Financing

Salem Five Mortgage Services

As a subsidiary of one of the oldest mutual banks in New England, Salem Five is a strong and growing mortgage lender with over 150 years experience serving the needs of the community.

Mark Butler has built relationships with many of today's reputable builders. This means when you do business with Mark, Salem Five, and your builder, you know you are working with experienced, knowledgeable professionals.

The Loan

Salem Five's Modular Home Loan Program combines construction loan and long term financing into one mortgage. This innovative loan is processed at the same time and requires only one closing, saving you time and money.

Being pre-approved by Mark lets you know exactly how much home you can afford before you decide on a model plan. If you are thinking about buying a modular home, Mark and Salem Five have the loan for you.

Our Modular Home Loan lets you choose from a variety of mortgage programs. Our construction loan is used in conjunction with many of our loan programs giving you the flexibility to benefit from the program that suits your needs best.

Financing FAQ

What do I need to start my application?

• A purchase contract with a builder
• Personal financial information
• A check or money order for applicable fees

When Does closing occur?

Once your application is made and all construction and underwriting conditions are met, we are ready to close.

Are monthly payments required during the construction phase?

Yes, but you only pay interest on the amount of the loan disbursed during the construction period. The amount increases as additional disbursements are made on the loan.

What happens when construction is complete?

• You obtain a Certificate of Occupancy and submit it to Salem Five.
• Salem Five does a final inspection of the property.
• The final disbursement check is issued.
• Your construction loan becomes your permanent mortgage and you become the proud occupant of your new home!