Frequently Asked Questions - FAQs

close answer x That depends on a few factors. Our Calculator can help you make an estimate.

close answer x Visit our First-Time Homebuyers page for information on how to take the first step toward your first home. We offer several first time home buyer programs and work with numerous down payment assistance agencies.

close answer x An unbiased report on the value of a home in the fair market, performed by a trained and licensed individual.

close answer x Your credit score is a number based on compiled information from credit bureaus and your creditors about your lending and payment history. Lenders use credit scores to indicate the likelihood that an individual will repay a debt. The higher the credit score, the less of a risk they see in you.

close answer x All of the documents necessary to finalize your mortgage are signed. If it is a purchase, the seller will sign the documents transferring ownership of the home to you along with other necessary forms. The mortgage and deed are recorded at the appropriate county registry.

close answer x The attorney for Rockland Trust will prepare all the necessary documents so it is not required, but you may decide to consult an attorney.

close answer x Payments that cover the expenses and fees associated with finalizing a mortgage and completing a real estate transaction. Your closing costs may include:

• Appraisal fees
• Closing/attorney fees
• Recording fees
• Survey fees
• Investor fees
• Credit reports
• Title or tax services
• Homeowner's insurance
• Private mortgage insurance
• Title insurance
• Escrow fees (fees associated with setting up an account to pay tax and insurance monthly with a mortgage. Escrow accounts are required for any purchase with less than 20% down payment.)
• Loan origination charges points (charges for "buying down" your interest rate).

To help you firm up your budget, your home mortgage professional will provide you with a Loan Estimate describing your closing costs shortly after you apply for your mortgage.

close answer x One point = one percent of your loan amount. You may wish to pay points at the closing in order to reduce your loan interest rate and lower your expenses over the life of your mortgage.

close answer x Say you close your loan on the 10th of the month. Interest will then accrue between that day and the last day of that month. Rather than assessing you with a larger first monthly payment, your lender will add that accrued interest to your closing costs.

close answer x You will need a copy of the Closing Disclosure on your previous home. This confirms that your current mortgage is paid off and that you can close on the new home.

close answer x Private Mortgage Insurance (PMI) protects your mortgage holder in the event you fall behind on your payments or end up in foreclosure. Your PMI premiums are part of your monthly mortgage payment and are required until your principal balance is paid down to a percentage of the appraised value of your home. This percentage is dependent on the specific mortgage program that you select. PMI is typically for buyers who have less than 20% down payment on a conventional mortgage loan.

close answer x A fixed rate mortgage is a loan where the interest rate you pay does not change over the life of the loan. In other words, the monthly principal and interest mortgage payment you make will remain the same for the length of the loan.

close answer x A 15-year fixed rate mortgage lets you pay off your home in less time but with higher monthly payments. This type of loan also means you pay less interest to the loan agent than with a 30-year fixed rate mortgage.

close answer x An adjustable rate mortgage (ARM) also known as a variable-rate mortgage is a loan where the interest rate adjusts over time. You can place interest-rate caps to limit how much the rate can increase or decrease.

close answer x The answer mainly depends on how long you expect to stay in your home. Interest rates on fixed-rate residential home mortgages never change over the life of the loan, no matter how long the term. Fixed rates are preferable if you plan to stay in your home for more than five or seven years. If Massachusetts mortgage interest rates go up, you're protected; if they drop, you can refinance.

Adjustable rate mortgages (ARM) are pegged to an index and therefore, may change upward or downward. You may be able to save on interest costs with an ARM if you only expect to stay in your home for a few years. If you're confident that you'll move before your rate resets, an ARM may save you money. You can also refinance an ARM to a fixed-rate mortgage if rates go down.

close answer x The interest rate is the cost to borrow the money for your home purchase. Annual percentage rate (APR) includes interest as well as many other loan costs, points, and fees and expresses them as an annualized rate.

close answer x An escrow account requires you to make monthly payments for real estate taxes and other insurance for your monthly mortgage payment. The bills are sent to the lender who makes the payments from your escrow account.

close answer x We offer many different financing options and mortgage types so it would depend on what program you qualify for. One of our Loan Officers can help you determine that figure. To schedule a meeting, visit our Mortgage Lenders page.

close answer x The answer depends on the terms of your mortgage. Your monthly payment pays down principal, covers interest, and some of your monthly payment may go toward your escrow which can cover any or all of these costs:

