Loan Services
WHICH MORTGAGE IS RIGHT FOR YOU?
Looking to buy a new home? It’s never easy to choose the type of home loan that best suits you, so we’ve pulled together a few common options and details about them.
Mortgage Rate Options
Fixed Rate
A fixed-rate mortgage is the most common type of loan option. The amount you pay each month includes principal and interest on your loan, but your variable rate will not change during the loan’s lifetime.
Adjustable ARM
An adjustable-rate mortgage (ARM) has many features. Some of these features include variable interest rates and periodic payments based on the length of your loan.
Interest Only
With interest only loans, you are making monthly payments during the interest only period. Once the term ends your loan converts to a fully amortized loan.
Graduated Payments
A graduated payment mortgage (GPM) is a type of mortgage loan where origination and interest rates rise by a predetermined amount (usually 2 percent) for a set period of time before becoming fixed for the remaining term of the loan.
Loan Program Options
FHA Home Loan
The FHA offers mortgage insurance to qualifying home buyers, allowing them to purchase low-cost homes with a minimum down payment.
VA Loans
This is a federally guaranteed home loan available to veterans who meet certain qualifications. Veterans can acquire the VA Loan without making any down payment and require no credit check.
USDA Loans
USDA Rural Development Loans are for rural, low- to moderate-income families who want to buy their first home. This loan program is for single family houses and duplexes.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. JUMBO loans are typically used for custom homes, or when the property needs repairs not covered in the mortgage package or project.