For over 160 years, we’ve helped home buyers find the right loan to fit their needs. You could pre-qualify for one of our many loan options to get you in your new home even quicker. We close loans in 30 days. Have questions? Our loan officers have the experience and expertise to help you find the right loan that fits you and your lifestyle.

• Conventional fixed-rate loans
• Adjustable rate loans (ARMs)
• Jumbo loans

Whether you want to lower your monthly payment, shorten your term or take cash out, sometimes replacing your current mortgage with a new one makes sense. We can help you refinance your mortgage with a term that makes sense for your situation. 

• Lower your monthly payment
• Change term of loan
• Use our refinance calculator to see if refinancing is right for you

Whether you’re building a brand-new home—including modular construction—or restoring that fixer-upper, you’ll find a wide array of mortgage and loan options at Salem Five.

We combine construction loans (usually 3-12 months) and mortgages as a single loan with one closing, saving money and time.

• The federal 203K Renovation Loan program covers home improvement, repairs and fix up. Complete your renovations after closing by using a portion of the loan proceeds for improvement costs
• We offer a specialized loan program for the construction of modular homes

A VA mortgage provides home financing guaranteed by the U.S. Department of Veteran Affairs for qualified veterans, reservists, active duty personnel, or eligible family members. Low down payment options are available. As an active duty or veteran member of the armed forces (you’ll need to show a copy of your DD-214 or current military ID), or a Salem Five loan officer can help obtain your DD-214 for you.

• Flexible income, debt, and credit requirements
• Private mortgage insurance is not required
• Available in a variety of fixed rate and adjustable rate loan options

A reverse mortgage, or home equity conversion mortgage (HECM), is a federally regulated loan available to home owners 62 and older in which the bank makes payments to the borrower based on a percentage of accumulated home equity. There’s no monthly repayment of interest or principal, although you must continue to pay your taxes and insurance. The loan gets repaid when the house is sold, or when the last of the eligible homeowners has permanently left the house as their primary residence.

• Owner-occupied single family, multi-family and FHA Approved condominiums are eligible
• Pay off an existing mortgage, increase cash flow, pay bills, make home repairs, or set up as a line of credit
• "Non-recourse" feature means the total amount owed can never exceed the home’s appraised value

Salem Five has plenty of options for mortgages and other types of lending that don’t fall into a standard category. We’ll work with you to find the right term, rate, and program for your project.

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• Leverage your purchasing power
• Choose from varying year terms
• Options to convert to a fixed rate

For buyers with modest incomes that may need some help making long-term homeownership a reality, we are an approved participating lender with Mass Housing and New Hampshire Housing.

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• 30-year fixed rate loans 
• Low down payment requirements
• Government insured and conventional options