40-Year Mortgage*

Turn your dream of home ownership into reality with Needham Bank’s 5/5 Adjustable Rate Mortgage with a 40-year term. Owning a home has never been so easy.

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Benefits & Features 

5-Year Rate Adjustment Period

Your rate adjusts every five years over your 40-year term, making monthly payments much more affordable.

Low Down Payment 

Your APR is based on the down payment and our lenders will walk you through your rate options.

Dedicated Residential Lending Expert

Work with the same Needham Bank expert from application to closing, so you know you're partnering with someone who understands your needs and is invested in your success. Our lenders are available directly by text, phone and email to help you through the home buying process. 

40-Year Mortgage Highlights

  • 40-year term for lower monthly payments
  • Rate adjustments every 5 years
  • Available for purchases or refinances
  • Loans serviced locally
  • Private Mortgage Insurance is available
  • Maximum rate adjustment is 5% above initial interest rate
  • 2% rate adjustment cap every 5 years
  • 5% adjustment cap over life of loan
  • Interest rate may increase after the initial 5 years

Serving Our Clients

Which Mortgage is Right for You?

If you're planning to buy a home in MA, spend time understanding your home loan options. Let Needham Bank help you decide which mortgage is right for you.

Learn more about Which Mortgage is Right for You?


What’s the fastest way to pay my NB mortgage from my NB Checking Account?

The easiest way to pay your NB mortgage from your NB Checking Account is through NB Online Banking or NB Business Online Banking by completing a transfer from your checking account to your mortgage.

Can I pay my mortgage from another account?

Yes, you may complete an ACH Agreement in order to do so. Call our Loan Servicing Department at (781) 474-5802 or complete the Authorization Form. Please forward the form to the Loan Operations Department via US Mail or email us at [email protected]

Why did my mortgage payment amount change?

Payment changes result from an adjustment to your interest rate or your escrow payment. Our Loan Operations Department will assist you in providing answers to all your questions. Please contact us by calling (781)474-5802 or by email at [email protected]

Knowledge Center

Should You Rent or Buy a Home?

Let Needham Bank help you decide whether to buy or rent your next home in MA. We can help you determine if you are ready to acquire a home loan and more.

Learn more about Should You Rent or Buy a Home?

Our 5/5 ARM with a 40-year term makes owning a home even more feasible than ever before.

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*As of November 1, 2023, the payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $647,200 and an estimated property value of $809,000. The property is an existing single family or condominium unit located in Massachusetts. The assumed credit score is 740.
At a 6.875% initial interest rate, the APR for this loan type is 7.260%, subject to increase. The estimated payment schedule would be:
60 payments of $3,963.28 at an interest rate of 6.875%
420 payments of $4,259.03 at an interest rate of 7.500%*
Payment examples above do not include taxes or insurance, which are both required.
*This is an estimated fully indexed rate this loan could adjust to after the initial 60 month period.
The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes. Click here for current rates.