• Private mortgage insurance (PMI)
• Homeowner's insurance
• Property taxes
• Flood insurance if applicable

close answer x Several factors determine your interest rate:

• Your credit history
• Your ability to repay
• The value of your collateral
• The loan amount

The less of a risk you present, the lower interest rate you can expect.

close answer x In simple terms, refinancing replaces your current mortgage loan or home equity loan with a new one. Homeowners typically refinance to reduce monthly payments (because the current rates are lower than what they are paying), to switch to a different type of mortgage, or to cash out equity in their home.

close answer x There are numerous reasons customers refinance the loans they already have. Some of these are to lower the monthly payment or interest rate, to switch from an adjustable rate to a fixed rate or vice-versa, to refinance for a higher amount in order to pay off other debts or get cash, or to change the remaining term of the loan. Whatever your needs, we can help you decide what makes the most sense for you.

close answer x If mortgage rates are 5/8-percent lower than what you're currently paying, refinancing may offer you savings against what you are currently paying.

close answer x To get started on a new refinancing application, call our Customer Information Center at 508.732.7072, visit a local branch, or apply online.

close answer x The equity in your home is determined by subtracting your outstanding mortgages or liens from the market value of your property. Try our Calculator to estimate the current equity in your home.

close answer x A home equity line of credit is an open line that is secured by your primary or secondary residence. It allows you to borrow funds at any time, up to your available credit limit.

close answer x Both products use your home as collateral. The main differences between the products are:

The home equity line of credit is accessible for a long–term draw period, usually by check. Once you pay down your balance, you then have more money available to spend again if necessary. A home equity loan disburses all funds at once when the loan term starts and you cannot access any further funds without refinancing.

A home equity line of credit has a variable interest rate. A home equity loan has a fixed rate.

A home equity line of credit has a payment that can change every month, either because the balance changes (increases if you spend more; decreases if you pay down what you owe) or because the interest rate changes because of the Prime rate changing. A home equity loan has payments that don't change.

close answer x Interest-only loans allow you flexibility on monthly payments when your cash flow does not permit a fully amortizing loan payment. The minimum loan payment covers the interest portion of the loan only, so your principal only decreases if you pay above and beyond the interest. You have the flexibility to decide how much principal you pay each month, so you can pay little or none if times are tight, or a lot if you have extra that month.

close answer x Sometimes we do not need to conduct an appraisal; other times we have to conduct a full appraisal, and there are levels in between. Only after reviewing your application and collateral information will it be determined whether one is needed for your situation.

close answer x Financial planning is a dynamic process where clients work with a professional to identify goals, examine resources, and develop a roadmap to achieve their financial objectives. Financial planning means much more than just investing. It can provide comfort in knowing how to stay financially on track throughout many stages of life.

close answer x The adage goes "If you don't know where you’re going, how will you know when you get there?" The planning process helps identify not only what is achievable given your resources, but sometimes what is being overlooked. Ideally, it solidifies that your goals are really your goals and helps balance the pull and push of today’s needs, wants, and wishes with those of the future.

close answer x Although many professionals may call themselves “financial planners”, Certified Financial Planners® (CFP®) have completed extensive training and experience requirements, and are held to rigorous ethical standards.

close answer x The short answer is yes. However, there is a lot to account for and understand. Financial planners have expertise and insight that online financial calculators may not help you with. Personalized assistance can be extremely valuable. How much advice you receive from a planner is up to you.

close answer x Look for the CFP® designation and feel free to ask of their experience in any area you are concentrating on (i.e., college planning, retiring, home purchase, inheritance, etc.) The certification also ensures that the planner is acting in YOUR best interest, not their own or the company they work for. The CFP® Board website, Letsmakeaplan.org, provides you with questions to ask your financial planner.

close answer x Getting started is often the hardest part, but the payoff can be tremendous. If you are having trouble making ends meet today, and you don't take some action for the future, you will likely continue in the same predicament. Financial planning is not just for the wealthy, and is often less expensive than some of the items that creep into our daily spending habits.

close answer x The answer depends on many factors such as your age, circumstances, goals, and values. If saving isn't already a habit, the important thing is to get started at a manageable level and then strive to increase that level whenever possible. Always make sure you are contributing enough to receive any company matching contributions to retirement plans. Don't leave that compensation on the table.

close answer x The quantifiable items are what you own, what you owe, and what you earn. In conversations with your financial planner, he or she will also help you uncover the qualitative factors such as your history with money and your core values, as they help you set achievable goals to work towards.

