Fixed-rate mortgage

The fixed-rate mortgage has long been the most popular home financing product. With a fixed rate mortgage the interest rate never changes. These mortgages provide stable, predictable monthly payments throughout the life of the loan. Unlike an adjustable rate mortgage your monthly payments will not decrease if market rates go down; however, you will have the comfort of knowing you are protected if rates go up.

Generally, if you plan to stay in your home for more than five to seven years and prefer the security of stable payments, a fixed-rate mortgage may be the best option for you.

Adjustable-rate mortgage (ARM)

An adjustable-rate mortgage generally has a low starting rate, so your initial monthly payments on an ARM will be lower than on a fixed-rate loan for the same amount.

Here's how it works:

• The interest rate starts out lower than the rate on a fixed-rate mortgage, then adjusts regularly based on market indicators.
• The starting rate remains fixed for between three months and 10 years, depending on the ARM product.
• After remaining fixed for an initial period, most ARMs adjust annually, but some adjust on a semi-annual or monthly basis.
• Individual adjustments are capped at a certain amount, and the rate can never exceed the lifetime cap. The cap safeguards against excessively high payment increases.  Adjustable rate mortgage programs place a cap on the amount by which either the interest rate or payment may rise at any single adjustment, over the life of the loan, or both. Look at the cap as the worst case scenario to determine if the ARM suits your financial capabilities.

Keep in mind that the interest rate and monthly payments can increase during the loan term. You may get the most value from an ARM if you plan to move before the end of the fixed-rate period, or if you are buying at a time when rates are relatively high.

100% Financing Options:

• Due to current market conditions 100% financing options are limited.  Please contact us for more information.

VA mortgage

VA mortgages, which are insured by the Department of Veterans Affairs, make buying a home easier and more affordable for veterans, reservists, and active-duty service members. They offer some of the easiest approval requirements of any mortgage, including:

• No down payment requirement, so you can finance 100% of the purchase price
• The option to use gift money or secondary financing
• Flexible credit requirements
• Expanded qualifying ratios

Alternative Mortgage Options:

If you need financing designed to meet your unique needs, such as an unusual property type, self-employment, or non-traditional credit history, we have loan programs to help.

• For individuals who are self-employed or paid by commission, documentation requirements can make getting a mortgage harder than it should be. However we have programs with the flexibility to make home ownership possible.  

Construction Financing:

Financing the construction of your new home typically comes in the form of a construction-to-permanent loan. This financing option has two parts: a loan to cover the costs of construction, and a mortgage on the finished (permanent) home.

Our two time close construction loans offer the flexibility to make changes while you build. With our two time close loans, you get construction financing up front and close on your permanent mortgage after the home is completed. Because the permanent loan amount is determined after construction, you can make changes and add enhancements throughout the building process. Features include:

• Various periods to complete construction.
• Wide variety of programs to choose from for the permanent mortgage.
• Flexible down payment options.
• Flexible payments during construction period.