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Newburyport Five Cents Savings Bank
63 State Street, Newburyport, MA  01950

ADJUSTABLE RATE MORTGAGE LOAN PROGRAM DISCLOSURE
10/1 ARM

This disclosure describes the features of an Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs available from your lender will be provided upon request.

HOW YOUR INTEREST RATE AND PAYMENT ARE DETERMINED:

• Your interest rate will be based on an index rate plus a margin.  Please ask us for our current interest rate and margin.
• Your initial interest rate may reflect a premium or discount.  Please ask us about our current interest rate premium or discount.
• The index rate is the prior weekly average of the 1 year FHLB Classic Advance Rate.
• Index values are published by the Federal Home Loan Bank of Boston at www.fhlbboston.com.
• Your interest rate will equal the index rate plus our margin rounded to the nearest 1/8 percent, unless your interest rate “caps” limit the amount of change in the interest rate.
• Your payment will be based on the interest rate, loan balance, and remaining loan term.
• The examples shown below are based on a rate that was available on February 1, 2013.
• The periodic payment may increase or decrease substantially depending on changes in the rate.

Your interest rate will be fixed for the first 120 months, after which the interest rate can change every 12 months to the index value plus the margin, subject to the following limits:

• Your interest rate will be rounded to the nearest 1/8 percent.
• Your interest rate cannot increase or decrease more than 2 percentage points per adjustment.
• Your interest rate cannot increase or decrease more than 6 percentage points over the term of the loan.
• Your interest rate will be subject to a minimum rate of 2.75%.

HOW YOUR PAYMENT CAN CHANGE:
 
Your payment can change at each interest rate adjustment.

For example, on a new $10,000, 180-month loan with an initial interest of 3.625%, the maximum amount that the interest rate could rise under this program is 6.000%, to 9.625%, and the payment amount could rise from a beginning payment of $72.10 to a maximum of $81.06 at payment 145.

To see what your payments (excluding escrow fees) would be, use the following calculation and the appropriate figures from the chart below. Divide the amount of the mortgage by 10,000; then multiply the loan payment by that amount. (For example: the initial loan payment for a mortgage amount of $60,000 for 180 months would be: 60,000/10,000 = 6; 6 x $72.10= $432.60)

You will be notified in writing 30 - 60 days before an interest rate adjustment.  This notice will contain information about your interest rates, payment amount and loan balance.

PREPAYMENT: If you pay off the loan early, you may have to pay a penalty.

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Newburyport Five Cents Savings Bank
63 State Street, Newburyport, MA  01950

ADJUSTABLE RATE MORTGAGE LOAN PROGRAM DISCLOSURE
7/1 ARM

This disclosure describes the features of an Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs available from your lender will be provided upon request.

HOW YOUR INTEREST RATE AND PAYMENT ARE DETERMINED:

• Your interest rate will be based on an index rate plus a margin. Please ask us for our current interest rate and margin.
• Your initial interest rate may reflect a premium or discount. Please ask us about our current interest rate premium or discount.
• The index rate is the prior weekly average of the 1 year FHLB Classic Advance Rate.
• Index values are published by the Federal Home Loan Bank of Boston at www.fhlbboston.com.
• Your interest rate will equal the index rate plus our margin rounded to the nearest 1/8 percent, unless your interest rate “caps” limit the amount of change in the interest rate.
• Your payment will be based on the interest rate, loan balance, and remaining loan term.
• The examples shown below are based on a rate that was available on February 1, 2013.
• The periodic payment may increase or decrease substantially depending on changes in the rate.

Your interest rate will be fixed for the first 84 months, after which the interest rate can change every 12 months to the index value plus the margin, subject to the following limits:

• Your interest rate will be rounded to the nearest 1/8 percent.
• Your interest rate cannot increase or decrease more than 2 percentage points per adjustment.
• Your interest rate cannot increase or decrease more than 6 percentage points over the term of the loan.
• Your interest rate will be subject to a minimum rate of 2.75%.

HOW YOUR PAYMENT CAN CHANGE:

Your payment can change at each interest rate adjustment.

For example, on a new $10,000, 180-month loan with an initial interest of 3.250%, the maximum amount that the interest rate could rise under this program is 6.000%, to 9.250%, and the payment amount could rise from a beginning payment of $70.27 to a maximum of $85.57 at payment 109.

To see what your payments (excluding escrow fees) would be, use the following calculation and the appropriate figures from the chart below. Divide the amount of the mortgage by 10,000; then multiply the loan payment by that amount. (For example: the initial loan payment for a mortgage amount of $60,000 for 180 months would be: 60,000/10,000 = 6; 6 x $70.27= $421.62)

You will be notified in writing 30 - 60 days before an interest rate adjustment.  This notice will contain information about your interest rates, payment amount and loan balance.

PREPAYMENT: If you pay off the loan early, you may have to pay a penalty.

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Newburyport Five Cents Savings Bank
63 State Street, Newburyport, MA  01950

ADJUSTABLE RATE MORTGAGE LOAN PROGRAM DISCLOSURE
5/1 ARM

This disclosure describes the features of an Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs available from your lender will be provided upon request.

HOW YOUR INTEREST RATE AND PAYMENT ARE DETERMINED:

• Your interest rate will be based on an index rate plus a margin. Please ask us for our current interest rate and margin.
• Your initial interest rate may reflect a premium or discount. Please ask us about our current interest rate premium or discount.
• The index rate is the prior weekly average of the 1 year FHLB Classic Advance Rate.
• Index values are published by the Federal Home Loan Bank of Boston at www.fhlbboston.com.
• Your interest rate will equal the index rate plus our margin rounded to the nearest 1/8 percent, unless your interest rate “caps” limit the amount of change in the interest rate.
• Your payment will be based on the interest rate, loan balance, and remaining loan term.
• The examples shown below are based on a rate that was available on February 1, 2013.
• The periodic payment may increase or decrease substantially depending on changes in the rate.

Your interest rate will be fixed for the first 60 months, after which the interest rate can change every 12 months to the index value plus the margin, subject to the following limits:

• Your interest rate will be rounded to the nearest 1/8 percent.
• Your interest rate cannot increase or decrease more than 2 percentage points per adjustment.
• Your interest rate cannot increase or decrease more than 6 percentage points over the term of the loan.
• Your interest rate will be subject to a minimum rate of 2.75%.

HOW YOUR PAYMENT CAN CHANGE:

Your payment can change at each interest rate adjustment.  

For example, on a new $10,000, 180-month loan with an initial interest of 3.250%, the maximum amount that the interest rate could rise under this program is 6.000%, to 9.250%, and the payment amount could rise from a beginning payment of $70.27 to a maximum of $89.97 at payment 85.

To see what your payments (excluding escrow fees) would be, use the following calculation and the appropriate figures from the chart below. Divide the amount of the mortgage by 10,000; then multiply the loan payment by that amount. (For example: the initial loan payment for a mortgage amount of $60,000 for 180 months would be: 60,000/10,000 = 6; 6 x $70.27 = $421.62.)

You will be notified in writing 30 - 60 days before an interest rate adjustment.  This notice will contain information about your interest rates, payment amount and loan balance.

PREPAYMENT: If you pay off the loan early, you may have to pay a penalty.