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| Check out our exciting offerings! | |||
| Conventional | |||
| Construction - Interest Only | |||
| Construction One-Step | |||
| Home Equity Line of Credit (HELOC) | |||
| Jumbo | |||
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| Conventional |
| Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. The maximum conventional loan amount is $417,000 for a single-family home. Downpayments typically range from 5% to 20%, but certain programs allow as little as 3% down. Loans with less than 20% down require mortgage insurance. Conventional loans may also be used for refinancing and to purchase second homes or rental properties. Borrowers may choose either a fixed or adjustable rate loan with a variety of repayment options. |
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| Construction - Interest Only |
| This traditional contruction loan allows a homeowner up to one year to complete the home before refinancing. Payments are of interest only and are based on the balance outstanding. Any points paid at closing can be used to buy down the rate of the permanent mortgage. That is, if you pay one point on the construction loan you will get the one point rate on the permanent mortgage without having to pay the point again. Contact a lender for more details! |
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| Construction One-Step |
| For customers using a General Contractor, this product allows you to get a contruction loan and permanent mortgage in one closing, saving you time and money. You pay interest-only on the amount outstanding during construction for 12 months and convert to regular monthly payments of principal and interest thereafter. |
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| Home Equity Line of Credit (HELOC) |
| A convenient way to tap into the equity of your home. This is a line of credit where you only pay on the amount outstanding. The loan can be used for most purposes and the interest may be tax deductible. Consult your tax advisor regarding the deductibility of interest. This product is suited for customers needing access to money over a period of time. |
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| Jumbo |
| These loans are for amounts greater than $417,000. Because the rates can be higher than conventional loans, it is sometimes advantageous to split the transaction into a conventional first mortgage and a Home Equity Product. |
