Types of Home Loans

Because every customer is different, we provide a large variety of customized home loan programs including refinance and home purchase options.

Our Loan Officers are specially trained to meet your individual needs, so you are able to achieve your financial goals. When you fill out an application, your Loan Officer meets with you one-on-one. That way you'll get to know us, and we'll get to know you. Then your Loan Officer can work effectively with you to design a program best suited to meet your specific financial needs.

In this section, you'll find definitions of many types of home loans. To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.

Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjustable periodically based on a pre-selected index. This often has lower monthly payments, and it also has a ceiling above which payments cannot go.

FHA Loan: A loan insured by the Federal Housing Administration. An FHA Loan is usually available at an attractive lower rate. It is open to all qualified borrowers.

Fixed-Rate Mortgage: A mortgage for which the interest rate will remain the same throughout the entire term for the original borrower.

Interest-Only: This type of loan is most popular with homeowners who have homes that are appreciating in value and who want the lowest payment possible. Qualified borrowers make interest-only payments with the choice to make higher payments in order to reduce the principal. There are a variety of options, including making interest-only payments during the first 3, 5, or 7 years of these mortgages.

Debt Consolidation: A loan that combines monthly bills (for example, high interest credit cards and car loans) into one new low low-interest home loan with one low monthly payment. This type of home loan can save a borrower hundreds of dollars every month.

Mortgage Refinance: A new loan made to a borrower who currently owns a property or has a first mortgage on it. Refinancing either pays off the existing mortgage with a new first mortgage, or a second mortgage is made in addition to the existing first mortgage.

Home Equity Line of Credit (HELOC): A loan for which you can either receive a large sum of money or have an open line of credit that can be drawn as it is needed, with, typically, low interest rates.

Call your local office for more details regarding the above home loan programs and find out how one of our Loan Officers can help you with a loan that matches your unique needs.