close answer x A financial plan should include a review of your goals and objectives, net worth, cash flow, investment portfolio, insurance, and taxes. These are the building blocks used to create projections and to design a plan for implementing strategies to achieve your goals. It can also include probabilities of success for meeting your goals to ensure the peace of mind for which we all strive.

close answer x A big part of an effective plan is becoming aware of and addressing the risks that may lie ahead. Insurance helps protect you and your loved ones against catastrophic events. Health insurance, life insurance, disability insurance, auto and home insurance can all be considered in a financial plan. A CFP® can analyze existing policies for their cost effectiveness and benefits to you and your family.

close answer x Stay actively involved. Executing on your financial plan is a team approach. If you have someone managing your investments, they should execute on your investment strategy. There will be other things like managing cash flow, opening accounts, and saving or spending at the "planned" levels that will require your active involvement. Communication and follow up with your planner will help you adjust to the bumps (up and down) in your roadmap to maintain the lifestyle you choose.

close answer x Voice ID is the technology we use to help us identify you by capturing a voiceprint. Now when you call the Rockland Trust Customer Information Center, you won't have to go through the usual security question process. Voice ID technology allows Rockland Trust to quickly verify your identity and helps to keep your account secure and protects you from fraud.

close answer x Voice ID is the technology we use to create your unique voiceprint. Your voiceprint is as unique as your fingerprint.

close answer x Using our Voice ID technology, your voice is analyzed and creates a unique voiceprint while we take care of the reason for your call. It captures over 100 unique voice characteristics transparently while you speak.

close answer x There is no action you need to take; when you call the Rockland Trust Customer Information Center we will create your unique voiceprint while we take care of the reason for your call. Voice ID technology is a great security measure to help protect you and your account against fraud. However, you can opt-out at any time and continue using traditional verification methods.

close answer x Your voiceprint is fully encrypted with digital markers that capture more than 100 physical and tonal qualities of your voice and only works for verification with the Rockland Trust system. A voiceprint is as unique as a fingerprint.

close answer x Now, when you call the Rockland Trust Customer Information Center, you won't have to go through the usual security question process. Voice ID allows us to quickly verify your identity with your voice's unique characteristics and helps keep your account secure and protects you from fraud.

close answer x All customers are eligible and are automatically enrolled when calling the Rockland Trust Customer Information Center. However, you can opt out at any time before or after your voiceprint is created and continue to use traditional verification methods. To opt-out of Voice ID, simply let the representative know at the being of the call.

close answer x Your voiceprint will not be shared or used for any other purpose besides verifying you as a customer when calling the Rockland Trust Customer Information Center. Your voiceprint will not work when calling a branch or other departments at Rockland Trust.

close answer x There may be instances when there is too much noise in the background for us to make a positive verification. For your account safety, we may ask you security questions to verify your identity and protect you and your accounts.

close answer x Yes, make sure you’re using the most recent versions of your web browser and operating system. Click here to learn more about our browser requirements.

Your Apple phone or tablet must be using Apple iOS 13 or higher. To update your Apple phone or tablet’s operating system go to Settings, General, Software Update.

Your Android phone or tablet must be using the Android operating system 8 or higher. To check your OS go to Settings, About Phone, Software Information.

close answer x Here are some general best practices for banking on your mobile device:

• To prevent viruses or other unwanted problems, do not open attachments from unknown or untrustworthy sources
• Do not install pirated software or software from unknown sources
• Limit unauthorized access to your cell phone
• Do not leave your mobile phone unattended during an open mobile banking session
• Never save your User ID and password on your device
• Always remember to log off properly using the "Log Off" button when you have completed your mobile banking activities
• Be aware of the potential for fraudulent mobile banking apps

close answer x A computer cookie is a small text file placed on your hard drive by a web server. Cookies help personalize your experience when you use websites. They do this by recording that you've visited the website that gave you the cookie, as well as data about what you did while you were there. When you visit again, the site can use the cookie to "remember" you've been there before and some of what you did. One common example of a website using a cookie to "remember" your activity is an online shopping cart that holds your items while you continue to shop.

close answer x If you have a private computer or mobile device that you will use regularly to access online banking, you may want to "register your device." This tells our system to remember the device and browser you're using so we can securely identify you.

