Chittenden Bank offers a variety of fixed rate mortgages. The terms are 10, 15, 20, 30 and even 40 years. Each term is offered with a 0 points, 1 point or 2 point option. A point is a percentage point of the loans value which the customer pays up front in order to get a lower interest rate in the long term. Each of these options is offered with a 5% down. Chittenden Corp also offers Jumbo loans (amounts from $417,000-$801,950) in 30 and 15 year fixed rate types. These come with no points and a 5% down. They also make available adjustable rate loans.
Chittenden Bank ARM Loans
With an Adjustable Rate Mortgage loan the interest rate stays fixed for a certain term and then returns to the market rate. These are offered with 1, 3, or 5 year fixed interest terms with a length of 30 years, o points and 5% down. Almost any property type can be funded with these loans from single family residences and two-family to four-family homes, single-unit second home or vacation properties, condominiums, mobile home (on land owned by the borrower), one-unit to four-unit investment property, to construction. Home equity lines and loans are also available. The terms are 5,10, and 15 years and the amount borrowed can be up to 80% for the line and up to 95% for the home equity plus loan. The primary residence, vacation property or investment property may qualify for this type of loan.
Chittenden Bank grew from a solid foundation in banking. The Chittenden Bank owns Chittenden Trust, Flagship Bank and Trust, The Bank of Western Massachusetts, Ocean National Bank, and Maine Bank and Trust. They have a network of 125 offices in Vermont, Massachusetts, New Hampshire, Maine and even Montreal, Quebec. Chittenden’s activities include checking, savings, and money market accounts and CDs. Commercial real estate loans comprise about 70% of the banks’ combined portfolio; residential mortgages account for approximately 24% and consumer loans make up the rest. Chittenden also offers insurance and brokerage services.
Chittenden’s core value is aimed at sustained growth and balance attained through traditional banking, targeted acquisitions and specialized businesses. The Chittenden Bank has been publicly traded company since 1974. The corporate officers for Chittenden Bank include: Paul A. Perrault, Chairman, President and Chief Executive Officer; Kirk W. Walters, Executive Vice President, Chief Financial Officer and Treasurer; and F. Sheldon Prentice, Senior Vice President, General Council and Corporate Secretary. For the tax year of 2005 Chittenden held $6099 million in assets and posted a pretax earning of $115 million.
Mortgage loans applications may be completed online or in any of the Chittenden Bank branch offices.
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