Loan Options

A mortgage is a long-term loan used to finance the purchase of residential real estate. The borrower repays the lender the loan principal plus interest, gradually building equity in the property. The interest may be calculated at either a fixed or variable rate.

Residential Mortgages include:

Term of loan:

  • 30 year fixed (the most popular), 25 year fixed, 20 year fixed, 15 year fixed, 10 year fixed
  • Adjustable rate mortgages (ARM’s) fixed for a specific time before adjusting, 1 year, 3 year, 5 year, 7 year, 10 year. Contact us for specifics.

Types of properties:

  • Single Family Residences
  • Condominiums
  • Manufactured and Modular homes
  • Duplexes
  • Four-Plexes

What determines qualification for a home loan?

  • Credit – deems the ability to repay other creditors. *
  • Consistent income – demonstrates the means to pay back the monthly mortgage payment. **
  • Assets – verifiable down payment, if required, whether it is from the borrower’s checking or savings account, a gift from a family member, or a loan or distribution from a 401K or selling assets such as a car or stocks.

* For conventional loans the credit scores are used as an indicator for interest rates. FHA, VA and USDA are not as strict on credit as conventional loans.

**A non-occupant co-borrower may be added to conventional and FHA loans to help with income qualifying