Mortgage Types

Adjustable Rate Mortgage

Do you want to significantly reduce the cost of your mortgage? Are you planning on moving or refinancing in the next five to ten years? Do you want the lowest rate available? Adjustable Rate Mortgages work by setting fixed interest rates for a period of five to seven years, at the end of each period your interest rate can adjust up or down depending on market conditions. Rate adjustments are capped at 5% above your initial rate, and 2–5% per adjustment period. Actual payments will vary based on individual situations or current interest rates at time of application, and you can pay your mortgage in full at any time without pre-payment penalties.

Our Adjustable Rate Mortgage is designed to fit your needs if you qualify with the following:

• Purchase your primary home with as little as 5% down
• Refinance available on up to 95% of your primary home’s value

Federal Housing Administration (FHA) Loan

Do you need less stringent qualification and credit requirements? Is your down payment or home equity less than 20%?

FHA Loans are designed to fit your needs if you qualify with the following:

• Purchase your primary home with as little as 3.5% down
• Refinance available on up to 97.75% of your primary home’s value
• Have a credit score of at least 580

FHA Loans allow for both fixed and adjustable rates. Actual payments will vary based on individual situations or current interest rates at time of application, and you can pay your mortgage in full at any time without pre-payment penalties.

Already have an FHA Loan and want to refinance? The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process. FHA Streamline may be right for your if you current FHA Loan mortgage rate is higher than today’s mortgage rates, or your owe more on your mortgage than your home is worth.