Conventional Loan Programs


First Mortgage Programs

 (*The below loan programs have a first mortgage loan limit of $417,000.00*)

 

Fixed Rate Loan Programs:

40 year fixed rate. This loan will be amortized over 480 months

30 year fixed rate. This loan will be amortized over 360 months

20 year fixed rate. This loan will be amortized over 240 months

15 year fixed rate. This loan will be amortized over 180 months

10 year fixed rate. This loan will be amortized over 120 months

The principal and interest portion of the above mortgage payments will not change. However, the property taxes and hazard insurance associated with the above loan programs may vary from year to year. Our mortgage glossary may help you if you are unfamiliar with some of the above terms. MortgageGlossary

Adjustable Rate Loan Programs:

3/1 Arm. This loan will stay fixed for three years and adjust once annually there after.

5/1 Arm. This loan will stay fixed for five years and adjust once annually there after.    

7/1 Arm. This loan will stay fixed for seven years and adjust once annually there after.

An adjustable rate first mortgage will have an index, margin and cap. These factors will determine what the interest rate will be and how far it may adjust. Our mortgage glossary may help you if you are unfamiliar with some of the above terms. MortgageGlossary 


Second Mortgage Programs

 

Fixed Rate Programs:

    30 year fixed rate. This loan will be amortized over 360 months.

    20 year fixed rate. This loan will be amortized over 240 months.

     15 year fixed rate. This loan will be amortized over 180 months.

The principal and interest portion of the above loan programs will not change over the life of the loan. A second mortgage is a product that will be in addition to the first mortgage on the property. Our mortgage glossary may help you if you are unfamiliar with some of the above terms. MortgageGlossary  

Adjustable Rate Programs:

    Fully adjustable closed end mortgage.

   Home Equity line of credit:

    20 year mortgage- 10 year draw period, 10 year repayment period.

    15 year mortgage- 5 year draw period, 10 year repayment period.

An adjustable rate second mortgage typically known as a home equity lines of credit. This type of loan has a draw period which allows for the withdrawal and repayment of funds at anytime. You will only be able to withdraw money within the specified draw period of the loan. This loan program will have a margin, index and cap. These factors will determine what the interest rate will be and how far it may adjust. Our mortgage glossary may help you if you are unfamiliar with some of the above terms. MortgageGlossary  

If you have a question about a loan program you do not see above. Please submit a question to one of our staff members.

 

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