you prefer to pay less interest over the life of the loan and to build equity faster, you may prefer a 30-year mortgage, which means higher payments.
Loan subject to credit approval. Minimum credit score of 700 required. This product is available to first-time home buyers only; existing customers may not be refinanced into this term. Rates and terms may vary based on creditworthiness and loan characteristics. A longer loan term may result in a lower monthly payment, but higher total interest paid over the life of the loan. Available for single family primary residence only. Not all borrowers will qualify. Other restrictions may apply.