Mortgage lending has been our primary focus for over a hundred years.  If you are purchasing or refinancing, you owe it to yourself to contact us!

Whether you are a first time home buyer, purchasing that dream home, or refinancing an existing mortgage, Spratt Savings Bank can help guide you through the many mortgage options to identify the one that best suits your individual needs. We provide Conventional, Construction, Construction/Permanent, or Jumbo financing with permanently fixed rate products or adjustable rates (ARM).

Our fixed rate products guarantee that the interest rate will remain constant throughout the life of your mortgage. This product provides the greatest measure of protection against changes in the monthly principal and interest payments because the loan rate never changes.

Adjustable rate mortgage products interest rate are tied to a specific market index plus a fixed margin. As the market index moves up or down within certain pre-determined ranges (interest rate floor and ceiling), the interest rate on your mortgage will adjust with that movement. The change in the interest rate may (and likely would) change the amount of the monthly principal and interest payment on the mortgage (with any changes occurring annually). Adjustable rate mortgages allow the borrower to take advantage of lower rates when rates fall. Conversely, the borrower takes some interest rate risk as the mortgage interest rate would adjust upward when rates rise. The extent to which the mortgage interest rate could adjust is restricted both annually and over the life of the mortgage. While there are many different options, a typical rate range would be 2/6. Under this scenario the maximum annual rate adjustment would be restricted to no more than 2% and the maximum lifetime adjustment would be 6% (above the original interest rate).

Construction or Construction/Permanent loans are the product of choice for borrowers that are having their homes built. Our variable rate products allow for single loan closing thereby avoiding duplicate closing cost. We make construction financing easy! Let us show you how.

Lost or Stolen Card

Should you discover that your Spratt Savings Bank Debit Card has been lost or stolen, please call the following number immediately:


» NOTICE: The Federal Regulation that limits the number of third party transactions allowed per month on our Money Market Demand Account (MMDA) and our Preferred Investment Account has changed. Third party transactions are defined as those you do not conduct at the bank or at an ATM. Third party transactions include checks, electronic debits, drafts, debit card purchases, phone transfers to other accounts and online and phone banking transfers to other accounts. The regulation limited these to six, of which no more than three could be by check. The limit is still six, but now, all can be by check.

Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs). It does not include other accounts, such as traditional checking, or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit

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