Refinance with
No Mortgage Insurance
It’s time to ditch extra costs and keep more cash in your pocket.
Start Saving by Saying Goodbye to MI
You bought a new house and made it your forever home. However, over the years you have new financial goals and new factors to consider, some of which may have you considering refinancing.
If you are looking to significantly reduce your monthly payment and/or term it is probably a good time to explore refinancing your home. As you may remember (not so fondly), there are a lot of additional costs that go into the mortgage process. If you had less than 20% for your down payment, you might have had to pay additional steep Mortgage Insurance (MI) fees. Torrington Savings Bank’s ReFi Boost mortgage helps you eliminate these extra costs and empowers you to access your home equity to improve your loan terms. This program is designed specifically for home owners looking to refinance in CT.
- No cash to the borrower
- Available up to $850,000.00
- No MI Required*
- Requires minimum credit score of 720
- Credit report and appraisal fees collected prior to closing
- Your loan-to-value ratio (LTV) is 90% or lower
- No cash out allowed; allows payoff of debt secured by your home only
- Refinance is limited to payoff mortgage, second mortgages (Home equity loans and HELOC) and closing costs
- Program available for qualified applicants of owner-occupied 1 or 2 primary or secondary family homes or condos in Connecticut
- Excludes investment properties
How Can We Help?
Refi Boost – Refinance – No MI – 15 Year Fixed Rate
Effective Date: September 26, 2022
| Rate | APR | Points | ||
|---|---|---|---|---|
| 5.000 | 5.093 | .50 | Get a Personalized Rate | Learn More |
Refi Boost – Refinance – No MI – 30 Year Fixed Rate
Effective Date: September 26, 2022
| Rate | APR | Points | ||
|---|---|---|---|---|
| 5.875 | 5.932 | .50 | Get a Personalized Rate | Learn More |
Refi Boost – Refinance – No MI – 15 Year Fixed Rate Jumbo
Effective Date: September 26, 2022
| Rate | APR | Points | ||
|---|---|---|---|---|
| 4.875 | 4.953 | .50 | Get a Personalized Rate | Learn More |
Refi Boost – Refinance – No MI – 30 Year Fixed Rate Jumbo
Effective Date: September 26, 2022
| Rate | APR | Points | ||
|---|---|---|---|---|
| 5.375 | 5.421 | .50 | Get a Personalized Rate | Learn More |
Explore Our Other Options
Mortgage Refinancing
When it comes to a home loan, lower rates are not always better. Since you bought your home, your individual needs and circumstances might have changed, but are you a good candidate to refinance?
Construction Mortgage
A Torrington Savings Bank Construction Mortgage is a great option to finance home construction.
Jumbo Mortgage
Jumbo mortgage is the industry term for home loan amounts ranging from $647,200 to $1,000,000.
Buyer’s Boost
TSB Buyer’s Boost Mortgage Program allows well-qualified borrowers to get competitive rates while putting as little as 10% down.
Conventional Mortgages
Torrington Savings Bank conventional mortgages offer great rates with flexible term options, and low fees & closing costs.
First Time Homebuyers
TSB helps first time borrowers become new homeowners with a special program designed to make buying a first home more affordable.
Refi Boost Details:
Refi Boost – Refinance – No MI – Fixed Rate
Maximum loan limit is $647,200.00 Payment example: $100,000.00 loan at 4.75% for 360 months (30 years) is a monthly payment of $521.65. This does not include taxes or insurance escrow. APR’s based on $100,000.00 mortgage, 20% down payment. 60 day commitment. Any change of loan after commitment issued – $400.00 fee. Property insurance is required. Flood insurance may be required. Properties with underground fuel storage tanks are not eligible. Rates reflect discount for Auto-Pay from a Torrington Savings Bank account. Add 0.25% to rate without Auto-Pay. Application fee ranges from $578.59 to $605.87 on single family, existing, owner occupied properties; and $728.59 to $755.87 on new construction. Application fee includes cost of appraisal and credit reports. Available to borrower(s) at a maximum loan to value of 90% without the need for Mortgage Insurance. 1-2 Family, owner occupied or second home; no Investment. Refinance only. Minimum FICO of 720. Loans not fitting the requirements above will be required to qualify for and obtain borrower paid Mortgage Insurance. Conventional LTV (loan to value) 80.01% to 90% may require MI.* No Prepayment Penalty. Consult a loan representative for more specific information. Interest rates are subject to change at any time, without notice and may vary according to the property and loan characteristics.
Refi Boost – Refinance – No MI – Jumbo
Minimum loan limit is $647,201.00. Maximum loan limit $1,000,000.00. Payment example: $100,000.00 loan at 4.75% for 360 months (30 years) is a monthly payment of $521.65. This does not include taxes or insurance escrow. APR’s based on $100,000.00 mortgage, 20% down payment. 60 day commitment. Any change of loan after commitment issued – $400.00 fee. Property insurance is required. Flood insurance may be required. Properties with underground fuel storage tanks are not eligible. Rates reflect discount for Auto-Pay from a Torrington Savings Bank account. Add 0.25% to rate without Auto-Pay. Application fee ranges from $728.59 to $755.87 on single family, existing, owner occupied properties; and $828.59 to $855.87 on new construction. Application fee includes cost of appraisal and credit reports. Available to borrower(s) at a maximum loan to value of 90% without the need for Mortgage Insurance. 1-2 Family, Owner Occupied or Second Home; no Investment. Refinance only. Minimum FICO of 720. Loans not fitting the requirements above will be required to qualify for and obtain borrower paid Mortgage Insurance. Conventional LTV (loan to value) 80.01% to 90% may require MI.* No Prepayment Penalty. Consult a loan representative for more specific information. Interest rates are subject to change at any time, without notice and may vary according to the property and loan characteristics.
