In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:
- Purchase your home with no down payment using Private Mortgage Insurance (PMI) or Lender-paid Mortgage Insurance (MI).
- Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments by using Lender-paid MI.
- Debt consolidation programs.
- Home Improvement loans.
- You may qualify even if you've been turned down before!
Find out more about our loan programs
30-year fixed
15-year fixed
Monthly payments are fixed over the life of the loan
Protected if rates go up
May refinance if rates go down
Rate does not drop if interest rates improve
For new home buyers
Lower down payments
Easier to qualify
Lower rates may be available
May be subject to income and property value limitations
Some government subsidized programs may generate a recapture tax if you sell the house too soon
Education courses may be required to qualify for these loans
A fixed loan bundled to reduce closing costs for buyers
No out-of-pocket loan costs at closing
Closing costs are paid from the lender rebate
Less money required to close
Refinance without increasing your loan amount
Higher rates
Higher payments
Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you
Some require a prepayment penalty for the first one to five years
Home loan for buyers with past credit issues
Potential for reestablishing credit if you pay your mortgage on time
When used for debt consolidation, you may be able to reduce your monthly debt payment
Higher rates
Terms may not be as favorable
Harder to get long-term fixed loans
Loans may have prepayment penalties
A second loan guaranteed by home equity or home value
You only borrow what you need
Pay interest only on what you borrow
Flexible access to funds
Interest may be tax deductible
May be free of closing costs
A good source for an emergency fund, if set up in advance
Can be used for debt consolidation and lower payments
Rates are usually lower than consumer loan or credit card rates
Rates can change. The maximum interest rate can be relatively high
Payments can change
Harder to refinance your first mortgage
No longer prevalent
You have several payment options
Lower monthly payments
Qualify for a higher loan amount
Qualify at the interest only payment
Option to pay the full normal payment
Interest only payments for up to ten years
Higher rates
Principal loan balance will not decrease during the interest only payment period
Payment will be higher for the remaining term
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month
Lower initial monthly payment
Rates and payments may go down if rates improve
May qualify for higher loan amounts
30 year term, no balloon payment
More risk
Payments may change over time
Potential for higher payments if rates increase
7 year
5 year
Lower initial monthly payment
Lower payment for a predetermined period of time
Many balloon mortgages offer the option to convert to a new loan after the initial term
Risks of rates being higher at the end of the initial fixed period
Risk of foreclosure if you cannot make balloon payment, refinance, or exercise the conversion option
Balloon payment requires you to sell or refinance after the term, as opposed to a 7/1 or 5/1 program with a 30 year term
Once you select the home loan product that is right for you, it's time to apply for your mortgage.
Use our step-by-step guidelines for a hassle-free home loan.