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Mortgage Descriptions

Adjustable Rate Mortgage (ARM):
An ARM may be the loan for you when you are planning to live in your home for less than 10 years. An ARM begins with a fixed interest rate for a specific term, than converts to a variable rate loan that adjusts annually. Annual adjustments are limited to a predetermined range.
Bridge Loan:
A Bridge Loan is a short term loan that allows you to take cash out of your current home before it’s sold. The funds are then used towards the down payment of your new home so you can bridge the gap between new and old.
New Construction Loan:
A Construction Loan helps you achieve your goal of building a new home from the ground up. Benefits of this loan include a fixed interest rate for up to 12 months along with interest only payments while your new home is built.
Department of Veteran Affairs Loan (VA):
VA Loans are exclusive to those who have courageously served our country. Veterans, service members, and surviving spouses with a valid certificate of eligibility can qualify for a 15 or 30 year fixed interest rate mortgage insured by the Department of Veteran Affairs.
Federal Housing Administration Loan (FHA):
An FHA Loan can help you become a proud homeowner. This loan is insured by the Federal Housing Administration and was created to help first time and lower income buyers become proud homeowners. This fixed rate loan requires a smaller down payment and a 30 year term.
Fixed Rate Mortgage:
Get lower payments over a longer term with a traditional Fixed Rate Mortgage. This loan will give you consistent payments for up to 30 years as well as peace of mind in the purchase of your home.
Home Affordable Refinance Program Loan (HARP):
Do you owe more than your home is worth? HARP was designed to assist homeowners who face this circumstance. To qualify, it is necessary to be current on your payments and have a mortgage held by one of the federal lending agencies.
Home Equity Line of Credit (HELOC):
A home is an investment. Having equity in your home is a luxury. A Home Equity Line of Credit uses the equity in your home to make funds available for home improvements, consolidate debt, or provide a little extra help to make purchases whenever you have a need. A Home Equity Line of Credit is approved for a maximum credit limit, carries a variable rate of interest and allows for flexible monthly payments.
Home Equity Term Loan:
A home is an investment. Having equity in your home is a luxury. You may be able to take advantage of your equity to make home improvements, consolidate debt, or wherever else you have a need. A Home Equity Fixed Rate Loan provides you with an easy to budget fixed payment and term.

HomeReady® Mortgage:
A HomeReady® Mortgage is designed to help creditworthy low- to moderate-income borrowers purchase a home. The program provides extended income eligibility for those purchasing a home in a low-income community. Our Home Ready Mortgage is designed for existing homeowners looking to move up, as well as first time home buyers. Homes may be purchased with as little as 3% down using funds from gifts, grants, and other programs. Those with credit scores of 680 or higher are considered, and co-borrowers who won't live in the home can help with the purchase. This loan program includes a financial education program to help their home purchase be a positive experience.

Jumbo Mortgage:
Jumbo Loans are for amounts in excess of standard conforming loan limits established by federal lending agencies.
Vacant Land Loan:
A Vacant Land Loan helps take you from a blueprint to building in no time at all. This loan has a fixed interest rate, no prepayment penalty and loan terms up to 60 months. Proceeds can be used for residential, commercial, or agricultural purposes.
 
See Glossary of Terms for full loan descriptions.
 
 

 

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New/Used Auto1.99% (%tr%span class='xsmall')APR(%tr%/span)
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EHO - We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.
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