Loan Products Torrington Savings Bank is a mutual savings bank whose primary lending area encompasses Litchfield County and a small portion of Hartford County.  As a community bank we allocate significant resources to make sound loans whenever possible. The Board of Trustees of Torrington Savings Bank has developed loan programs with the intent to expand homeownership opportunities for borrowers whom the bank determines can qualify for and successfully maintain homeownership. Whether you are looking for a mortgage to purchase your first home or a new home, build a new home or perhaps you are interested in an equity loan or line of credit for home improvement, college tuition or debt consolidation, Torrington Savings Bank has a program for all of these scenarios and more.  You will find our financing options to be among the most competitive in our market area.  Fixed Rate Mortgages Adjustable Rate Mortgages (ARM) Construction Mortgages Home Equity Loans Home Equity Line of Credit Collateral Loans Student Loans  Fixed Rate Mortgages: These products offer a fixed rate, amortized payment schedule for up to a 40 year term.  Our fixed rate programs are available for monthly and bi-weekly payment schedules.  We offer rates for both conventional and jumbo fixed rate mortgages.  First-time homebuyer mortgages are available with 5% down payments for 30 or 40 year terms. Apply OnLine    Adjustable Rate Mortgages (ARM): Adjustable rate mortgages (ARM) offer a variable interest rate with periodic adjustments that are tied to the one year treasury constant maturity plus a margin of 2.75%.  Interest rate changes are limited by a 2% increase or decrease at each scheduled adjustment and a 6% lifetime cap.  ARM options include a traditional 1 year ARM with annual rate adjustments; a 3/1 ARM which offers a fixed rate for the first 3 years with annual adjustments thereafter; a 5/1 ARM which offers a fixed rate for the first 5 years with annual adjustments thereafter; a 7/1 ARM which offers a fixed rate for the first 7 years with annual adjustments thereafter; and a 10/1 ARM which offers a fixed rate for the first 10 years with annual adjustments thereafter. Apply OnLine    Construction Mortgages: Torrington Savings Bank offers a single closing construction-to-permanent mortgage program for the construction of a new owner-occupied home.  Both fixed and adjustable rate programs are available.  The loan begins with a one year interest-only construction period followed by an automatic conversion to the repayment loan in the 13th month.  Interest payments during the construction period are based on the portion of the loan that is advanced. Apply OnLine    Home Equity Loans: TSB offers a fixed rate, fixed payment amortized equity loan with no closing costs and no application fees. Apply OnLine    Home Equity Line of Credit (HELOC): TSB offers a line of credit with an adjustable interest rate, currently Wall Street Prime minus .50%.  There is a maximum interest rate of 18%.  This loan allows you access to your credit line when funds are needed with the ability to repay the principal without penalty at your own pace.  Monthly interest-only bills are based on the outstanding account balance during the billing cycle. Apply OnLine    Collateral Loans: Collateral Loans secured by TSB savings accounts and term certificates are available for established customers of the bank.  Stock loans secured by eligible stocks are also available.  Please contact a bank representative for more details.    Student Loans: Student Loans are offered according to the guidelines and processes established by Sallie Mae.  Loan packets containing detailed information every student needs to complete and apply for a Federal Stafford and Federal PLUS loan are available at the bank. Contact a bank representative for more details.