To maintain your device registration (and not have to obtain and enter a Secure Access Code with each log in), you must configure your browser to accept and retain cookies from Rockland Trust. If your device is set up to regularly delete cookies or has an automated program that does so, you'll be prompted to register your device after that deletion occurs. You also may be prompted to register your device again if you upgrade your operating system or browser.

close answer x No, cookies aren't spyware or viruses. They are also not a program, nor can they run programs. Although disreputable websites can use cookies to track your activity on the web, Rockland Trust uses cookies only for specific purposes that help customize your experience on our website.

close answer x Rockland Trust uses cookies to personalize your experience on our website. For example, we use cookies to maintain your online banking session when you've logged in. We also use cookies to remember that your particular device and browser are registered with our website, and that you can log in with that device and browser combination without needing to enter a single-use Secure Access Code.

close answer x No. Our cookies do not track your banking activity, nor do they collect any of your personally identifiable information. Please see Rockland Trust's Privacy Policy for our policy regarding the privacy of consumer financial banking services.

close answer x To maintain your Rockland Trust Online Banking device registration (and not have to obtain and enter a Secure Access Code every time you log in), you will need to configure your browser to accept and retain cookies.

To accept cookies from Rockland Trust:

• Click on the "menu" (three dots) icon at the top right corner of the browser window
• Click "Settings" from the drop-down menu
• In the "Privacy and security" section, click "Cookies and other site data"
• Click "Add" in the "Sites that can always use cookies" section and enter www.RocklandTrust.com
• Click "Add"

Congratulations! Chrome will now accept cookies. You can register your device.

close answer x To maintain your Rockland Trust Online Banking device registration (and not have to obtain and enter a Secure Access Code every time you log in), you will need to configure your browser to accept and retain cookies.

To accept cookies from Rockland Trust:

• Click on the "Settings and more" (three dots) icon at the top right corner of the browser window
• Click "Settings"
• Click "Cookies and site permissions"
• Click "Manage and delete cookies and site data"
• Select "Block third-party cookies"
• Restart your browser

Congratulations! Microsoft Edge® will now accept cookies. You can register your device!

close answer x To maintain your Rockland Trust Online Banking device registration (and not have to obtain and enter a Secure Access Code every time you log in), you will need to configure your browser to accept and retain cookies.

To accept cookies from Rockland Trust:

• Click the "Menu" (three lines) icon at the top right corner of the browser
• Select "Options" from the drop-down menu
• Click "Privacy & Security"
• In the "Cookies and Site Data" section, click "Manage Exceptions"
• In the "Address of Website" field, type www.rocklandtrust.com, and then click "Save Changes"
• Restart your browser

Congratulations! Mozilla Firefox® will now accept cookies. You can register your device!

close answer x To maintain your Rockland Trust Online Banking device registration (and not have to obtain and enter a Secure Access Code every time you log in), you will need to configure your browser to accept and retain cookies.

Note: Safari does not provide a way for you to select only certain websites from which to receive cookies.

On the toolbar at the top of the screen, click "Safari" and select "Preferences" from the drop-down menu. Next, click the "Privacy" tab and select one of the following options from the "Cookies and Website Data" section:

• Always allow: Accepts cookies from all websites, third-parties, and advertisers
• Allow from websites I visit: Accepts cookies from the websites you visit, as well as limited third-party cookies
• Allow from current website only: Accepts cookies only from the website you are currently on; no third-party cookies at all

Click the "Close" button to save your settings and exit the "Preferences" window. Congratulations! Safari® will now accept cookies. You can register your device!

close answer x We only obtain the information that is necessary to complete the transaction, and retain only the information that we are required by law to retain. We do not make any information available to any third party entities except to complete or confirm your requested transaction, or upon request by you.

close answer x The kind of information we collect depends upon your financial needs and the products and services you request. For example, when you apply for a loan or open an account with us, we need information about your financial status to process your requests. In addition, in order to make your banking as convenient and efficient as possible, we maintain information about your transactions with us, your account balance, and repayment history.

close answer x We collect information from many sources. Much of the information comes directly from you when you complete a loan or account application. For a loan application, we also obtain information from credit bureaus and other creditors regarding your credit and repayment history.

We retain communications from you (such as letters or emails) in order to handle questions you may have and to keep records of your requests or concerns regarding our products and services. We also use your letters or emails to measure how effectively we have addressed your concerns.

