Greenfield Savings Bank Launches Annual Buy in July Mortgage Promotion

GREENFIELD — Greenfield Savings Bank (GSB) announced the launch of its annual Buy in July mortgage promotion, offering a combination of interest rate incentives, closing cost savings, and — for the first time — a down payment assistance program designed to expand access to homeownership.

This year’s promotion introduces GSB’s new Down Payment Assistance Program, which provides eligible borrowers with up to $25,000 to use toward a down payment or closing costs, along with an additional interest rate reduction. The assistance carries no interest, and repayment is deferred until the sale, transfer, or maturity of the loan. The program is available across all GSB mortgage products, including the Buy in July special.

“This year’s Buy in July promotion reflects our ongoing commitment to making homeownership more accessible across our communities,” said Peter Albero, president and CEO of Greenfield Savings Bank. “By introducing down payment assistance into the program for the first time, we’re helping more individuals and families overcome one of the biggest barriers to buying a home — the upfront costs.”

The Buy in July mortgage special features an adjustable-rate mortgage, fixed for the first seven years and adjusted annually thereafter. Additional benefits include a $750 closing cost credit, no application fee, no points, and interest rate protection, allowing borrowers to request a rate reduction if market rates decline in the future.

Borrowers may also qualify for interest rate reductions of 0.50% for first-time homebuyers through the Buy in July specialm 0.25% for repeat homebuyers, and an additional 0.125% reduction for borrowers participating in qualifying down payment assistance programs and setting up automatic loan payments from a GSB checking account.

According to Cassandra Morrey, senior vice president of Residential Lending, the program is designed to meet borrowers where they are in today’s market. “We know that affordability is top of mind, especially for first-time buyers,” she said. “Combining rate reductions, closing cost savings, and now meaningful down payment assistance allows us to provide more flexible solutions and help buyers move forward with confidence.”

To introduce the program to local industry partners, GSB hosted a pre-launch event on June 26 at the Roosevelt Room at Union Station in Northampton, bringing together real estate agents, attorneys, and other housing professionals, providing an overview of the program’s features.

The Buy in July promotion is available for conventional, owner-occupied purchase loans on one- to four-family homes and condominiums. Applications must be submitted by July 31, with closings completed by Sept. 30. Additional terms, conditions, and eligibility requirements apply. For more information, visit www.greenfieldsavings.com/buy-in-july.