CONVENTIONAL MORTGAGE OPTIONS:

Fixed Mortgage

Peace of mind can be found in predictability.  With a fixed-rate mortgage, your interest rate and monthly payment will remain consistent for the term of your loan.

Features:

• Terms up to 30 years
• Loan to value up to 80%, if higher Private Mortgage Insurance (PMI) will be required
• Escrow is an option (required with PMI)
• Monthly payments (Bi-weekly payment option available on some terms)
• Security is recorded as a mortgage on the property

Adjustable Mortgage

Planning on moving in a few years? Expecting your income to increase in the future?  With an Adjustable Rate Mortgage (ARM) you wil lhave a fixed rate for the first 3 or 5 years loan repayment.  After that established period of time, your interest rate will change based on the U.S. Prime Rate.

Features:

• 3/1 or 5/1 ARM available with amortized term up to 30 years
• Loan value up to 80%, if higher Private Mortgage Insurance (PMI) will be required
• Escrow is an option (required with PMI)
• Security is recorded as a mortgage on the property

Are you ready to own your first home? Real estate lending is made easy with a USDA loan, which provides guaranteed financing by the United States Department of Agriculture.  Homebuyers can receive 100% financing with no requirement for mortgage insurance premiums. 

Features:

• 100% financing of the purchase price
• Term is 30 years fixed with a fixed interest rate
• Escrow is required
• Applicants must meet moderate income limits and have acceptable credit history and repayment ability
• A guarantee of 1% of the loan amount is required and an annual fee of .35%