Loan Products & Services

Merrimac Savings Bank offers a wide array of loan products. If you do not find the product that exactly meets your needs, please contact us at (978) 346-8661 to discuss your individual loan structure and circumstances. Merrimac Savings Bank is an Equal Opportunity Lender and loans are made without regard to race, color, religion, national origin, marital status, sex, handicap, age or familial status.

Our primary lending area is northern Essex County, Massachusetts and southern Rockingham County, New Hampshire.

Residential Loans
Consumer Loans
Business Loans

Consumer Loans

We offer a wide variety of consumer loans. We want to help no matter what the purpose.

Fixed Rate Equity Loan

• Your monthly payment is fixed for the life of the loan.
• Competitive rates
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account.

Home Equity Credit Line

• Use funds for any purpose – just write a check
• Competitive rates, secured with your home equity
• Reuse your credit line as principal is repaid
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account will reduce your rate

Mobile Home Loans

• Finance the purchase of your new/used mobile home
• Competitive rates and terms
• Down payments as low as 20% accepted
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

Automobile Loans

• Buy a new or used vehicle- automobile, motorcycle or boat
• No down payment required
• Competitive rates and payment schedules
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

Home Improvement Loans

• Quick approval for smaller home repairs
• Maximum loan $10,000
• Competitive rates and payment schedules
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

Personal Loans

• Use for needed vacation, appliance purchase or whatever you like
• Maximum Loan $10,000
• Competitive rates and payment schedules
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

Recreation Vehicle Loans

• Snowmobiles, ATV’s
• Maximum Loan $10,000
• Competitive rates and payment schedules
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

Deposit Secured Loans

• Use your savings or Certificate of Deposit as collateral
• Competitive rates of 2% over your deposit rate (floor of 4%)
• Interest only payments on a monthly/quarterly basis available
• Convenient Automatic Payment from your Merrimac Savings Bank deposit account

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Residential Mortgages

We pride ourselves on being able to craft a mortgage to suit your needs.  We offer a variety of mortgage programs, terms and features.

• Adjustable Rate Mortgage
• Adjustment terms of 1,3,5 years available
• Improves your purchasing power
• Competitive Rates

Fixed Rate Mortgage

• Various Terms available
• Consistent monthly payment for life of loan
• Competitive Rates

Jumbo Mortgages

• Jumbo Mortgage Products available. Please inquire by email or telephone for current rates and terms.

Construction Loans

• New and/or renovation financing available
• Contact us at (978) 346-8661 for terms and conditions

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Business Loans

We use creative ideas to provide the necessary financing for your business. Please contact us at (978) 346-8661 to discuss your specific need.

• Commercial Real Estate
• Fixed or variable rates available
• Terms up to 20 years available

Commercial Term Loans

• Business improvements, asset acquisition are just a few approved purposes
• Flexible terms based upon purpose

Construction/Builder Program

• Competitive terms and conditions for builder programs
• Land acquisition financing available

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