Mortgages

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Adjustable Rate Mortgages

An adjustable rate mortgage loan usually starts with a lower initial interest rate than a fixed rate mortgage would offer. The rate is guaranteed not to adjust during the initial specified term of the loan. After the initial adjustment period, each ARM will then adjust on an annual basis. The interest rate changes are tied to the index applicable to the respective program and steadied by rate caps for each adjustment period and the life of the loan.

• 30 Years Maximum Term
• Fixed interest rate for the initial period of loans (1 year, 3 year, 5 year, 7 year or 10 year) and adjusting every twelve months thereafter

Fixed Rate Mortgages

With a fixed rate mortgage, the interest rate will be fixed for the entire life of loan. Neither the payment nor the rate will ever adjust without refinancing. These programs offer stability and predictability for those with fixed incomes or who intend to occupy their homes for a long period of time.

• 30 Years Maximum Term
• Fixed interest rate for the entire term of loan

Fixed Rate Mortgages (Consumer Purposes)

Typically this loan is a second mortgage loan (it may be a first mortgage) for consumer purposes. This would include such things as home improvement, automobile purchases, debt consolidation, etc. As opposed to the home equity line of credit, which can fluctuate in payment, this loan carries a fixed rate and payment over the life of the loan. The payments are based off of the chosen amortization period (10,15 or 20 years) and will mature after three years in one balloon payment

• Term is 3-Year Balloon/ 20 Years Maximum Amortization
• Fixed interest rate for the entire term of loan

Home Equity Line of Credit

A home equity line of credit (HELOC) is a credit line based on the equity on a borrower's primary residence. This line of credit may be used to make home improvements, buy an automobile or boat, vacations, tuition, etc. The borrower's monthly payments vary from month to month depending on how much has been drawn from the line. The payment is based on 1 1/2% of the amount of the outstanding balance and accrued interest existing at the end of the month. This accrued interest paid may be tax deductible (consult your tax advisor regarding this deductibility).

• 10 Year Term
• Interest Rate is based on Wall Street Prime to Prime Rate plus 1%

Construction / Permanent

Construction/Permanent loans are flexible dependant upon the borrower's needs. Typical scenarios of construction/permanent loans are to provide a 12-month construction period in which a borrower only pays interest on advances made followed by a modification to permanent financing. This offers the borrower the convenience and lessened expense of a one-time closing and rate security during construction and permanent loan periods.

Residential Lot Loans

Residential lot loans are available for those borrowers looking to purchase their property now but may not wish to or be ready to build a residence until a later date. The terms of this loan would be determined upon this time scale.