How is financing structured for construction loans?

Financing for construction loans is usually interest only for an 18 month period at a rate determined by market conditions.

Does Needham Bank offer builder financing?

Builder financing varies depending on the project and market conditions. Needham Bank will usually finance a percentage of the acquisition and 100% of the hard construction costs.

What types of Commercial Real Estate (CRE) loans do you offer?

Needham Bank offers a wide variety of Commercial Real Estate (CRE) loans including permanent mortgages, lines of credit and construction loans.

How do I apply for a residential construction to permanent loan?

To apply for a construction to permanent loan, please contact one of our team members.

What do I need to get started with NB Business Online and NB Business Mobile?

To enroll for Needham Bank’s Business Online Banking and Business Mobile, there are two self-registration locations:

First, on our Needham Bank website, in the top right corner, select Log In then select Business Banking. On the Login screen, click Register – Business to accept our Business Online Terms and Conditions and to complete the enrollment form.

Or second, please download and open the Needham Bank Business mobile app. Then click Register – Business to accept our Business Online Terms and Conditions and to complete the enrollment form.

If you experience any issues or have any concerns with the self-registration, please do not hesitate to visit us at a branch and we will be happy to enroll you in person.

Once the enrollment form(s) have been completed, we will process your enrollment and contact you within one to business days regarding your Business Online access and provide you a copy of our Business Online User Guide.

What does it mean to be "Pre-Qualified"?

A pre-qualification is an estimate given by a lender stating that you "should" be able to buy a home up to a certain amount. This is an estimate only and may help you in deciding to make an offer on a home. Getting pre-qualified is an important step to being prepared to buy a home; it's FREE and takes only a few minutes.

What makes up my credit score?

There are five factors that impact consumer credit scores. They are listed here in order of importance: Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a negative impact. Outstanding Credit Balances have a 30% impact. Debt ratio of outstanding balance to available credit is important. Keeping that below 50% is wise and below 30% even wiser. It is never a good idea to close an account; the debt ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal relative to what the increased mortgage debt might be with a low credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower the debt ratio, provided they can do so without a hard credit history. Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger. Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only. Inquiries have a 10% impact. Hard inquiries for credit negatively impact the score. Auto and mortgage inquiries receive special treatment and 20 inquiries can be made in a 14-day period for auto or mortgage and will be treated as only 1 inquiry. The maximum number of inquiries that will reduce the score is 10. Any inquiries beyond that (11+) in a six-month period will have no further impact on the borrower. Each hard inquiry can cost 2-50 points on a credit score.

What is the minimum down payment on a construction loan?

Minimum down payment is the greater of the level required by regulatory statute or the amount sufficient to offset the credit risk in the transaction.

How much can I borrow?

Needham Bank will loan up to 80% of the acquisition cost plus 100% of the construction "hard costs". Needham Bank does not usually fund for plans, engineering and soft costs such as permits.

How do I make a deposit to my Needham Bank account from a remote location?

At Needham Bank, you can make deposits to your Needham Bank account via NB Mobile with Mobile Deposit, Remote Deposit Capture for businesses, Direct Deposit, Mobile or Online transfers between accounts, and directly through a Needham Bank ATM.

Are wire transfers possible to and from my NB Personal Checking account?

Yes. Funds can be transferred to and from accounts by wire transfer or via ACH (Automated Clearing House) debits or credits. Contact one of our Personal Bankers for details and applicable fees.

How frequently is my account information updated?

With NB Online Banking and NB Business Online Banking, your account transactions are displayed in real-time as they post to your account. The same goes for account information on NB Mobile and NB Business Mobile.

Can I look at all of my transactions at any time?

Yes. With NB Online, NB Mobile, and NB Business Online, and NB Business Mobile you have access to your account information 24 hours a day, 7 days a week.

Is interest paid on my checking account?

Yes. NB Checking pays a competitive rate of interest. Please check out our Deposit Rates page for details.

What products can I apply for online?

Personal Checking, Savings, Money Market, CD Accounts, Consumer and Residential Loans are available to open online. At this time, no business accounts or Individual Retirement Accounts (IRAs) can be opened online.

What types of savings accounts do you offer?

Needham Bank offers Money Market, Statement Savings and Passbook Savings Accounts. Please check out our Deposit Rates page for current rate information.

How do I set up Direct Deposit of my payroll check?

After your checking application has been approved, you will receive our routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company and your direct deposit will usually begin within thirty days.

What is a construction to permanent loan?

A construction to permanent loan is a residential mortgage loan that combines the construction phase with a fully amortized mortgage so that you only have to attend one closing.

Can I get information about my account by phone?

Yes. Account information is available with our Customer Service Representatives during business hours at any of our offices or by calling our Telephone Banking Line 888-833-5590 for automated account information 24 hours a day.

How Do I Set Up Direct Deposit of My Social Security check?

After your checking application has been approved, you will receive our routing and transit number and your account number. 

We will assist by telephoning SSA with you or by providing contact information, so you may call from the privacy of your own home to set up.