Our Main St. branch in Kennebunk we will be closed Monday, June 14th through Thursday, June 17th due to required sewer line maintenance outside of the building. During this time, our ATM will be accessible to foot traffic only. For Night Deposits and other lobby and Drive Up services, please visit our branch at 50 Portland Road. If you need to access your safe deposit box, please call Customer Care at 1-800-339-6573 for an appointment. We apologize for any inconvenience this may cause. We appreciate your patience!

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Mortgage Prep Bootcamp

couple walking and holding flowers

Are you a year or more away from being ready to buy a home?

Ok, deep breath…you’ve got this. You can be a homeowner. It just takes planning. Start at your comfort level–we’ll meet you there and guide you to where you need to be. We’ve assembled some of the top FAQs we hear from customers, key terms to know, articles, and even calculators all right here. So save yourself some late nights spiraling on the internet and know that we’ve got your back—you can plot a course to a place you can call home right here. Ready?


Top Customer FAQs

What’s an APR, and how is it determined?

Annual percentage rate (“APR”) is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. APR is calculated by:

  • Add total interest paid over the duration of the loan to any additional fees.
  • Divide by the amount of the loan.
  • Divide by the total number of days in the loan term.
  • Multiply by 365 to find annual rate.
  • Multiply by 100 to convert annual rate into a percentage.

What does LTV mean?

Loan to Value. This is calculated by taking the loan amount divided by the appraised value or sales price of the property that secures the loan, whichever is less.

What’s the difference between a fixed and adjustable-rate?

A fixed rate means your interest rate will stay the same over the term of the loan. An adjustable interest rate will change periodically over the term of the loan. For example, a 5/6 adjustable rate mortgage is fixed for the first five years then changes every 6 months thereafter.

What’s required to prequalify for a loan?

Borrowers must provide stated income, total debts and a credit check for us to estimate the amount they can borrow subject to a formal underwriting and credit approval process.

How much cash will I need to purchase a home?

Depending on the loan product you may be able to finance up to 98% total LTV, the difference plus closing costs would be paid at closing.

Can I borrow the funds to use towards my down payment?

Yes, your down payment can include borrowed funds, however, if you are planning on obtaining a loan for all or part of your down payment, make sure to include the details of this loan in your application.

Get Personal Financial Counseling from our Partner, GreenPath

  • Budgeting
  • Credit Counseling
  • Debt Counseling
  • Debt Management
  • Student Loan Counseling
  • Homebuyer’s Assistance
  • Credit Report Review


  • Great if you have minimal savings.
  • Low 3%-5% down payment options.
  • Low interest rate.
  • Income limits apply.
  • 2% down no PMI
  • No private mortgage insurance (PMI) required
  • Property must be located in York County, Maine or Strafford, and Rockingham Counties, NH