For security and stability, the Fixed Rate mortgage remains the most popular.  With this type of mortgage, the interest rate is fixed for the life of the loan, so your monthly principal and interest payments will never change.  Terms are available for 10, 15, 20, 30, or 40 years.

For flexibility and control, the Adjustable Rate mortgage (ARM) generally starts out with an interest rate lower than a fixed rate mortgage.  Your interest rate is tied to either the Treasury or Libor index.  As the index goes up or down, your payments will change at each scheduled adjustment period.  Adjustment periods vary from 6 months to 10 years and are amortized over 30 or 40 years.

Whether a Fixed Rate or ARM, this feature offers a lower monthly payment. Typically, the interest-only period is for the first 10 or 15 years of the loan.  At the end of the interest-only period, your balance will be re-amortized for the remaining term of the mortgage. You can decrease the principal balance owed during that period by making your payment greater than the amount of interest owed.

This program offers several options for low to moderate income buyers, including special products available to Teachers, Safety 1st Borrowers and Healthcare Workers.  Often, expanded debt-to-income ratios enable home purchases for those who thought they would never be able to purchase a home.  Down payment assistance can come from various sources.

If you're a veteran or in the military, you may qualify for a VA guaranteed home loan.  These mortgage loans typically offer favorable terms, often without a down payment.  You can visit the Veterans Administration website, www.homeloans.va.gov or call our office for assistance to see if you qualify.

The purpose of this program is to enable eligible low to moderate income rural residents to acquire modestly priced housing.  USDA loans are available for primary residence financing only. 

Looking to purchase a lot to build your dream home?  We offer fixed rate lot loans with terms up to 15 years or interest-only loans up to 5 years.  Depending on when you plan to build on your lot, we can help find the right program for you.

Construction loans are short term loans, typically for 6 to 12 months, with variable interest rates based on the prime rate. Payments are interest only. The lender works with you and your builder to establish a draw schedule to provide payment to the builder as construction proceeds. When your builder requests a draw payment, the lender will inspect your property to ensure construction has been completed according to the schedule. Your monthly payment will be based on the balance drawn to date. When your dream home is complete, your construction loan will be paid off by a long-term permanent mortgage. 

We also offer One-Step-Close Programs that enables you to lock in your interest rate on your permanent mortgage during construction.  You have the comfort of knowing what your payment is going to be after your home is complete.