Freedom 15
Build equity faster and save on total interest, with the opportunity to lower your rate later without a traditional refinance.
A Faster Path to Mortgage Freedom
With Freedom 15, you get a faster payoff, faster equity growth, and long-term interest savings with a one-time opportunity to lower the rate later without completing a traditional refinance.
Whether you are purchasing a home or refinancing your current mortgage, Freedom 15 can help you move toward a paid-off home sooner.
Prefer a lower monthly payment, explore other competitive home loan options.
Your Questions, Answered.
Why Choose Freedom 15?
- Pay off your mortgage sooner: A 15-year term gives you a defined, accelerated path to paying off your home.
- Build equity sooner: More of each payment goes toward reducing your principal compared with a longer-term mortgage, helping you build home equity faster.
- Save on Total Interest: A shorter repayment period may significantly reduce the total interest paid over the life of your mortgage.
- Keep the Opportunity for a Lower Rate: If WSB's 15-year fixed rate decreases, you may request a one-time rate reduction without applying for a new mortgage or completing a traditional refinancing. It's a simple, hassle-free process.
- Keep Your Mortgage Local: Your mortgage stays with Watertown Savings Bank, giving you continued access to local service and experienced lending professionals.
Is Freedom 15 Right for Me?
Freedom 15 may be a good fit if you:
- Want to pay off your mortgage sooner
- Have room in your budget for a higher monthly payment than a comparable 30-year mortgage
- Want to build home equity faster
- Want to reduce your total interest expense
- Are refinancing a mortgage with approximately 15 years remaining
- Hope to pay off your home before retirement
- Value a fixed rate but want the flexibility to request a lower rate later
- Prefer a mortgage that stays with a local bank
A 15-year term leads to a faster path to paying off your mortgage. It requires a higher monthly payment in exchange for a shorter term, reducing the total interest expense. A 30-year term may be right for you if your priorities include a lower monthly principal-and-interest payment, greater monthly budget flexibility, and a longer repayment period.
Compare Two Mortgage Loan Options with our Mortgage Calculator
Freedom 15 is intended to be available for eligible home purchases and refinances. Loan availability and terms are subject to property, credit, income, loan-to-value, and other underwriting requirements.
If WSB’s 15-year fixed rate declines after your mortgage closes, you may request a one-time rate reduction. A $1,000 flat rate-change fee will apply. There will be no additional paperwork or traditional refinancing.
No traditional refinance is required when using the Freedom 15 rate-reduction feature. You will not need to replace your existing mortgage with a new loan. The rate change is subject to a $1,000 flat rate-change fee.
No. The rate-reduction option may be exercised one time during the life of the mortgage.
No. A 15-year mortgage generally has a higher monthly payment than a comparable 30-year mortgage. It may be appropriate for borrowers who can comfortably manage the payment and prioritize faster equity growth, a shorter payoff timeline, and lower total interest expense.
A WSB loan officer can help you compare the available mortgage terms, but customers should consider their complete household budget and financial goals.
Yes. WSB retains and services all of its mortgages, providing customers with continued access to a local lending team after closing.
You can apply online or contact a WSB loan officer to discuss Freedom 15, compare mortgage options, and determine which term may fit your goals.
Are you ready to buy with a 15-year fixed rate mortgage? Pair it with a simple, one-time rate-reduction feature that does not require a new refinance.
Meet our Loan Officers
Our loan officers are here to offer you personalized service, quick decisions, and terms that fit your needs. WSB can offer that because we do not sell your loans.
*Rates listed below are with a 20% down payment. Loans with less than 20% down payment may require PMI and rate is increased by .50%.
You may elect one-time over the life of your mortgage to switch to a lower rate on a 30-year fixed-rate mortgage as published by Watertown Savings Bank. There will be a $1,000.00 documentation and rate change fee should you opt to reduce to a lower rate. Upon your rate change election, the new rate will apply to the remaining term of your WSB mortgage at the beginning of your next payment cycle and will be based on the original maturity date of your mortgage. At the time of the WSB rate reduction, your mortgage must be current and have experienced no delinquencies in the prior 180 days.
Offer for owner-occupied properties only. Rates are also based on 80% CLTV and a credit score of 740 or higher. If minimum credit score is not met .25% will be added to the initial rate. Subject to credit approval. APRs listed are based on $400,000 loan for all conforming fixed rate loan products, and $766,551 for all jumbo fixed rate loan products. Term 30 years. Your APR will vary based on your final loan amount and finance charges. Jumbo mortgages are defined as loans in excess of $832,750 (single family & condominium), $1,066,250 (two-family), $1,288,800 (three-family), and $1,601,750 (four-family). All jumbo loans require a minimum down payment of 20%.
Rate shown above reflects the auto pay option. To qualify for our autopay rate, your monthly mortgage payments must be automatically withdrawn from a WSB Checking Account, and a WSB debit card activated. Should you cancel your automated monthly withdrawal, your interest rate will change to the non-autopay rate. Non-autopay rates are .25% higher.
**WSB Fixed Rate Mortgage - Conforming & Jumbo - Purchase & Refinance: 360 monthly payments with a principal and interest payment of $6.66 per $1,000 borrowed.
The payment shown does not include taxes and insurance. Your payment may be greater.
Other fees may apply. Please refer to our mortgage rate sheet for more details.
All rates are subject to change without notice.
