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Loan Programs

 

There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

  • How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.

  • How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.

  • Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buy down.

  • Other factors to consider include:

    • Ability to qualify at market rates for loan amount selected

    • Anticipated term of occupancy

    • Existence of up-front costs

    • Upon a predetermined date, your interest only payment will convert to a fixed principal and interest payment resulting in a higher monthly payment

 

Loan Programs Characteristics
10, 15, 20 and 30-Year Fixed-Rate Mortgages
  • Interest rate does not change.
  • Principal and interest (P & I) does not change.
  • Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term.
  • Different loan terms are available (15- and 30-year terms are most popular).
  • The shorter the term, the faster equity is built and the loan is paid off.
Adjustable-Rate Mortgages (ARMs)
  • There is potential for the interest rate/ payment to fluctuate.
  • ARMs transfer to borrowers a portion of the risk associated with a changing economy.
  • In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages.
   
Please visit our Rates page for more information or call 800.618.BANK (2265) to get in touch with one of our loan officers.
   
   

 

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