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Types of Mortgages

Types of Mortgages

There are many different types of mortgage loans and searching for the right product can be confusing. That’s why our lenders take pride in providing education and guidance to achieve the individual goals of each of our customers.
Conventional Fixed Rate*

Good if you plan to keep home for more than 5 years.
  • Fixed interest rate
  • 15, 20 or 30-year term
  • Lower monthly payment
  • Low down payment

Adjustable Rate (ARM)* 

Good if you plan to keep home for a short period of time.
  • Adjustable rate - 3/1 or 5/1
  • 15, 20, or 30-year term

Construction to Permanent Loans*
Good if you are constructing a new home. 
  • Up to 12-month construction phase 
  • 12 months of interest only payments
  • One time close 
  • Fixed interest rate

Fannie Mae HomeReady® Loans*

Helps homebuyers overcome down payment and closing cost barriers.

  • First-time or repeat homebuyers
  • As low as 3% down payment for home purchase
  • Fixed interest rate or adjustable rate mortgages
  • Supplemental boarder or rental income allowed1
  • Flexible funding for down payment and closing costs2
  • Available for purchase or refinance3 of primary residence
1Qualifying income can include rental or boarder income, including income from Accessory Dwelling Units.
2Gifts, grants, and Community Seconds® are eligible funding sources for down payments and closing costs.
3Cash-out refinances not permitted.

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Cash-Out Refinance*

Cash-out some equity in current home, but prefer not to have a second mortgage payment.
  • Funds can be used for a variety of purposes; debt consolidation, vacation, etc.
  • Pay off current mortgage(s) and/or other debt
  • 15, 20 or 30-year term.
  • Fixed and adjustable rate loans

Government Loans* VA

For qualified veterans: Purchase and refinance loans available with no private mortgage insurance.
  • Fixed interest rate.
    15, 20, 30-year term
  • No down payment

Government Loans* FNMA

Great fixed rate options with a variety of loan products.
  • Fixed interest rate
  • 15, 20 or 30-year term
  • Low down payment

*All loans are subject to credit approval.