If you use our online banking service, we record your online sessions so that we can process and confirm your transactions and provide you with automatic online reports. We also obtain demographic and household information from outside sources such as database information firms.

close answer x Rockland Trust has strict internal policies against unauthorized use or disclosure of customer information. Customer information is accessible only to employees who need it to conduct your financial affairs. We emphasize the importance of confidentiality through our Code of Conduct, employee training, and operating procedures. We maintain physical, electronic, and procedural safeguards according to established security standards to protect our customers' information.

close answer x We maintain information and data about you to maintain the security of your accounts and to protect you and the entire institution against fraud. We need accurate information to be able to positively identify you and authenticate your transactions in order to prevent access to your accounts by unauthorized individuals.

We also collect and analyze customer information as the first step in offering new products and services. For example, if we know you are a homeowner and may be in need of additional financing, we can recommend a home equity loan or credit line as an alternative to an installment loan because of its potential lower costs and tax benefits.

We are also required by laws and regulations to gather certain information. For example, we are required by federal regulation to obtain a tax identification number (generally a Social Security Number) for many of our accounts, including all savings, checking, or investment accounts that pay interest.

close answer x Yes. Under current law, we are allowed to share certain information - such as your name, address and information about your accounts within our company.

In some cases, such as fraud investigation or in response to a validly issued search warrant or subpoena, we may be required by law to provide certain information to law enforcement agencies.

There are also laws and regulations that affect the sharing of information with outside firms such as check printers, data processors, and marketing firms acting on behalf of the Bank.

close answer x We use third parties to help us process your financial transactions and to provide you with a full range of financial products and services. For example, we use third parties to print your checks, to process your account transactions, to help us market our products and services, and to mail account statements on our behalf. This means more efficient services and helps keep your costs as low as possible.

In addition, when you open an account or apply for a credit card, loan, or line of credit, we use various credit bureaus as part of the process for approving your application. We may also use outside companies to help us with fraud investigations.

close answer x The information shared depends on the product or service we are providing to you. However, we will never share your account number, access codes, Social Security Number, or driver's license number with any third party entities for the purpose of marketing their products or services to you.

close answer x Yes. You can limit whether we share some of the information that we collect, such as information that we use for our marketing purposes or that we share with our affiliates. Please visit our Privacy Policy page to learn more about information sharing.

close answer x Federal law requires that all financial institutions provide detailed annual disclosures to their customers describing their policies for collecting and disclosing non-public customer information on an annual basis.

close answer x The rules apply to customers who maintain a deposit account, loan account, or safe deposit box for personal, family, or household purposes. The rules therefore do not apply to our commercial customers.

close answer x Below is a list of what is considered to be an error under Regulation E:

• When there was an unauthorized EFT
• An incorrect EFT
• When an EFT is improperly omitted from your statement
• A computational or bookkeeping error regarding an EFT
• When an incorrect withdrawal amount occurs from an ATM
• When Rockland Trust improperly identifies an EFT on a statement
• When a consumer requests documentation that was required by Regulation E, or for additional information or clarification so that a consumer can determine whether an error was made.

close answer x Electronic Funds Transfers made on your personal deposit accounts are covered by the Regulation E Error Resolution requirements. While business deposit accounts are not covered by Regulation E Error Resolution, you should still contact the bank as soon as possible if you suspect unauthorized use of your business account.

If you suspect any type of unauthorized use of your account, regardless of account or transaction type, you should contact us immediately.

close answer x Regulation E, which implements the Electronic Funds Transfer Act, provides consumers with certain protections when errors occur that involve electronic funds transfers (EFT). If you notify Rockland Trust that an error involving an EFT has occurred, Rockland Trust must investigate and resolve the claim within specified deadlines. An "EFT" includes any transfer of funds that is initiated through an electronic terminal, telephone, or computer for the purpose of ordering, instructing, or authorizing a withdrawal or deposit transaction on your account. It includes, but is not limited to, ATM transfers, point-of-sale transfers, direct deposits or withdrawals of funds, telephone transfers, transfers resulting from debit card transactions, and one-time electronic withdrawals when information from a paper check is used to create an electronic withdrawal ("check conversion"). These protections are available for consumers and their consumer bank accounts, including those that may be accessed electronically through online banking. However, these protections are not available to business entities and the business accounts that they maintain. See your account agreement or contact us at 508.732.7072 for more information.

close answer x The HMDA data about our residential mortgage lending is available online for review. The data shows geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions is also available online. For more information, visit the Consumer Financial Protection Bureau's website at www.consumerfinance.gov/hmda.