This may be a good choice as fixed rate loans provide the security of a mortgage payment that doesn’t change over the life of the loan. If you have taxes and insurance included in your monthly payment, those amounts can change.
An adjustable rate mortgage, known as an ‘ARM’, is a loan that typically offers a lower initial interest rate than most fixed rate mortgage loans.
Adjustable Rate Mortgage rates can change periodically and are calculated based on variables as detailed in our ARM Disclosures. Contact your Mortgage Loan Officer for more details.
The tradeoff to the initial lower monthly payment may be a higher monthly payment in the future should the rate of your ARM increase. It is important that you weigh the risk. Often times, an ARM may be well-suited for borrowers looking to finance for shorter terms of 3-7 years, for example.
Please consult with your Mortgage Loan Officer for additional information.
Rural Development loans are designed to help qualified low to moderate income homebuyers in eligible rural areas offering 100% financing.
Rural Development works with Lenders to provide affordable homeownership opportunities for eligible rural homebuyers.
We offer single close construction loans for borrowers who wish to build their home.
If you are looking to build from the ground up or looking for a modular home, a construction loan can help you make that dream a reality.
We also offer rehabilitation loans for individuals looking to renovate an existing home.