What type of loan do I need?

There are many different types of loan programs available. Listed below are just a few different types. Once your loan officer assesses your situation, he/she will be able to recommend to you the best possible option.

Traditional Fixed Rate Mortgages

The interest rate is set at the same rate for the full term of the loan. The monthly payment for principal and interest stays the same for the life of the loan.

Adjustable Rate Mortgages

An adjustable rate mortgage usually starts with an initial interest rate lower than traditional fixed rate loans. After an initial payment period, the interest rate is subject to review and can move up or down based on the movement of a specified "index." From then on, the rate is reviewed periodically. As the rate changes, so does your monthly payment.

MTA (Monthly Treasury Average) Option ARM

MTA loans are variable interest rate loans tied to the MTA index. MTA loans offer you three different payment options. You can pay the minimum payment, which is based on the MTA index. Or you can pay the interest portion only. Lastly, you can choose to pay principal and interest. This loan type offers a lot of flexibility.  Please contact one of our loan officers for more information on this exciting loan program.

Balloon Mortgage Loans

A "balloon" has a large remaining balance at the end of the loan term -- sometimes almost as much as the original loan amount. This balance can be paid in full, or refinanced at a fixed rate. Balloon loans tend to have lower rates than comparable fixed rate mortgages. They may be attractive if you need a lower initial monthly payment or plan to move before the loan "balloons."

Cash-Back Options

Cash-Back from your loan is a popular request from many new customers. We recognize that you have many needs which might cause you to need additional cash--right now, today! Ask your loan officer about cash-back options.